Reporting tips and taxation

Do you work at a hair salon, barber shop, casino, golf course, hotel, restaurant or drive for Uber or Lyft? The IRS says tip income you receive as an employee from those services is taxable income. Don’t miss: New tip pooling rules proposed by Department of Labor Taxable income from these type of tips are …

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Charge me up! E-motorcycle federal tax credit is back

Uncle Sam didn’t want bikers to miss out on the tax incentives enjoyed by the cagers (biker slang for people that drive cars, trucks, and vans) so the Qualified Two-Wheeled Plug-In Electric Drive Motor Vehicle Tax Credit (aka E-motorcycle Federal Tax Credit) that originally expired on December 31, 2017 was retroactively extended through December 31, …

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What you need to give your CPA to prepare your 2019 tax return

What is needed for taxes is situational. A college student may only have a W-2 form while others will receive 1099 forms, depending on the type of income they receive. It is important to know what forms and documents to give your CPA to have the process be efficient. Don’t miss: key changes to 2019 …

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Recording Bequests

When an organization receives communication that they have been included as a beneficiary in a donor’s will, it must determine if this represents an intention to give or an unconditional promise to give. This is imperative as it determines when the gift is recognized as a contribution. Don’t miss: Top ten things to know about …

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Required minimum distribution age raised with SECURE Act

As many know, the rule prior to the new SECURE Act stated required minimum distributions (RMDs) from traditional IRA or other qualified retirement plans were required to be taken by April 1 following the year a taxpayer reached the age of 70 ½. This rule is still in place for people who turned 70 ½ …

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SECURE act changes deadline for retirement plans

Near the end of 2019, congress passed the Setting Every Community Up for Retirement Enhancement Act, or as most people call it, the SECURE Act. If you are a frequent reader of our blogs, you’ve probably noticed that we’ve had quite a few about the SECURE Act and all of the changes it made going …

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Tax filing season is open

The holidays have wrapped up and the new year has begun. It’s time to start thinking about filing your tax return. The individual income tax filing season has officially opened in the state of Arizona. Technology has allowed for tax filing to be much more simplified. Now you can file on the Arizona Department of …

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Retirement plan and IRA cost of living adjustments for 2020

The tax law places limits on the dollar amount of contributions to retirement plans and IRAs. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. Don’t miss: Important information when changing plan administrators The below table shows a three-year comparison (starting in 2020) of certain retirement plan limits. Plan sponsors should …

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Arizona credits to qualifying charitable and qualifying foster organizations

It isn’t very often that a tax partner (me) and our nonprofit partner (Colette) are attending the same presentation. Oh sure, there are the random events where the firm has a table, and we may be together. And, of course, partner meetings. And when she helps with my nonprofit clients (all three of them!) But …

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Final regulations on the foreign tax credit

The IRS has issued final regulations pertaining to the foreign tax credit, which incorporates changes due to the Tax Cuts and Jobs Act (TCJA). The new regulations may be found here. The TCJA had a major overhaul in the way U.S. taxpayers doing business overseas are taxed. As such, the foreign tax credit, which is …

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