Categories for General News and Information

Nov
23
2015

2016 Changes in Arizona Transaction Privilege Tax

With January 1, 2016 around the corner we would like to inform you of changes in Arizona transaction privilege taxes that will occur in the New Year.

One major element of the TPT Simplification laws that was supposed to occur on January 1, 2016 was that privilege taxes for all cities and towns were to be filed with and paid to the Arizona Department of Revenue. This was to include “non-program” cities such as Tucson and Phoenix,

Nov
11
2015

Functional Expense Allocations

Non-profit organizations are required to report expenses by functional classification. The allocation of expenses is presented within the Statement of Activities or related notes to the financial statements. The functional expense reporting gives the donors more information about the types of programs and activities the organization has completed during the year to fulfill their mission.

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The functional expense classifications are listed below:

  • Program Services – expenses relating to goods and services being distributed to beneficiaries,

Nov
10
2015

2015 Arizona Charitable Tax Credits Reminder

It’s that time of year again! The end of the year is quickly approaching, and we encourage our clients, friends, and family to give to their favorite charities as a great tax-planning strategy. For many Arizona charities, your donation could equal a dollar-for-dollar Arizona tax credit, meaning it is of no additional cost to you to make these donations. But hurry! With the exception of the Public School and the School Tuition Organizations credits, all of these donations must be made by December 31,

Oct
24
2015

Using the Right Employee for the Job

What can a business owner do to make sure their employees are up to the task at hand?right employee

Effective management of employees is a balancing act between overseeing every aspect of a job and relinquishing some of the control based on the employees’ capabilities.  So, what can you do?

  • Make sure the employee has the skills to take on the task. Success can only come when your employee has the ability to do the job.

Oct
07
2015

Federal Grants: Subrecipient v. Contractor (Vendor)

How does an organization determine if federal funding is received under a subrecipient vs. contractor (vendor) relationship?

As the controller at a non-profit organization that receives federal grants, have you ever been asked the following question by your auditors, “are you a subrecipient or contractor (vendor) for this contract?” The accurate classification of subrecipients and contractors is critical to a program’s success and integrity. OMB requires subrecipients that meet established expenditure thresholds to obtain a Single Audit,

Sep
25
2015

It’s That Time of Year AGAIN!

It’s that time of the year AGAIN!  The end of the year is only a few months away and to reduce your stress level during this busy time of year, below are several items to start checking off of your list:

If you are an S-Corporation Shareholder, then REMEMBER to process your payroll add-backs:

When does my 3rd party payroll provider need to have this information by so that I am not charged extra for a special payroll? 

Sep
24
2015

New Arizona Tax Credits for Corporations

Starting in 2015 there are two new credits that both C and S Corporations can take advantage of for School Tuition Organizations (STO). Both credits require preapproval by the Arizona Department of Revenue (ADOR) and total contributions statewide for each of these credits are capped at a maximum amount by the state. Overall both of these credits are used to provide scholarships that assist students from preschool to 12th grade with disabilities.

Both of these credits have already reached their maximums for the year ended in June 2016.

Sep
02
2015

Form 1099: It’s never too early to gear up for year-end

The end of every year brings the beginning of a new one.  From an accounting perspective, the beginning of the new year brings many reporting deadlines…specifically, Form 1099.  In order to properly prepare a 1099, two things must be provided: a completed Form W-9 from the vendor and the amount paid to them.

The W-9 provides the most crucial piece of information, which is whether or not a 1099 will need to be prepared for any given vendor. 

Aug
24
2015

HBL Welcomes Our Newest Shareholder, Michael J. DeVries

Effective August 1, 2015, HBL is elated to announce the promotion of one of our own tax managers, Mike DeVries, to be HBL’s sixth and newest shareholder. Mike and his sister, Mari, merged their practice, DeVries CPAs of Arizona, P.C., with Hammel, Beal and Lauer, P.C. in May of 2013 to form the new HBL CPAs, P.C.

Mike grew up in New York State, but moved to Tucson with his family where he attended Canyon del Oro High School.

Mar
31
2015

Reminder: Payroll Taxes & DES Reporting

With 1st quarter payroll reports due in April, we would like to remind you of the Arizona Department of Economic Security (DES) reporting requirements.

In Arizona, most employers are required by law to pay unemployment tax on the first $7,000 in gross wages paid to each employee in a calendar year. Any wages paid to an employee over $7,000 are deemed “excess” wages and are not taxed. You must report to DES all wages paid when preparing your report.