Farmers and ranchers: Deferring gains on drought-affected livestock

As Arizona’s drought conditions continue, Arizona Farmers and Ranchers that have been affected benefit from the IRS rules regarding deferring gains on livestock they were forced to sell. The IRS publishes the regions affected by drought as determined by the National Drought Mitigation Center. Generally, when a farmer or rancher is forced to sell livestock …

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Tax season prep tips you should know

Are you ready for the next tax season? Here are a few helpful tips to get you prepared for the next filing season. Don’t miss: 2019 year-end tax planning  Be sure your tax documents & records are organized. Figure out a recordkeeping system that works for you. Keep all your tax documents and supporting statements …

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2019 year-end tax planning

Although it seems like we just wrapped up 2018 returns, it is already time to start thinking about the next tax season! Be sure you’re ready for the upcoming filing season by ensuring your withholdings or estimated tax payments are up to date. Don’t miss: Court finds car award to teen for good grades is …

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Fidelity Bonding requirements

The 401(k) bonding requirement, an uncommonly known requirement, is arguably one of the most important details regarding your plan. Dating back to 1974, the passage of the Employee Retirement Income Security Act of 1974 mandated that qualified plans under IRC section 401(k) be insured against losses caused by fraud or dishonesty. What is a Fidelity …

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Is it time to update your processes and controls?

Your organization has changed. From employees to the services you offer to the technology you use, everything is in a constant state of change. However, one area that typically remains unchanged are the processes and controls that were originally set in place. But is that ok? If things are continually changing, shouldn’t you also be …

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Court finds car awarded to teenager for good grades was taxable

According to the tax law, prizes and awards are generally included in taxable income. There are specific prizes that can be excluded from income in areas such as religion, science, education, arts, literature or civic achievement. To be excludable, the prize must be given without any action on the recipient’s part, the recipient must not …

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2020 Changes to Social Security

It’s that time of year when we start to see less money in the bank account and more food in our bellies! For those of you who are at the golden age of retirement, your bank account may not be as empty because the Social Security Administration has announced the increases to benefits for 2020. …

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The future of restaurants and money-saving tips you need to consider

I just returned from one of the top two or three restaurant conferences in the industry. There were over 3,000 attendees and it seemed like a lot of deals were being made. We had a booth at the conference, which is a first for our restaurant niche, and we got a chance to meet some …

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Should a beneficiary blindly trust the trustee?

In a word – NO. But let’s look a little bit at the role of a trustee and the rights of a beneficiary. A trust is a legal agreement between two parties, a settlor (or grantor) and a trustee. Trusts are used to manage and protect the assets of the settlor. Trusts are used to …

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Car dealership pleads guilty to tax fraud

Most people have something they enjoy shopping for. And when it comes time to pay for the item, what’s the best part? Paying the sales tax of course! Okay okay, maybe that’s not the best part. If you’re anything like me, you pay it because you have to, not because you want to. And then …

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