Tax Department's articles on BeachFleischman CPAs

Employers have questions and concerns about deferring employees’ Social Security taxes

September 8, 2020 October 22, 2020 Tax Department Tax Bites IRS, payroll tax deferral, social security

The IRS has issued guidance to implement the deferral of the employee share of Social Security tax. But employers still have questions and concerns about whether, and how, to implement the deferral.

Back-to-school tax breaks on the books

September 1, 2020 September 22, 2020 Tax Department Tax Bites higher education, tax credits, TCJA, tuition

Back to school in the COVID-19 era may mean remote learning for your college student. But parents may be able to take advantage of one of these tax breaks for their education expenses.

What happens if an individual can’t pay taxes

August 19, 2020 October 22, 2020 Tax Department Tax Bites failure to file, tax filing status, tax penalties

Tax liabilities don’t go away if left unaddressed. Here’s a look at what happens in the event you (or someone you know) can’t pay taxes on time.

Arizona Tax Credit Alert 2020

August 17, 2020 September 19, 2020 Tax Department Tax Bites arizona, tax credits, tax savings

The Arizona legislature has retained and expanded some of the incentives for charitable giving for 2020. This alert explains the credits for individuals only. The dollar limits differ depending on marital status. Your payments will make a positive impact on the recipient organization, while at the same time reducing your Arizona income tax liability dollar[ … ]

The tax implications of employer-provided life insurance

August 4, 2020 October 12, 2020 Tax Department Tax Bites life insurance, phantom income, tax implications

Employer-provided group term life insurance can be a nice employee benefit. But depending on the amount of coverage, it may cause an unwanted tax result. Here’s why.

Are scholarships tax-free or taxable?

July 30, 2020 October 12, 2020 Tax Department Tax Bites academic awards, scholarships, taxable income

Scholarships are generally tax-free but there are times when academic awards result in taxable income.

Take advantage of a “stepped-up basis” when you inherit property

July 21, 2020 July 31, 2020 Tax Department Estates & Trusts, Tax Bites estate assets, estate planning, estate tax, tax saving strategies

If you’ve inherited assets or you’re planning your estate, it’s crucial to understand the fair market value basis rules (also known as the “step-up and step-down” rules). That way, you won’t pay more tax than you’re legally required to.

Businesses: Get ready for the new Form 1099-NEC

July 15, 2020 October 22, 2020 Tax Department Tax Bites compliance, Form 1099-NEC, NEC, nonemployee compensation

A tax form that used to be filed back in the 1980s is coming back for 2020. Here’s what businesses need to know.

After you file your tax return: 3 issues to consider

July 8, 2020 Tax Department Tax Bites filing, income tax filing, record keeping, record retention, tax records

Once your 2019 tax return has been filed, there still may be some issues to consider. We’re often asked about refund status, record retention and amended tax returns. Here are some answers.

Author: Tax Department