Conducting a Mid-Year Financial Health Checkup

by Rachel Caballero

As we find ourselves midway through the year, it's a great moment to take stock of our financial journey so far and recalibrate for the months ahead. This is the time when many of us pause to review our progress, tweak our plans, and realign our aspirations to ensure a successful year's end. Take a moment to acknowledge your achievements thus far, rectify any missteps, and … [More]

Businesses Have a Role in Water Conservation

by Jeanne M. Jensen

Water conservation is more than just individual acts of responsibility; it’s an investment into the future of local businesses, families and a vibrant Arizona. Although most of the water use in Arizona is isolated to outdoor functions, including landscape and agriculture, businesses from the retail to manufacturing spaces have the opportunity to reduce water use by adopting … [More]

Be Ready for Next Year: IRS Tax Withholding Estimator Helps Ensure Withholdings Are Correct for 2024

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The IRS encourages taxpayers to use the IRS Tax Withholding Estimator to ensure they’re withholding the correct amount of tax from their pay in 2024. This digital tool provides workers, self-employed individuals and retirees with wage income a user-friendly resource to effectively adjust the amount of income tax withheld from their wages. The Tax … [More]

CEO of Goodwill of Central and Northern Arizona Receives Prestigious National Award

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Goodwill of Central and Northern Arizona (GNCA) announced that Tim O'Neal, President & CEO, has been honored with the prestigious P.J. Trevethan Award for 2024. This esteemed award is presented annually to one Goodwill CEO from across the national network of over 150 organizations, to recognize their outstanding contribution to the training of their own team and their … [More]

Noteworthy Changes for the 2024 Tax Season Affecting Small Businesses and Individuals

by Karina Felix

It’s a new tax season, signaling a time of financial planning and assessment for individuals and businesses alike. Taxpayers must be keenly aware of the tax-law changes in 2024, since these changes will impact those across various income brackets. Creating a new financial plan during the tax bracket shift allows taxpayers to minimize tax liability and be aware of new … [More]

Accounting and Business Advisory Firm Announces Two New Partners, Says New Era of Growth Ahead

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Lohman Company, PLLC, a premier accounting and business advisory firm, proudly announces the addition of two new partners, Dennis Hare and Michael Tsui, to its leadership team. This marks a significant milestone as the first expansion in partnership since 2021, reflecting the firm’s robust growth, particularly in the Tax and Project Professional Services … [More]

IRS Announces Limited-Time Repayment Program for Faulty Employee Retention Credit Applications

by Otto S. Shill III

The Internal Revenue Service has just published Announcement 2023-3 which allows companies to repay Employee Retention Credit (“ERC”) funds that they received from the federal government based on a defective application.  The Service is offering this program to mitigate the impact on businesses who were the victims of unscrupulous promoters of ERC applications.  The limited … [More]

Navigating the Path to Tax Season Success

Essential end-of-year strategies for Arizona business leaders

by Elizabeth Hale

As 2023 draws to a close, business owners in Arizona gear up for the inevitable task of tax preparation. While end-of-year accounting can often feel like drudgery, when done right, the significance of proper planning to drive long-term success cannot be overstated. From leveraging tax law changes to buttoning up charitable contributions and large purchases, ensuring your … [More]

IRS Issues Standard Mileage Rates for 2024, Increases to 67 Cents a Mile

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  The Internal Revenue Service issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2024, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 67 cents per mile driven for business use, up 1.5 … [More]

Less Than Two Weeks to Renew Arizona Transaction Privilege Tax License 

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As a reminder, businesses are required to renew their transaction privilege tax (TPT) license before January 1, 2024 to continue conducting business in Arizona. Penalties will be assessed for all renewals after January 31. The Arizona Department of Revenue (ADOR) urges taxpayers to file, pay, and renew online through AZTaxes.gov for easier renewals and faster processing. … [More]

How to Get Your Financial Footing in the New Year

National nonprofit credit counseling agency Take Charge America outlines seven tips for a fresh financial outlook

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Millions of people are eyeing a fresh financial start as the new year nears. With 67% of Americans planning to make a financial resolution in 2024, paying off debt is the most common goal. Despite an air of optimism, resolutions like this are quickly put on the backburner without a plan driving them forward. “With rising inflation, increasing interest rates and economic … [More]

New First-of-Its-Kind Pilot Program to Make Tax Filing Free and Easy for Arizonans

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Governor Katie Hobbs announced a new, easy way for Arizonans to file their taxes for free. The IRS Direct File Pilot Program, a first-of-its-kind project will allow eligible Arizonans to file their state and federal returns directly through the IRS Direct File Pilot Program. Arizona is one of a select few states participating in the pilot program, which starts in January … [More]

Firm Hits 5-Year Milestone Providing Nonprofit Accounting in Phoenix

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2023 marks 5 years of Your Part-Time Controller's building stronger nonprofits in Phoenix, Arizona! Since its establishment in 2018, the office has served nearly 150 clients in the Greater Phoenix area, with no intention of slowing down. In conjunction with the firm's growth on a national level, all regional offices plan to continue to expand and provide … [More]

Arizona Department of Revenue Launches Newly Updated Website

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The Arizona Department of Revenue (ADOR) has launched a newly updated website to provide a better user experience for Arizona’s taxpayers. With a visually appealing look and added curated menus, the site is designed to allow taxpayers to locate the information or forms they need more quickly and easily. The website can be found at the same url of azdor.gov and we welcome … [More]

What Rights Do Merchants Have When Dealing With Chargebacks?

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The Consumer Credit Card Protection Act of 1968 (CCPA) instituted government regulations that oversee the credit card and lending industries to protect consumers against unscrupulous lending practices. The Fair Credit Billing Act of 1974 took those regulations a step further, granting consumers the right to dispute billing errors, such as unauthorized purchases, charges for … [More]

Indianapolis Tax Consulting Firm Expand to Phoenix

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McGuire Sponsel, a specialty tax consulting firm with clients throughout the United States, announced today an investment in a new firm regional office located in Phoenix, Arizona. Firm leaders say the new office, which is be fully staffed with employees across all four firm practice lines, was a natural fit based on the firm’s growth and an opportunity to be a greater resource … [More]

Nonprofit Advisory Services Practice Launches in Arizona Market

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FORVIS, a professional services firm providing assurance, tax, and advisory services, has expanded its nonprofit advisory services practice to the Arizona market with the addition of Pete Finley. Finley has more than 25 years of experience in tax, audit, and nonprofit executive leadership. Prior to joining the firm, Finley worked as chief operating officer for Make-A-Wish … [More]

Arizona Gives Day Reminds Us of Deadline to Donate to Qualified Charities for 2022 Tax Credit

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The Arizona Department of Revenue (ADOR) reminds individuals they have until the tax deadline of April 18 to make donations to qualified charitable organizations and claim the Arizona tax credits on their 2022 Arizona individual income tax return. Qualifying Charitable Organizations and Qualifying Foster Care Charitable Organizations Arizona has two separate tax credits … [More]

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