Tax relief for victims of Arizona storms

I usually believe that I am up to date on most news (not pop culture – that I am definitely not up to date on!), but I admit that I did not even know that the state saw severe weather between July 17 and July 18, prompting tax relief for victims of Arizona storms. Don’t …

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Recreational vehicle use tax

If you are thinking about purchasing a recreational vehicle there may be an additional tax liability when purchased from an out-of-state vendor, called use tax. Here’s what you need to know about the recreational vehicle use tax. Don’t miss: Child tax credits return to normal What is use tax? Use tax is a tax on …

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State taxes on NFTs are coming

While everyone may not know exactly what non-fungible tokens (NFTs) are or how they work, it has certainly become a hot button item to discuss, invest in and possibly even create and sell. And now, in a country-wide first, the state of Washington has issued guidance on the taxability of these NFTs. While Washington has …

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Accounting tips for starting a business

So you’re ready to bring your creative and innovative idea and small business to life. Starting out with a clear understanding of the accounting and tax issues involved in your business will make growing and changing down the road smoother. Here are some important things to know before beginning a business. Don’t miss: Is the …

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Colorado’s new tax – retail delivery fees

Brand new just this month: Retail Delivery Fees! Effective July 1, 2022, Colorado began imposing a retail delivery fee on all deliveries by motor vehicle to a location in the state with at least one item of tangible personal property that is subject to state sales or use tax. To be clear: this is not …

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Red flags that trigger a sales tax audit

A 2022 survey of business that had been audited in the last 18 months revealed just how much businesses stand to lose on audits, why they are audited, and the most likely state to get an audit notice from. Here are some red flags that trigger a sales tax audit. Don’t miss: Religious leader tax …

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Plan ahead for unused and refundable Arizona research tax credits

Arizona passed a new law last year (ARS § 43-1074.01) adjusting the 15 consecutive taxable years carryforward of unused R+D credits. Beginning from and after December 31, 2021, unused Arizona research tax credits may now be carried forward to the next ten consecutive taxable years – a reduction of five years. Taxpayers will need to …

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Take a closer look at Arizona’s small business income tax

Some people have reached out after the previous blog on Arizona’s new alternative tax, called the Arizona Small Business Income Tax (SBI). So I thought I would do a follow up with some questions and answers: Don’t miss: Why do I want a cost segregation study? Small Business Income Tax (SBI) FAQs Question: How do …

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Get state tax proactive – SALT credits, incentives and property taxes

We’re mid-year, making now a great time to look at state tax items and take proactive steps to comply with and take full advantage of your state tax environment. Yesterday, we talked about reviewing income, net worth and gross receipts tax returns and indirect tax payments. Today, we’ll look at reviewing SALT credits, incentives and …

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