Arizona’s minimum wage increasing in 2023

Arizona’s minimum wage is set to get another bump in 2023. This makes the sixth year in a row the state has seen an increase. Don’t miss: Educator expense deduction increased The raises are determined by the Consumer Price Index (CPI) report from the U.S. Bureau of Labor Statistics. The index was updated this month …

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Last chance for IRS penalty relief

The Internal Revenue Service (IRS) is very behind on processing returns and correspondence. In a move to help with the backlog on processing, the IRS is issuing automatic penalty relief, most notably failure-to-file penalties. Don’t miss: Tax information needed to complete extended returns It does not appear that taxpayers need to request automatic penalty relief, but …

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Tax information needed to complete extended returns

Did you extend your personal (due date on extension was September 15), business (Calendar year partnership and S Corporations were due September 15, C Corporations due October 15) or trust (Calendar year due September 30) return?** Or, better yet, did your preparer extend it for you? If so, it is time to get your preparer …

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IRS Free File may cost you

If you are reading this, you probably know that a large part of our business is preparing and filing (through electronic filing) tax returns. In other words, we are in the tax return preparation business. Therefore, you may reasonably think that of course we would be skeptical of the $15 million set aside in the Infrastructure …

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Daughters, weddings and taxes

My oldest daughter recently got engaged to be married. This was so exciting in a variety of ways. I know that she and her fiancé loved when I sat them down and explained the realities of taxation as a newly married couple. Who knew weddings and taxes go together! Don’t miss: Tax relief for victims …

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Tax relief for victims of Arizona storms

I usually believe that I am up to date on most news (not pop culture – that I am definitely not up to date on!), but I admit that I did not even know that the state saw severe weather between July 17 and July 18, prompting tax relief for victims of Arizona storms. Don’t …

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Comfort letters make your CPA uncomfortable

Have you applied for a loan recently? Or tried to refinance an existing loan? Increasingly, it appears lenders and mortgage brokers are requesting information from you as the borrower, to request of us, your CPA. We call these comfort letters, though in actuality the proper term is verification letters. Don’t miss: Look at the size …

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Look at the size of your K-1

Are you wondering about the status of your tax return? Wondering why it is not yet done? Have you reached out to your preparer, and you are told some version of this “We are waiting on your K-1”. Don’t miss: Time running out on COVID IRS penalty relief A K-1 is the form that is …

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Time running out on COVID IRS penalty relief

Hopefully COVID is at least waning and as it does, COVID relief provided through the IRS will be waning as well.  Like COVID, such relief from IRS isn’t over quite yet, but the deadline for COVID IRS penalty relief is closing in fast. Don’t miss: Closing your business for good On August 24, 2022, IRS …

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Closing your business for good

Shutting down your business can be overwhelming. There’s legal paperwork to complete, liabilities to pay and assets to distribute. If you don’t fulfill these requirements, you are risking potential disputes and unnecessary fees. These are the steps The IRS recommends you make when closing your business. Don’t miss: Educator expense deduction increased Final tax return …

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