Business and Corporate Archives

Nov
22
2023

2023 Arizona Tax Credits

Arizona Department of Revenue (AZDOR) sanctions various tax credits that support local nonprofits and (summarily) redirect what would be your Arizona tax dollars to these nonprofits. This article addresses the tax credits available to individual tax return filers, with dollar limits that vary based on your filing status. All credits are non-refundable and provide a dollar-for-dollar credit towards your Arizona income tax liability. If your total tax credit contributions exceed your tax liability, the unused portion for the first four (4) credits listed below can be carried forward for up to five (5) years.

Nov
28
2022

2022 Arizona Tax Credits

Arizona Department of Revenue (AZDOR) sanctions various tax credits which support local nonprofits and (summarily) redirect what would be your Arizona tax dollars to these nonprofits. This article addresses the tax credits available to individual tax return filers, with dollar limits that vary based on your filing status. All credits are non-refundable and provide a dollar-for-dollar credit towards your Arizona income tax liability. If your total tax credit contributions exceed your tax liability,

Nov
11
2021

2021 Arizona Tax Credits

Nov
14
2018

Selling your business? Defer — and possibly reduce — tax with an installment sale

You’re ready to sell your business and want to get the return from it you’ve earned from the time and money you’ve invested. That means getting a good price and minimizing the tax hit on the proceeds. One option that can help defer tax is an installment sale. Spreading gain over several years is especially beneficial if it allows you to stay under the thresholds for triggering the 3.8% net investment income tax or the 20% long-term capital gains rate.

Oct
15
2018

Fore!

Fore! An easement on a golf course fails to serve a conservation purpose. The U.S. Tax Court has ruled that a partnership that operated a golf club on its property wasn’t entitled to a conservation contribution deduction because it failed to satisfy the conservation requirements. The partnership argued that the easement area provided a habitat for several species of conservation concern. However, the court concluded there wasn’t a sufficient presence of rare or endangered species in the area to satisfy the conservation purpose requirement.

Aug
30
2018

WATCH OUT ARIZONA!!

Jul
03
2018

IMPORTANT INFORMATION FOR ALL PARTNERSHIPS AND LLC’s TREATED AS PARTNERSHIPS FOR TAX

Partners often personally pay for partnership expenses that are not reimbursed by the partnership. These expenses, referred to as UPE, can be personally deducted against partnership income/(loss) on your income tax return, BUT ONLY IF the partnership agreement allows for it. Since these expenses can no longer be taken as a miscellaneous itemized deduction, consider adding the following to your partnership agreement if it is not already there:

Expenses Incurred on Behalf of Partnership

The partnership has always recognized that is is essential to the successful conduct of its business that,

Jan
25
2018

Tax Cuts and Jobs Act of 2017: Summary and Analysis

To download a PDF version of the below post, please click here:
2017 TCJA Summary and Analysis

**With the recent changes in tax law, we are posting the below as a summary and analysis that we hope will aid in understanding some of the changes in the new tax law that was passed on December 22, 2017. Please note that while efforts were made to assure the accuracy of the below article,

Dec
12
2017

2018 Q1 tax calendar: Key deadlines for businesses and other employers

Here are a few key tax-related deadlines for businesses during Q1 of 2018. JAN. 31: File 2017 Forms W-2 with the Social Security Administration and provide copies to employees, and provide copies of 2017 Forms 1099-MISC to recipients. FEB. 28: File 2017 Forms 1099-MISC if paper filing. (Forms 1099-MISC reporting nonemployee compensation in Box 7 must be filed by Jan. 31.) MAR. 15: If a calendar-year partnership or S corp., file or extend your 2017 tax return.

Nov
15
2017

The Senate’s Tax Framework

For businesses, the Senate’s tax framework would permanently lower the corporate tax rate to 20%, starting in 2019. Other key points: a “simple and easy-to-administer deduction for pass-through businesses of all sizes” and the full and immediate expensing of new equipment. It also would allow more businesses to use cash-basis accounting, and retain both the research and development credit and the interest deduction for “Main Street employers.” Internationally, the current “worldwide” system of U.S. taxation would be replaced by a territorial system.