Overheard during tax season

This has turned into somewhat of an annual look back on the tax season that has just passed. You know, things that have been overheard, but that make no sense to anyone who just happened to be passing through that little slice of time during tax season. But this year it is a little bit …

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Arizona tax deadline changed to July

In line with the change to the federal tax filing deadline, the Arizona Department of Revenue (ADOR) changed the deadline for filing and paying state income tax from April 15 to July 15, 2020. The new deadline applies to individual, corporate and fiduciary tax returns and means taxpayers filing state tax returns or submitting payments …

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Treasury throws businesses life preserver in coronavirus storm

In response to the coronavirus pandemic, last week the United States House of Representatives passed legislation making COVID-19 testing free and providing paid sick leave to many whose employers had previously not offered paid sick time. The Families First Coronavirus Response Act left many businesses struggling to find the resources to accommodate mandated paid sick …

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Oh no! Life changes and taxes

Life is full of surprises, or as you may have heard “Life is what happens to you while you are making plans”. But what if these life changes have an impact on your taxes and it’s in the middle of the year? Then what do you do? Don’t miss: Key changes to 2019 Arizona tax …

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Drafting and modifying your will – just leave it to the professionals

As a former probate attorney, I’ve seen some interesting things. One memory that sticks out is receiving a last will and testament with red splotches on it. I told myself it was from candy and that the deceased person must have had a sugar addiction like me. Nonetheless, I quickly scanned the original to my …

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Designating a beneficiary – it can be a mine field

You met with your attorney recently to prepare your will, trust document and durable powers of attorney so you are confident your estate plan is in order. But life insurance, employer-provided retirement plans, individual retirement accounts and annuities are designed to pass at death not by your traditional estate-planning documents, but by a beneficiary designation. …

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Tax Court Differs on Treatment of Built-In Capital Gains

When valuing a controlling or non-controlling interest in a C corporation that owns only marketable securities, a common method to apply is the net asset value method under the asset approach. Under this method, the fair market value of liabilities is subtracted from the fair market value of assets. Included in the liabilities is a …

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