Categories for General News and Information

Jan
25
2019

Mandatory Electronic Payment Threshold lowered

The Arizona Department of Revenue has lowered the mandatory electronic
payment threshold for businesses with sales tax liability to $10,000.
Taxpayers with an annual transaction privilege tax (TPT) and use tax liability
of $10,000 or more in the prior calendar year are required to file and pay
electronically starting in February 2019 for the January reporting period.
Taxpayers who do not make the payments by EFT will be subject to a 5%
penalty. 

Jan
23
2019

2019 Standard Mileage Rate

               2019 Standard Mileage Rate
The IRS has announced the standard mileage rate for
business auto use in 2019.
The 2019 rates are as follows:
$0.58 per mile for business miles driven
$0.20 per mile driven for medical or moving purposes
$0.14 per mile driven in service of charitable organizations

Jan
15
2019

A refresher on major tax law changes for small-business owners


The dawning of 2019 means the 2018 income tax filing season will soon be upon us. After year end, it’s generally too late to take action to reduce 2018 taxes. Business owners may, therefore, want to shift their focus to assessing whether they’ll likely owe taxes or get a refund when they file their returns this spring, so they can plan accordingly. With the biggest tax law changes in decades (under the TCJA) generally going into effect beginning in 2018,

Jan
13
2019

Estimated payment deadline 1/15/19


Avoid tax time surprises with an estimated payment, advises the IRS. The Tax Cuts and Jobs Act brought many changes, including lower tax rates for most people. While the IRS expects that most taxpayers will still get refunds, a larger-than-usual number of people will owe taxes and possibly penalties. At greatest risk are two-wage-earner households, employees with nonwage sources of income and those with complex tax situations. You may be able to avoid shortfalls by making an estimated payment for 2018 by the 1/15/19 deadline.

Jan
11
2019

Phaseout of tax credit for Tesla plu-in electric vehicles


The IRS announced a phaseout of the tax credit for Tesla plug-in electric vehicles. The reason? Tesla, Inc. has sold more than 200,000 vehicles eligible for the plug-in electric drive motor vehicle credit during the 3rd quarter of 2018. Thus, a phaseout of the credit available for purchasers of new Tesla plug-in electric vehicles is triggered beginning 1/1/19. The tax code provides a credit that begins to phase out for a manufacturer’s vehicles after a certain number have been sold for use or lease in the United States.

Jan
09
2019

2019 standard mileage rates


The IRS announced the 2019 standard mileage rates. The optional mileage allowance for owned or leased vehicles (including autos, vans or pickups) will rise 3.5 cents to 58 cents per mile for business travel. Employers can also use the rate to reimburse employees who supply their own autos for business use and to value personal use of certain low-cost employer-provided vehicles. The rates for medical purposes will rise 2 cents to 20 cents per mile and the rate for driving in service of charitable organizations will remain 14 cents per mile.

Jan
07
2019

Coleen Krogen recognized by U of A Eller College of Management

 

We are pleased and proud to announce that Coleen Krogen, Managing Partner, received the Accounting Award at the 2018 University of Arizona Eller College of Management’s Ordinary Women Doing Extraordinary Things Networking Tea held last month.

This annual networking tea recognizes and celebrates both prominent women leaders in the Tucson community and top female Eller students. Held at the historic Arizona Inn, it provides a unique opportunity for students to network with successful local business women and acquire some practical “how-to” advice,