The Arizona legislature has retained and expanded some of the incentives for charitable giving for 2019. 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[ … ]
A-Z Blog
Taking distributions from your traditional IRA
If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles. Knowing the fine points of the IRA distribution rules can make a significant difference in how much you and your family[ … ]
Photo by Katherine Davis-Young – KJZZ
(Un)Affordable: How Did Arizona End Up With A Housing Crisis?
Look around Phoenix and you see cranes and construction sites, new buildings everywhere. If you think this city looks like a place that’s developing fast, you’d be right. Our population is among the fastest-growing in the country. Over the last few years, around 200 people have been moving to the Phoenix area every day. Chanel[ … ]
What to do if your business receives a “no-match” letter
In the past few months, many businesses and employers nationwide have received “no-match” letters from the Social Security Administration (SSA). The purpose of these letters is to alert employers if there’s a discrepancy between the agency’s files and data reported on W-2 forms, which are given to employees and filed with the IRS. Specifically, they[ … ]
The tax implications of being a winner
If you’re lucky enough to be a winner at gambling or the lottery, congratulations! After you celebrate, be ready to deal with the tax consequences of your good fortune. Winning at gambling Whether you win at the casino, a bingo hall, or elsewhere, you must report 100% of your winnings as taxable income. They’re reported[ … ]
Online Sales Will Soon Be Taxable In Arizona
Most online sales in Arizona will be subject to state sales taxes after the Legislature and governor approved a plan to require online retailers who do more than $200,000 in sales in Arizona to collect the tax. That threshold will go down in subsequent years. This comes after a ruling last year from the U.S. Supreme Court,[ … ]
BeachFleischman Named a 2019 Accounting Today’s “Best Accounting Firms to Work for”
BeachFleischman was recently named as one of the 2019 Accounting Today’s Best Accounting Firms to Work for. Accounting Today has partnered with Best Companies Group to identify companies that have excelled in creating quality workplaces for employees. This survey and awards program are designed to identify, recognize and honor the best employers in the accounting[ … ]
The “kiddie tax” hurts families more than ever
Years ago, Congress enacted the “kiddie tax” rules to prevent parents and grandparents in high tax brackets from shifting income (especially from investments) to children in lower tax brackets. And while the tax caused some families pain in the past, it has gotten worse today. That’s because the Tax Cuts and Jobs Act (TCJA) made[ … ]
Photo courtesy of Mexican Secretary of Environment
U.S. Legislators Visit Mexico to Discuss USMCA
Ten members of the U.S. House of Representatives made an official trip to Mexico on Friday. They met with high-ranking officials to discuss the U.S.-Mexico-Canada Free Trade Agreement, known as USMCA, or NAFTA 2.O. The legislators’ goal was to learn how Mexico is preparing for the trade agreement. “This is not about the U.S. enforcing[ … ]
The “nanny tax” must be paid for more than just nannies
You may have heard of the “nanny tax.” But even if you don’t employ a nanny, it may apply to you. Hiring a housekeeper, gardener or other household employee (who isn’t an independent contractor) may make you liable for federal income and other taxes. You may also have state tax obligations. If you employ a[ … ]
