2020

Many taxpayers are unaware of a rule that allows you a one-time contribution to your Health Savings Account (HSA) directly from an Individual Retirement Account (IRA).  In many ways, this situation may not be beneficial for most taxpayers; however, it may be worth looking into if you

The SBA released Form 3508S and Form 3508S Instructions, for borrowers with PPP Loans $50,000 or less, using simplified forgiveness procedures.  This simplified process exempts those borrowers from reducing the forgiveness amount due to either a reduction of 1) full-time-equivalent (FTE) employees or 2) employee salaries and

The Social Security Administration has announced Social Security benefits and Supplemental Security Income (SSI) payments will increase 1.3 percent for 2021.  You can click the link below to read more about this announcement. READ MORE…

The Internal Revenue Service is reminding taxpayers that now is the perfect time to review tax withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take-home pay or allow taxpayers to accelerate their payments in the last

The IRS is reintroducing Form 1099-NEC for 2020 informational return filings. This form was last used in 1982 during the Reagan administration. The 1099-NEC is used strictly for reporting independent contractor payments of $600 or more in the course of a trade or business. The renewed From

A significant number of Individual Retirement Accounts (IRA) tend to go to nonspouse beneficiaries, which means there are special rules that kick in for the IRA. We recently came across a great article focused on inherited IRAs that we thought provided some great take aways. You can

Closing a business is always a difficult decision regardless of the circumstances. To assist business owners, the Internal Revenue Service (IRS) has redesigned their “Closing a Business” page to help owners navigate the proper federal tax steps when closing a business. This webpage provides a variety of

Starting January 1, 2021, the transaction privilege tax (TPT) electronic filing and paying threshold will drop to $500, from $5,000. Those businesses who are currently paper filing their TPT returns will need to register on aztaxes.gov to start filing and paying online. We encourage you to get

As reflected in a recent AIPCA article, the only certainty in the six months since the Paycheck Protection Program (PPP) was created is uncertainty.  There continue to be gray areas with the forgiveness application, such as: Deductibility of expenses Blanket forgiveness for loans of $150,000 or less

Recently the IRS released final regulations updating guidance on payments to qualified charitable organizations to determine if the amounts are an ‘ordinary and necessary business expense’ or a ‘charitable contribution.’ The regulation provides a payment, which bears a direct relationship to the taxpayer’s trade or business, and