How the Tax Bill Impacts Homeowners

  |  February 19, 2018

The Tax Cuts & Jobs Act (TCJA) was approved by Congress December 20, 2017, and signed by President Trump on December 22, 2017. The Act impacts individuals and businesses in a way not seen in over 30 years. With most provisions effective 2018, it lowers individual and corporate tax rates, repeals numerous tax credits and deductions,... Read More

Indian Tax Extenders Included in Federal Budget

  |  February 12, 2018

The Bipartisan Budget Act of 2018, signed last week by President Trump, includes extensions of three tax incentives that benefit Indian employment and economic development on Indian reservations. These incentives had expired on December 31, 2016; the Budget Act extends them retroactively for one year through December, 2017. Read more. Read More

IRS Extends Deadline to Supply ACA Forms to Employees

  |  January 3, 2018

In IRS Notice 2018-06, the IRS announced an automatic 30-day extension of the 2018 due date for furnishing 2017 Forms 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage). Employers now have until March 2, 2018 to distribute 2017 health coverage information forms to employees. Employees may use this information to determine whether they may claim the premium tax credit on their income tax returns. Read more. Read More

Is Your Business Ready for Year-End Tax Planning?

  |  December 11, 2017

Year-end tax planning is critical to capitalize on the many tax-saving opportunities that may be available for your business. Whether you have a standard corporation, sole proprietorship, partnership, limited liability company, or S corporation, we have outlined potential tax strategies you can take on the federal level to reduce your taxes in the coming year. To find out more, access our 2017 Year-End Tax Planning Guide for Businesses here. Read More

2017 Proposed Tax Reform Legislation – Explained

  |  December 11, 2017

On December 2, 2017, the Senate passed its version of the "Tax Cuts and Jobs Act." This proposed tax reform will be reconciled with the House of Representatives' bill, which passed several weeks earlier. The final bill may become law by the beginning of the new year, and it is poised to make radical changes to the current tax code. To get a better sense of what each bill contains, including their differences from each other and the potential impact they could have on individual and business tax planning, view our guide here. Read More

Tax Planning for 2018: 5 Arizona Individual Tax Credits to Know

  |  December 4, 2017

The State of Arizona has a variety of tax credit options which allow you to direct your tax dollars to a qualified charitable organization or school. The donation will also qualify for a federal charitable contribution deductible on Schedule A of an individual return in the year it is paid. To find out more about these credits, as well as view additional resources and information about our tax services, click here. Read More

IRS Announces ACA Penalty Notices – With 30-Day Response Time

  |  November 27, 2017

The IRS has announced that it is notifying Applicable Large Employers (with 50 or more full-time or full-time equivalent employees) “in late 2017” of shared responsibility penalties under the Affordable Care Act (ACA). The penalties will be for calendar year 2015 – the first year that employer reporting was required. The notices are being sent as letters from the IRS, and employers who disagree can respond to appeal the penalties. Read more. Read More

Overtime Rule Struck Down

  |  September 13, 2017

On August 31, 2017, Federal District Court Judge Amos Mazzant overturned the Fair Labor Standards Act (FLSA) Final Overtime Rule that would have doubled the annual salary level to qualify for exemption from overtime from $23,660 to $47,476. The same judge issued an injunction stopping implementation of the final rule nine months ago, and the Trump administration did not challenge the decision. Read more. Read More

Should I File an Income Tax Extension?

  |  August 29, 2017

For some taxpayers, requesting a tax return extension is a regular, yearly occurrence. Yet for others, the notion of requesting time beyond the original due date is outlandish. And there also are those for whom the decision to extend comes down to the wire, determined by whether the return can be filed by the original due date. However, an extension of time to file generally should be considered for every tax period for which an extension is available, regardless of whether you intend to file on or before the original due date of the relevant income tax return. Read more. Read More