Have you considered if you would benefit from Arizona’s recent tax law changes related to small business income?
Arizona voters approved Proposition 208, which took effect on January 1, 2021. Prop 208 adds a 3.5% surcharge to Arizona’s highest personal income tax bracket, resulting in an effective tax rate of 8% for affected taxpayers. At this increased 8% tax rate, Arizona becomes one of the highest taxing states for top earners. Affected individuals are[ … ]
The new year brings some new rules for Arizona taxpayers. If you and/or your business are subject to tax in Arizona, please be mindful of these new rules that may impact your tax responsibilities: If your business is subject to Arizona’s corporate or partnership income tax, effective January 1, 2021, corporations and partnerships are required[ … ]
In the post-Wayfair era, where physical presence is no longer required to be subject to a state’s sales tax, states continue to enact sales tax economic nexus provisions for remote sellers. If you are a business selling goods into multiple states, it is important for you to keep track of your sales and transactions by[ … ]
The U.S. Supreme Court just ruled on a landmark sales tax case, South Dakota v. Wayfair, Inc., that will change the way in which multistate businesses will be subject to sales tax in states where they have sales but no physical presence in the state. Prior to the ruling, the standard for triggering a sales[ … ]
Prime Contracting VS MRRA – Definitions and Tax Treatment SB 1446 updates the definitions of Modification and statutorily defines Alteration and Replacement. Modification no longer includes improvement, movement, MRRA (maintenance, repair, replacement, alteration) activities or related mobilization, demobilization, wreckage and demolition. Modification now includes all construction, grading, leveling, wreckage and demolition specifically not MRRA. Alteration[ … ]