Tax News Archives - Page 24 of 28

Jan
03
2017

The Arizona Department of Revenue Updates the Transaction Privilege Tax for 2017

With several changes to the Arizona Transaction Privilege Tax (TPT) for 2017, the Arizona Department of Revenue has created an interactive tutorial resource to help taxpayers through the TPT payment process. The tutorials offer step-by-step instructions on a variety of TPT related topics. New user enrollment, filing a TPT return, adding a business location, selecting a business location, making a TPT payment, and other additional tutorials are included. The new tutorials can be found at: https://www.azdor.gov/tutorials/index.html.

Dec
16
2016

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.

Dec
09
2016

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

Nov
29
2016

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.

Oct
31
2016

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

Are shutterstock_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.

Oct
03
2016

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.

Aug
30
2016

New TPT-1 and TPT-2 forms

Beginning with Arizona Department of Revenue Transaction Privilege Tax (TPT) reports filed in July 2016 (for the 6/1-6/30/16 reporting period), the ADOR instituted new requirements for filing. For businesses that only have one physical location, the opportunity to paper file still exists. For businesses that have more than one physical location, it is now mandatory to file electronically on www.aztaxes.gov. There is currently no date set for requiring single locations to file electronically;

Aug
24
2016

Make Working from Home Less Taxing: Home Office Deduction

shutterstock_120052459 If you use your home for business purposes, you may be able to offset your business income with a portion of the costs incurred to maintain your home.

Qualifying for the Deduction

In order to claim the home office deduction, you must meet the following requirements:

Exclusive Use

Part of your home must be used exclusively for business.

Jul
29
2016

Arizona’s Tax Recovery Program continues

shutterstock_10462168 Due to the success of the tax amnesty (recovery) program in 2015, HB 2708 has been approved to establish another tax amnesty period in 2016. A tax amnesty program, or tax recovery program, gives taxpayers the opportunity to file incomplete or unfiled tax returns for the periods specified and to pay their tax liabilities without interest or penalties or fear of criminal prosecution. The amnesty period will start September 1, 2016 and end October 31,

May
31
2016

Overtime Pay: Are your employees Exempt or Non-Exempt?

Under the Fair Labor Standards Act (FLSA) employers are expected to classify their employees as either exempt or nonexempt.

What’s the difference between the two?

Exempt Employees

The FLSA has multiple exemptions under specific categories of employers and employees exempted from overtime requirements. The most general exemptions include: