Arizona county taxes on commercial leases

So, you lease commercial property to another party in Arizona and you thought it was enough to pay income tax to the IRS and Arizona every year. Well, not so fast … you are also responsible for paying county and city transaction privilege taxes (TPT) on the commercial lease. How do I do that, you …

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U.S. Savings Bonds interest income taxability

There are several forms of U.S. Savings Bonds and we will delve into the three different types as well as savings bonds interest income taxability. Series EE bonds These bonds reach maturity (double in value) in 20 years from issuance but continue to earn interest for another 10 years for a total of 30 years …

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AZ Electronic TPT filing and paying phase two

Arizona legislation House Bill 2280 (HB 2280) set the path for the Arizona Department of Revenue (ADOR) to require electronic filing and payments of transaction privilege tax (TPT) for businesses. This requirement is being phased in annually for various size businesses; the first wave was ushered in with a January 2018 electronic filing/paying requirement for …

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New AZ mini COBRA insurance law takes effect

With a new year comes new laws and 2019 is no exception. Small Arizona employers (1 to 20 employees) are now subject to a new law that requires “COBRA” coverage be offered to their qualifying employees. COBRA, of course, refers to the landmark federal law passed in 1986 that requires most group health plans to …

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Arizona tax reform conformity, ADOR issues announcement

On January 10, 2019, the Arizona Department of Revenue issued a news announcement about tax reform that said . . . a whole bunch of nothing. This is not the fault of the Arizona Department of Revenue (ADOR) – they can only do what the legislature gives them information to do. And so far, it …

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Tax time: gambling winnings and losses

With the current Mega Millions jackpot at $1.6 billion (you read that right, billion with a B) and the Powerball at $620 million, this massive windfall can pop up in your daydreams. However, not considering the tax consequences of these and all other gambling winnings could make those dreams a little less sweet. In addition, …

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New rules for claiming AZ state tax credits

Arizona recently released some new rules for claiming credits for contributions that will take effect for the 2018 tax year. The affected forms are: Arizona Form 322, Credit for Contributions Made or Fees Paid to Public Schools Form 321, Credit for Contributions to Qualifying Charitable Organizations (QCO) Form 352, Credit for Contributions to Qualifying Foster …

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AZ Supreme Court rules on Invest in Ed initiative

I have been very conflicted the past several months in Arizona. In case you were not aware, the teachers walked out in Arizona over the lack of support and school funding for our public schools. (The teachers wore red and sported a #RedForEd hashtag) Politics being politics, it came to an end after six days …

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Changes: state tax credit and federal charitable deduction

We don’t get to say this too often… breaking news! The IRS is out with new proposed rules limiting charitable donations and state tax credits and you need to act fast to receive the maximum tax benefit. Arizona has several state tax credits that have also qualified as a federal charitable tax deduction, potentially helping …

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California tax bill? Mailing in a check? Not so fast

So, it’s April 15 and you need to file an extension on your California tax return. No problem, you know there is a balance owed and you plan to send in a check for $25,000 to cover the estimated amount due. Sounds simple enough, right? Well, if you are in California, this may not be …

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