AELR CFO designations needed

Do you file an Annual Expenditure Limitation Report? If so, did you know that, beginning in fiscal year 2021, you are required to submit to the Auditor General by July 31st who will be officially be signing the report? Per A.R.S. §41-1279.07(E), every county, city, town or community college district must provide to the Auditor …

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IRS releases FAQ’s for sick foreigners claiming U.S. tax exemption

Following the global outbreak of COVID-19, the IRS has posted FAQs for alien individuals who may have intended to leave the United States but were unable to leave due to a medical condition or problem, as described in §7701(b)(3)(D)(ii). There are certain circumstances in which non-U.S. citizens can be taxed as U.S. residents, one of …

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How to balance life during a global pandemic

As we work together to slow the spread of Covid-19, many of us have been asked to temporarily work from home. At the same time, schools are closed, and parents are being tasked with teaching their children from home.  Add in the stress of college courses and/or trying to gain traction in a new career, …

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Act allowing more flexibility in PPP loans passes congress

The Paycheck Protection Flexibility Act is on its way to the president for signing after passing the senate late last night. The act will reduce restrictions on how funds from PPP loans can be spent while protecting eligibility for forgiveness. Don’t miss: PPP loans – forgiveness, calculations and more Webinar Businesses will now have more …

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Reminder of new tax deadlines

As a reminder because of the economic impact of COVID-19, the federal income tax filing deadline has been extended to July 15, 2020. This new deadline applies to all individual returns, trusts, and corporations. Estimated payments for federal returns have also been extended to July 15, 2020, which means that penalties and interest will not …

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Foreign gift reporting requirements

Generally speaking, the United States imposes gift tax on all gifts above a certain threshold. But in general, in the case of a nonresident and not a citizen of the United States, gift tax shall apply to a transfer only if the property is situated in the United States. CAVEAT…. a U.S. recipient of this …

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Federal Tax Liens

Have you fallen behind on your taxes?  It may be due to a life disruption, financial hardship or simply neglect of your personal finances. If you have fallen behind, you may have received notice of a federal tax lien. What is a federal tax lien? How is the lien going to affect you? Is there …

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PPP loan forgiveness interim final rule released

This past Friday night, May 22nd, the Small Business Administration issued an interim final rule covering the forgiveness process associated with the Paycheck Protection Program. A link to the rule is available on our COVID resource page. Don’t miss: PPP loan forgiveness application now available The highly anticipated formal guidance supplements the application form that …

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Credit reports are now free, every week

If there’s such a thing as a COVID-19 silver lining, here’s one. The three major credit reporting companies (Equifax, Experian and Transunion) are making your credit reports free through April 2021. Free access to your credit report is one more tool to help you weather the pandemic storm currently laying waste to economies and individual …

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BE-10 survey for holders of foreign assets

The Bureau of Economic Analysis (BEA) collects data of U.S. owned foreign investments by issuing confidential yet mandatory surveys and collecting data. This data provides Congress and U.S. businesses useful information for making informed decisions. The BE-10 survey is conducted once every five years and is coming due on May 29, 2020.  The BE-10 is …

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