Your Guide to State, Local, Federal, Estate + International Taxation

Traditional vs. virtual tax internship

Happy National Internship Day! As we continue to navigate the ever-changing impacts and guidelines surrounding COVID-19, one thing is for certain: technology can make or break the success of a business operating in today’s virtual work environment. If you are like me, learning how to operate new technology can be overwhelming and stressful at first. …

Keep Reading

IRS updates “Dirty Dozen” tax schemes for 2020 (part 2)

Continued from IRS Updates “Dirty Dozen” Tax Schemes for 2020 (Part 1) Scams targeting non-English speakers: Recent immigrants are often vulnerable to telephone calls claiming to be from the IRS that threaten jail time, deportation, license revocation and other consequences unless financial information is given. Groups with limited English proficiency are often a hot target …

Keep Reading

IRS updates “Dirty Dozen” tax schemes for 2020 (Part 1)

We all know taxes can be complicated, which is why they are a huge target for scammers. Here are the first six of 12 “Dirty Dozen” tax scams to look out for in 2020. Phishing: A scam involving fake emails or websites that aim to steal personal information. To protect yourself from this scam, the …

Keep Reading

The Taxpayer Advocate Service: A voice for the taxpayer

Rarely are the words “I really enjoyed working with the Internal Revenue Service to resolve that issue” spoken. Dealing with the Internal Revenue Service can be an intimidating and frustrating experience. The Taxpayer Advocate Service is available to help you navigate problem resolution with the IRS. As part of the IRS Restructuring and Reform Act …

Keep Reading

Long-term care costs: It’s all about location, location, location

One of the largest concerns of many “more mature” clients is their readiness to pay for long-term care if it becomes necessary. With the nursing home costs median over $100,000 per year, a couple’s liquid assets can quickly evaporate if one or both spouses require long-term care for a number of years. The latest annual …

Keep Reading

Dealing with a deceased relative’s debt

If a loved one dies, are you responsible for his or her unpaid debts? The FTC Consumer information website includes helpful information about dealing with the debts of a deceased relative. While FTC’s information is great – here’s my best advice: Check with an Attorney! An attorney can help you navigate the process and deal …

Keep Reading

Where did all those PPP loans go?

Sometimes pictures are worth a thousand words. Here’s a breakdown of the PPP loans distributed in Arizona. To enlarge the graphs, right click on the image and then click on open image in separate tab. Arizona loan count by size     Arizona loans over $150,000 by industry   Arizona loans over $5 million by …

Keep Reading

Arizona tax planning – 529 plans and charitable donation credits

Many taxpayers find themselves pondering ways to save a few dollars during tax filing season. Arizona taxpayers have a variety of options, and today we’ll be focusing on 529 plans and state tax credits for certain charitable donations. Don’t miss: Six facts on tax refunds and offsets For taxpayers wanting to save for education costs …

Keep Reading

Heard in the halls goes work from home – heard via Teams

So, normally, this is a blog that I do for April 15th, about those fun, punchy things that happen when everyone is overworked and tired and just get a case of the giggles. This year, we started with that, and then ended with the work from home edition. But we also have a reprieve – …

Keep Reading

Inherited IRAs don’t receive bankruptcy code protection

A unanimous Supreme Court decision in the Clark v. Rameker case has held that inherited IRAs do not qualify for a bankruptcy exemption, i.e., inherited IRAs are not protected from creditors of the beneficiary in bankruptcy. The Court ruled that an inherited IRA does not fall under the Bankruptcy Code §522(b)(3)(C) exemption which states that …

Keep Reading