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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
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 …
The IRS released the draft form 5471 and instructions for 2020, which show a myriad of updates to the form. Don’t miss: Gift tax FAQs New Categories Categories 1 and 5 have been expanded to 1a, 1b, 1c, 5a, 5b and 5c in order to separate those filers who are under some relief and may …