Arizona Prop 208 Adds a 3.5% Surcharge to Highest Personal Income Tax Bracket

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[ … ]

2021 Arizona Electronic Filing & Payment Requirements

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[ … ]

How Much Tax Revenue Could Recreational Marijuana Bring to Arizona

MARK BRODIE: Arizona voters last month approved Proposition 207, which legalizes recreational marijuana in the state. Once sales start, buyers will have to pay state, county and city sales taxes. Marijuana will also be subject to a 16% excise tax with that money going to law enforcement, community colleges and other programs. Arizona is one of[ … ]

Arizona CFOs reveal cautious optimism for 2020

[September 30, 2019 – PHOENIX] – Although early predictions for a downturn in 2019 have not come true, Arizona’s industry leaders are planning for the unexpected while hoping for the best. Results from the 2019-2020 Arizona CFO Spotlight Survey indicate a strong focus on operational efficiency, reputation management, and talent planning. The fourth annual survey[ … ]

Benefits of Investing in Opportunity Zones, TCJA

The Opportunities Zones program enacted with the Tax Cuts and Job Act of 2017 offers three tax incentives for investing in certain low-income communities through a qualified Opportunity Fund: temporary deferral, step-up in basis, and permanent exclusion of capital gains. Under this provision, gain from the sale of any type of property that produces capital[ … ]

Arizona CFOs, Leaders Maintain Economic Optimism Across Industries

BeachFleischman PC 2018 Arizona CFO Spotlight SurveyHighlights Three Ts: Talent, Tech & Taxes [March 2018, PHOENIX] Talent — getting enough quality talent and keeping it — is the primary economic and reputation concern of leaders participating in the third-annual Arizona CFO Spotlight Survey conducted by BeachFleischman PC. The hunt for talent edged out two-year survey[ … ]

Arizona Prop 206 and QuickBooks Desktop Payroll – Are You Ready

Prop 206 implementation is just around the corner! July 1st is fast approaching and businesses who process their own payroll need to be prepared. Employers must provide three pieces of information to the employees either in, or on an attachment to, the employee’s pay stub: The amount of earned paid sick time available to the[ … ]