The Child and Dependent Care Credit

Are you a working parent paying to put your child in daycare? 
If so, did you know there’s a credit for child care expenses that could lower your taxes?

The average annual cost of care for an infant in a child care center in Arizona is $9,993, almost as much as college tuition at a four year college! The Child and Dependent Care Credit (a credit against your federal income taxes) can provide some tax relief for these expenses.


Do Nonprofit Organizations File Tax Return?

shutterstock_139230092   Even though most tax-exempt organizations do not pay federal          taxes, most of them have to file an annual information return,              which is called a Form 990.

   Form 990 is an annual information return required to be filed with      the IRS by most organizations exempt from income tax under              section 501(a), and certain political organizations and nonexempt  

2016 Is it worth it for your business?

Recently, more and more companies have been partnering up with QuickBooks Online to enhance your experience with cloud based accounting. has been the most popular update to come up in the recent years, and it may be worth looking into for your business

What is is a US based cash flow management and accounting system. It has the capability to process bill payments, send invoices, collect payments,


Do all non-profit organizations need to have an audit? What kinds are there?

The term “audit” usually sparks apprehension in us all. Most of us are familiar witshutterstock_462987193h the term from the IRS.  Let’s be honest, none of us “want” to be audited.             However, it’s not always a bad thing.

In actuality, a financial audit most commonly refers to an independent review of an organization’s financial books. Usually conducted annually, it’s really just a part of a reliable checks-and-balances system to make sure everything is in order.


Traditional IRAs vs. Roth IRAs

We’re often faced with the open-ended question from clients about how to strategically plan for retirement, and often, the answers are not as simple as “yes” or “no” to a client-posed question. Usually, the best retirement strategies are a culmination of careful tax planning over many years, but sometimes, changing circumstances warrant a re-evaluation of the approach. Individual Retirement Accounts (IRAs) are one of the typical areas that clients look into when it comes to retirement planning.


New Filing Date, 1099-MISC when reporting amounts in Box 7

    Areshutterstock_124697734 you required to file Form 1099-MISC to report nonemployee                          compensation payments for the 2016 calendar year?  This information is            reported in box 7 on Form 1099-MISC.  If so, please be advised that there is      a new filing requirement for these returns.  As in the past, the form is due          to the recipient by January 31, 2017.  However, new for 2016 returns, they         are also due to the IRS by January 31, 2017 as well. 


Tax Considerations for Newly Married Couples

shutterstock_119177737   You’ve put a tremendous amount of time and effort in the months            leading up to your wedding day to ensure everything is perfect so               that your special day goes off without a hitch. Taxes are probably the       last thing on your mind, however, they really are something you should    address. The following are some basic tax considerations for                     newlyweds:


Name and Address Changes

When you file your income tax return,


Nonprofit Organizations – Continued Information on New Financial Reporting Rules

shutterstock_450172513    On August 18, 2016, the Financial Accounting Standards Board (FASB)             issued new rules for nonprofits: “Accounting Standards Update 2016-14         “Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of       Not-for-Profit Entities.” This is the first major set of changes to nonprofit           financial statement presentation standards since 1993.  The new rules             take effect for fiscal years beginning after  December 15, 2017

What organizations are affected by the new guidance?


Changes to Not-For-Profit Financial Statements

The Financial Accounting Standards Board (FASB) introduced changes to not-for-profit accounting [Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities] on August 4, 2016, with the intention that these changes could more easily explain the purpose and mission of each organization via their financial statements.

The proposed changes will add detail to financial statement presentation and disclosure requirements that will deliver more value to not-for-profit stakeholders.


Reporting Requirements of Foreign Investments

shutterstock_158874281     The Internal Revenue Service continues to make changes to            the reporting requirements of foreign investments. Not all                foreign income, investments, or assets are taxable; there                  may be a reporting requirement. These reporting                                requirements are for U.S. Citizens, U.S. Residents, and                        Business Entities. The foreign earned income exclusion or                the foreign tax credit does not exempt you from filing.


One of the reporting requirements is filing a Foreign Bank and Financial Accounts (Form 114) to report financial interest in or signature authority over a foreign financial account.