A-Z Blog

The tax implications of employer-provided life insurance

August 4, 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.

Why the new revenue recognition and nonprofit standards are significant for nonprofits

July 31, 2020 August 3, 2020 Erna Dubravic Nonprofit assurance, nonprofit, nonprofits, revenue recognition

If you’re a nonprofit, be prepared for some potential major changes to the way you recognize revenue. Performing this new analysis will be crucial to understanding how to recognize revenue from your various funding sources.

Investing in Arizona’s Opportunity Zones

July 30, 2020 July 31, 2020 Eric Freeman Real Estate, Tax Bites investment, opportunity zones, Real Estate, TCJA

The opportunity zone fund provision that was included in the 2017 Tax Cuts and Jobs Act has created significant hype in the business community, especially within the real estate industry.

Are scholarships tax-free or taxable?

July 30, 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.

BeachFleischman named a 2020 Accounting Today’s Best Accounting Firms to Work For

July 20, 2020 Heather Murray News and Events awards

July 20, 2020 – BeachFleischman has been named one of the 2020 Accounting Today’s Best Accounting Firms to Work For. Accounting Today partners with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees. This annual survey and awards program is designed to identify, recognize, and honor the best employers[ … ]

Businesses: Get ready for the new Form 1099-NEC

July 15, 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.

Where Does Arizona’s Revenue Stand At This Moment?

July 8, 2020 July 16, 2020 KJZZ Business News, Your NPR Station Arizona Business arizona economy, COVID-19, unemployment

The COVID-19 pandemic that led to tens of thousands of layoffs, and record levels of unemployment claims in Arizona has also pummeled sales tax revenue over the past couple of months. We’ll remain in wait-and-see mode to see whether the lapsing of the stay-at-home order boosted the economy enough to counter the spike in cases[ … ]

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.

Arizona Unemployment Rate Down 4.5 Percentage Points In May

June 28, 2020 July 16, 2020 KJZZ Business News, Your NPR Station Arizona Business arizona economy, COVID-19, unemployment, unemployment rate

A month after doubling as the state’s economy staggered under the coronavirus pandemic, Arizona’s unemployment dropped by 4.5 percentage points during May. The state Office of Economic Opportunity reported that the seasonally adjusted unemployment rate for May was 8.9%, down from 13.4% in April as business closures and other impacts from the pandemic took hold.[ … ]