How to claim a refund or credit for paying property taxes

Did you know it is possible to receive a partial refund or Arizona income tax credit for paying Arizona property taxes? Even if you do not directly pay your Arizona county assessor? That’s right, it is even possible to qualify if only paying rent. For 2019, this amount is up to $502, based on your …

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Buy-Sell agreement horror stories

When business entities are formed, they often execute agreements between the shareholders, partners or members that defines the price (or formula/methodology to determine the value) at which an owner is paid for his/her interest in the business in the event of death, disability, mental incapacity, divorce, bankruptcy, resignation or termination of employment and other triggering …

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2019 Arizona Tax Credit Update

Luckily, there isn’t another brand-new tax law this year to worry about. However, one of the most important changes from 2018 to keep in mind for 2019 is that in most circumstances, you can no longer receive a federal tax deduction for donations that qualify for the Arizona Tax credit. Don’t miss: IRS releases 2019 …

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Compilation, review or audit: What’s the difference?

For a CPA these three words have a very distinct meaning. But to the non-auditing world, these words can have very different meanings. As the client, you may have found yourself wondering what these words really mean. This article will provide a crash course in audit terminology. A brief explanation of the key characteristics and …

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Who is the PCC and what do they do?

The PCC (Private Company Council) is a sub-organization created by and of the FASB. The PCC’s primary function is to evaluate current financial reporting standards set forth by GAAP and identify opportunities to streamline implementation and general reporting standards for private companies. The FASB and PCC recognize that certain standards are not as impactful for …

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IRS releases 2019 instructions for gift tax returns

On October 29th the IRS released the instructions for Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. This Form, updated for 2019, has changes that show inflation adjustments as well as new mailing instructions for completed Forms. Don’t miss: New deduction for qualified educators What’s New: The annual gift exclusion for 2019 is …

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Steps to apply for Tax-Exempt Status

You have the passion to help and give back to others. You work so hard to get your passion into action and you know that the government offers the opportunity for organizations like yours to gain tax exemption. However, applying for tax-exempt status can be a long and complicated process and it may take months …

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New deduction for qualified educators

With the new year quickly approaching, it is time to start thinking about taxes for 2019. If you are a teacher that spends out of pocket money for your classroom, good news! Some of those expenses may be deductible on your tax return. Don’t miss: IRS adds new option in private debt collection program Educators …

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IRS adds new option in private debt collection program

In 2017, the IRS resurrected its private debt collection program. IRS then selected four private debt collection agencies (PCAs) to collect certain outstanding tax debts. The cases assigned to the collection agencies needed to meet certain requirements under federal law for inclusion in the private debt collection program. Through June of 2019, the four PCAs …

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