Coronavirus – Employer Relief Measures and Tax Updates

In response to the COVID-19 pandemic, there are several changes to the traditional tax deadlines and new developments that impact you and your business. Below is a summary of the updates occurring at the federal and state level. Federal Developments – Summary Federal income tax filings and payments originally due on April 15, 2020 have[ … ]

Arizona Extends Tax Filing and Payment Deadline to July 15th

The Arizona Department of Revenue (ADOR) has extended the deadline for filing and paying state income taxes from April 15 to July 15, 2020 The announcement by ADOR includes individual, corporate and fiduciary tax returns. The new deadline means taxpayers filing state tax returns or submitting payments after the previous April 15 deadline but before[ … ]

New Arizona Tax Credit for S Corps contributing to STOs

New Dollar-for-Dollar Arizona Tax Credit for S Corporations for Contributions to School Tuition Organizations During 2015, Arizona added a new dollar-for-dollar state tax credit opportunity for entities treated as S-Corporations. A dollar-for-dollar credit means that for every dollar paid, the S corporation shareholder receives a dollar tax credit on their Arizona income tax return. Essentially[ … ]