Categories for General News and Information

Arizona Tax Credits for Charitable Contributions

The end of the year is quickly approaching, and it’s that time of year where we encourage our clients, friends, and family to give to their favorite charities.  For many Arizona charities, your donation could very likely equal a dollar-for-dollar Arizona tax credit, meaning it is of no additional cost to you to make these tax-credit qualifying donations. 

The State of Arizona offers tax credits to individuals that make charitable contributions to certain organizations and public schools.

Promises to Give vs. Intentions to Give – A Brief Primer

Not-for-profit organizations (NFPs) can find it difficult to differentiate a promise to give (often called a pledge receivable) from an intention to give. An intention to give typically does not have written evidence and, even if it is in writing, it usually contains words such as “intend”, “plan”, “hope”, or “may”. An intention to give is not as certain as a promise, and because of the higher degree of uncertainty, NFPs cannot record intentions to give in their books.

HBL CPAs has expanded!

Our family has expanded! And so did our need for space! As a result of the recent merger, HBL recently underwent a large expansionary renovation to accommodate our growing family. From new ceilings, flooring, a completely gutted kitchen, and completely renovated bathrooms to a whole new 3000+ square foot addition, we’re excited to be settling into our new home.

From late October 2013 until January 2014, our office was, for lack of a better phrase,

Middle Class Tax Relief and Job Creation Act

On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012 (HR 3630). The new law extends through December 2012 a reduction in employment tax rates from 6.2 percent to 4.2 percent for employees and the self-employed.

The employee OASDI tax rate was previously reduced from 6.2% to 4.2% by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (P.L. 111-312), which was in effect for 2011.

Payroll Tax Cut Extension

On December 23, 2011, Congress approved and President Obama signed a two-month extension of the employee payroll tax cut. The Temporary Payroll Tax Cut Continuation Act of 2011 extends the two percentage point employee payroll tax cut through the end of February 2012.

Unless Congress extends the tax cut, all payroll paid after February 29th will revert back to the full 6.2%. This means that the FICA withholding on the first payroll in March,

Home Energy Credits Still Available for 2011

The IRS reminds homeowners that they still have time this year to make energy-saving and green-energy home improvements and qualify for either of two home energy credits.
The Nonbusiness Energy Property Credit is aimed at homeowners installing energy efficient improvements such as insulation, new windows and furnaces. The credit is more limited than in the past years, but can still provide substantial tax savings.

• The 2011 credit rate is 10 percent of the cost of qualified energy efficiency improvements.

Arizona State Income Tax Amnesty Program

As a reminder, the tax amnesty program will run from September 1 through October 1, 2011, and apply to:

(1) any taxable period beginning from and after December 31, 2003, and ending before January 1, 2010, for taxpayers who file annually, and

(2) any taxable period beginning from and after January 14, 2004, and ending before January 1, 2010, for taxpayers having a 52-53-week tax year. For all other taxpayers, the program applies to any taxable period beginning from and after December 31,