U.S. banning accounting and consulting services to Russia

You may have missed the U.S. has joined several other countries in banning accounting and consulting services to Russia. The U.S. Department of the Treasury issued a determination in response to an Executive Order prohibiting certain accounting and consulting services to persons located in Russia. The determination may be found here determination_05082022_eo14071.pdf (treasury.gov). Accounting and …

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Red flags that trigger a sales tax audit

A 2022 survey of business that had been audited in the last 18 months revealed just how much businesses stand to lose on audits, why they are audited, and the most likely state to get an audit notice from. Here are some red flags that trigger a sales tax audit. Don’t miss: Religious leader tax …

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Religious leader tax breaks

If you are an ordained, commissioned or licensed minister, there are special tax breaks available to you. Religious leader tax breaks includes both a parsonage allowance and a potential exemption from self-employment tax. Don’t miss: Tax law changes complicates filing A parsonage allowance is an amount officially designated for housing as part of your salary …

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Tax law changes complicates filing

Tax law changes are taking it’s toll. Towards the end of April, I was meeting with a client that had been out of the country on April 15. (Don’t worry, we extended the applicable tax returns!). He said to me – “You don’t look like you have much energy. You used up all of your …

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Inherited savings bonds

Have you found savings bonds in your parents’ safety deposit box after their death? Or tucked away in a dresser drawer or hidden in the pages of your mom’s favorited novel? You’ve inherited savings bonds! Savings bonds are one of those often lost and overlooked assets. Tucked away, sight unseen. Don’t miss: Benefits of having …

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Interest rates on unpaid taxes are going up

Interest rates on unpaid taxes are increasing. The rate will go up to 5% for underpaid taxes beginning July 1, 2022 per the Internal Revenue Service. The interest rates are determined on a quarterly basis. The IRS interest rate was a mere 3% on March 31, 2022 then rose to 4% for the second quarter. Don’t …

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How to prevent expense fraud

When it comes to protecting your organization’s financial resources preventing expense fraud is critical. Expense fraud not only reduces revenue but also leads workers to believe they can get away with theft and possibly more profitable fraudulent activities. Don’t miss: Net investment in capital assets calculation requirement Steps to avoid expense fraud Expense fraud isn’t …

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Strategies to maximize HSA benefits

There is no disputing the cost of health care is high and there have not been any signs those costs will decrease. In 1960 health care spending represented  5% of the total U.S. GDP.  In 2020 spending on health care was near 20% of the total U.S. GPD. In 2003 the Medicare Prescription Drug, Improvement …

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Plan ahead for unused and refundable Arizona research tax credits

Arizona passed a new law last year (ARS § 43-1074.01) adjusting the 15 consecutive taxable years carryforward of unused R+D credits. Beginning from and after December 31, 2021, unused Arizona research tax credits may now be carried forward to the next ten consecutive taxable years – a reduction of five years. Taxpayers will need to …

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Take a closer look at Arizona’s small business income tax

Some people have reached out after the previous blog on Arizona’s new alternative tax, called the Arizona Small Business Income Tax (SBI). So I thought I would do a follow up with some questions and answers: Don’t miss: Why do I want a cost segregation study? Small Business Income Tax (SBI) FAQs Question: How do …

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