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As we near the end of another year, it is a good practice to ensure your business complies with confirming its good standing with its State.  We recommend reviewing the following eight items to ensure your business’ legal and compliance tasks are covered. Annual Report Filings Member

The IRS article below explains how refunds in 2023 (for 2022 tax return filings) may be lower than the prior year. A few reasons for lower refunds include no 2022 additional stimulus payments, lower child tax credit, and dependent care credit amounts, plus the removal of the

Due to inflation, the maximum contributions to retirement plans for 2023 have increased. 401(k) deferral contributions will increase to $22,500, up from $20,500, and IRA contributions will increase to $6,500, up from $6,000. For those individuals over 50, the catch-up contribution for 401(k) plans is $7,500, up

Whether or not tax increases become effective next year, the standard year-end approach of deferring income and accelerating deductions to minimize taxes will continue to produce the best results for all but the highest income taxpayers, as will the bunching of deductible expenses into this year or

As we enjoy our holiday season, this is a reminder to be vigilant about scammers posing as government officials stating that a fake tax bill is due and should be paid with gift cards. The link below from the IRS provides information on how these scams happen

The State of Arizona requires all businesses subject to Sales Tax to annually renew their license through their account with the State of Arizona.  License renewals are due December 31, 2022 through your www.aztaxes.gov account. Our firm recently attended continuing education courses for Business and Individual taxes. 

Most federal and state tax agencies prepare for the upcoming calendar year starting now. This process includes notifying employers about tax updates. We encourage you to carefully review any notifications you may receive from tax agencies, including: Notice of Unemployment Rate Change Notice of Federal or State

As the end of the year approaches, we remind trades and businesses of the 1099 filing requirements for payments to vendors or contractors over $600 total during the 2022 calendar year. We suggest requesting updated Form W9s from your vendors each year to ensure you have the

We regularly are asked by clients whether they should take Social Security benefits early at age 62.  Each person’s situation is unique, and there is no one answer to this question.  US News and World Report recently published this excellent article about various reasons to take Social

Starting with wages paid in the 2023 calendar year, the maximum unemployment taxable wage base is increasing to $8,000, up from $7,000, enacted by AZ Senate Bill 1828 and signed by Governor Ducey in 2021. This increase will be in effect when the Unemployment Tax and Wage