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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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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Why do I want a cost segregation study?

Utilizing your real estate is a great way to accelerate tax depreciation expense to offset taxable income, and the method used to determine the tax deductions from the real estate is called a Cost Segregation Study. So what is it and why do you want one? Don’t miss: Get state tax proactive – SALT credits, …

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Get state tax proactive – SALT credits, incentives and property taxes

We’re mid-year, making now a great time to look at state tax items and take proactive steps to comply with and take full advantage of your state tax environment. Yesterday, we talked about reviewing income, net worth and gross receipts tax returns and indirect tax payments. Today, we’ll look at reviewing SALT credits, incentives and …

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Get state tax proactive – Net worth and indirect tax payments

Business returns have been filed (or at least the extension) and COVID has moved from a pandemic to an endemic, so now is the time to address these state tax items that may have been put on the back burner. These proactive measures are intended to help companies conserve cash and respond nimbly to an …

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IRS updates what you can expect status

Periodically, IRS will report on “What You Can Expect” when you interact with them for certain things. With COVID, worker shortages and other everyday life issues, the status of what you can expect from IRS changes from time to time and they report on that. Whether it be answering a letter or notice, requesting a …

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Classroom site fund changes

Proposition 301 was passed for the state of Arizona in 2000. Schools know this proposition as CSF, or Classroom Site Fund. It provides millions of dollars to public and charter schools each year to benefit the salaries and performance pay bonuses directly paid to teachers. As of March 18, 2021, Governor Ducey signed the Senate …

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What is a disaster recovery plan?

A disaster recovery plan identifies plans and instructions the personnel of an organization should take to respond to and mitigate any disruptive event such as cyber-attacks, natural disasters and power outages. Any of these disruptive events may result in the loss of authority over systems and even financial loss. Don’t miss: Are you at risk …

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What to do if you inherit an IRA

One of the hardest parts about losing a loved one is sorting out their finances during a time of grief. During those tough times, the last thing you want to worry about is making sense of the inherited IRA rules. However, if you are the beneficiary of their account, you’ll want to make decision on …

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Get your SSA-1099 online

Every January, the Social Security Administration (SSA) mails taxpayers a statement of their prior year benefits in the form of an SSA-1099 or SSA-1042. If anything happens to your original or you need another copy, you can go online and print or download one. Don’t miss: Arizona rentals and taxation As reported by SocialSecurity.gov, an …

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