Arizona’s June Unemployment Numbers Show Growth In Construction

Arizona’s Office of Economic Opportunity released the seasonally adjusted June unemployment rate at 4.7 percent. The rate remains unchanged from May and compares to the national jobless rate of 4.0 percent. Spokesman Doug Walls said construction employment has recovered 37 percent since the recession hit and housing bubble burst.

Study Reveals Economic Impact Of Downtown Phoenix

If you’ve been to downtown Phoenix recently, you’ve seen the boom of multi-family housing, skyscrapers, restaurants and bars opening all the time in the area. Annually, Downtown Phoenix, Inc. commissions an economic study of how the district is performing by analyzing the sales tax revenues for restaurants, bars and hotels. For the 2018 study, they[ … ]

Is A Perfect Storm Headed for Arizona’s Booming Real Estate Industry

Phoenix-area home buyers know all too well that a hot housing market isn’t guaranteed to be a permanent fixture. While job numbers and housing starts are currently skyrocketing, there are signs a perfect storm is brewing on the economic horizon. Arizona’s last jobs report featured an unemployment rate at 4.7 percent, a strong number buoyed[ … ]

Choosing the right accounting method for tax purposes

The Tax Cuts and Jobs Act (TCJA) liberalized the eligibility rules for using the cash method of accounting, making this method — which is simpler than the accrual method — available to more businesses. Now the IRS has provided procedures a small business taxpayer can use to obtain automatic consent to change its method of[ … ]

ASC 606: Revenue from Contracts with Customers

The Financial Accounting Standards Board (FASB) has issued a new Accounting Standards Update, ASC 606: Revenue from Contracts with Customers,that addresses revenue recognition under U.S. Generally Accepted Accounting Principles. The new rules are an attempt to standardize the revenue recognition process across different industries and geographic locations. The Standard was the result of a multi-year[ … ]

The TCJA prohibits undoing 2018 Roth IRA conversions, but 2017 conversions are still eligible

Converting a traditional IRA to a Roth IRA can provide tax-free growth and tax-free withdrawals in retirement. But what if you convert your traditional IRA — subject to income taxes on all earnings and deductible contributions — and then discover you would have been better off if you hadn’t converted it? Before the Tax Cuts[ … ]

Close-up on the new QBI deduction’s wage limit

The Tax Cuts and Jobs Act (TCJA) provides a valuable new tax break to noncorporate owners of pass-through entities: a deduction for a portion of qualified business income (QBI). The deduction generally applies to income from sole proprietorships, partnerships, S corporations and, typically, limited liability companies (LLCs). It can equal as much as 20% of[ … ]