Relocating to a new state? Consider these tax issues.

Thinking about relocating to a new state? (Come to Arizona! It’s a dry heat!) There’s more to consider than housing and employment opportunity. Differences in state tax laws are often overlooked but equally important. Here are a few tax items to keep in mind while you’re packing your boxes. Don’t miss: The Collision of Nonprofits …

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The Collision of Nonprofits and Individuals

With the extension of the individual (Form 1040) tax deadline to May 17 from April 15 we ran into something we have never seen before. Well, in my thirty plus years of public accounting, I have never seen it. The main cohort of people in the tax department had the same deadline as the those …

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How to avoid common 401(k) plan administrative issues

401(k) plans are highly regulated and have many rules as found in the Employee Retirement Income Security Act (ERISA).  It can be difficult to keep your plan in line with ERISA regulations, but the following suggestions can help. Don’t miss: Defining compensation within a 401(k) plan ERISA requires that a 401(k) plan must operate according …

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Ways to pay your tax bill

This year you have an extra month to file and pay your taxes, with the tax deadline for individuals having been moved to May 17. That extra month is moving fast though. We’re down to less than a week. It’s time to make plans for how you’ll pay your tax bill. Don’t miss: Dancing with …

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Dancing with the tax conformity devil

Every year it seems that the practitioners in Arizona wait on the sidelines like wallflowers while the legislature and the governor dance with Internal Revenue Code tax conformity. Some years it is harder to sit by, with our hors d’oeuvres and beverages (adult or otherwise!) and watch this dance. Some years it seems to take …

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They said what? Funny tax season water cooler moments.

It’s the end of tax season…sort of. Since our world these days seems to be a mixture of online and in person, this annual blog on the things we have heard is along similar lines. A new IT guy when faced with the dilemma of the high powered scanner not working properly. “Why don’t you …

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Times running out on 2017 federal income tax refund

The IRS is sitting on an estimated $1.3 billion in unclaimed tax refunds from individuals who didn’t file a 2017 Form 1040 federal income tax return. If you haven’t filed your 2017 return and you think you might be due a refund, you have until May 17 to file or you forfeit the money. Don’t …

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Why should I file a 2020 tax return?

If you have gross income of $12,400 or more, you are typically required to file a tax return. If your income is lower, you should consider filing as you may be eligible for specific tax credits like the earned income tax credit and the recovery rebate credit. Don’t miss: Filing deadline extension pushes other tax …

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Filing deadline extension pushes other tax deadlines

You’ve probably already heard in response to the continuing pandemic the Internal Revenue Service and the state of Arizona extended the file date for individuals from April 15 to May 17, 2021. This filing deadline extension pushes deadlines for other tax issues, giving you an extra month to make any additional IRA contributions and bulk …

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Experienced an operating loss? Consider impairments of long lived assets.

The COVID-19 pandemic made 2020 a challenging year for restaurant operators. For many restaurants, the difficulties caused by the pandemic will require management to review the carrying amounts of long-lived assets for potential impairment. Impairment is the write-down of value for assets on your balance sheet. Annual review of asset carrying amounts is standard for …

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