Arizona minimum wage increasing

When you’re budgeting for 2022 don’t forget the Arizona minimum wage is going up. Starting on January 1, 2022, the minimum hourly wage for the state will be $12.80. Don’t miss: Need an estate tax closing letter from the IRS? The pay bump is part of Proposition 206, passed in 2016. Prop 206 raised the …

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Need an estate tax closing letter from the IRS?

An estate tax closing letter is a confirmation that the Internal Revenue Service will provide to the fiduciary of an estate after they have finishing reviewing and have accepted a Form 706. According to the IRS website, a fiduciary should wait at least nine months after the filing of the Form 706 to request the …

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Education tax benefits in Arizona have changed

Getting educated solely from the School of Hard Knocks or the University of Life is something Uncle Sam would like to help us avoid.  To that end we have 529 plans and other education tax benefits. What are they? Simply put, a 529 plan is an investment account that offers tax benefits when used to …

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Multistate Tax Commission updates online commerce tax protection interpretation

As brick and mortar stores fall to online commerce sites routinely doing business across state lines, the Multistate Tax Commission moved to update their interpretation of Public Law 86-272, the federal statute that limits a states’ ability to levy net income taxes on out of state businesses and shields companies whose only activity in the state …

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Are you still waiting for your tax refund?

Have you filed your 2020 tax return and are expecting a tax refund? Are you still anxiously awaiting that refund, and hearing stories of your friends, neighbors and co-workers already receiving theirs? This is frustrating to say the least for many taxpayers and causing concerns. Just know that you are not alone. Don’t miss: More …

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More tax scams to be aware of

One thing’s for sure. Nothing is certain except death and taxes…and thieves trying to scam you out of your money. Another year, another IRS “Dirty Dozen” tax scam list. Adding to the annual list of popular scams, the IRS is warning Americans to be on the lookout for fraudsters masquerading as tax professionals peddling the …

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Amended vs. superseded tax return

Most of us know what an amended tax return is.  But what about its lesser-known sibling the superseded tax return? In short, a superseded tax return is a return filed subsequent to the originally filed tax return but filed within the filing period of the original return including valid extensions. The return is filed using …

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EB-5 Immigrant Investor program expires

The EB-5 program was created in 1990 to stimulate the economy by utilizing foreign investors. The program administers employment-based fifth preference visas to qualified participants. Investors, along with their spouses and unmarried children under 21, are eligible to apply if they 1) make the necessary investment in a commercial enterprise in the U.S., and 2) …

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Corporate Transparency Act comes with new reporting requirements for companies

On January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (NDAA) was passed, and included with it was the Corporate Transparency Act (CTA). The CTA requires certain business entities to file information on their “beneficial owners” with the Financial Crimes Enforcement Network (FinCEN). FinCEN is the same organization to which taxpayers disclose …

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Distributions from an S corporation

S corporations have grown in popularity over the last few decades and for good reason. One of the most widely known being it offers the shareholder a way to not have all the earnings subject to self-employment tax. But there are tax traps associated with S corporations that are sometimes overlooked. One of those traps …

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