IRS Provides Guidance on Tax Relief for Deductions for Food or Beverages From Restaurants

Internal Revenue Service

The Treasury Department and the Internal Revenue Service today issued Notice 2021-25 PDF providing guidance under the Taxpayer Certainty and Disaster Relief Act of 2020. The Act added a temporary exception to the 50% limit on the amount that businesses may deduct for food or beverages. The temporary exception allows a 100% deduction for food or beverages from … [More]

Road to Recovery: Why Restaurant Insurance Is Crucial as Restaurants Rebuild

by David DeLorenzo

It’s hard to believe that it’s already April and more than a year has passed since COVID-19 mandates forced restaurant closures upon the onset of the pandemic in spring of 2020. As the world starts to fully open up again, there is some rebuilding to do, particularly for Arizona’s restaurant industry. When doing so, bar and restaurant owners should take a look at their insurance … [More]

Arizona Extends Individual Income Tax Filing Deadline

State of Arizona Office of the Governor

Governor Doug Ducey signed legislation to extend the state individual income tax filing deadline from Thursday, April 15 to Monday, May 17 to match the federal government’s decision to extend its filing deadline. “Our economy is on the rise and jobs are growing, but Arizonans throughout the state have still felt the economic impact of the pandemic,” said Governor Ducey. … [More]

IRS Provides Guidance for Employers Claiming the Employee Retention Credit for First Two Quarters of 2021

Internal Revenue Service

The Internal Revenue Service today issued guidance for employers claiming the Employee Retention Credit under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) modified by the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief Act). Notice 2021-23 PDF explains the changes to the Employee Retention Credit for the first two … [More]

IRS to Recalculate Taxes on Unemployment Benefits; Refunds to Start in May

Internal Revenue Service

To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. The legislation, signed on March 11, allows taxpayers who earned less than $150,000 in modified … [More]

Face Masks and Other Personal Protective Equipment to Prevent the Spread of COVID-19 Are Tax Deductible

Internal Revenue Service

The Internal Revenue Service issued Announcement 2021-7 PDF today clarifying that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses. The amounts paid for personal protective equipment are also eligible to be paid … [More]

Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline

Internal Revenue Service

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. "This continues to be a tough time for many people, and the IRS wants to continue to do … [More]

Three Ways to Reduce the Risk of a Tax Audit

by Tom Wheelwright, CPA

Many people fear a tax audit. So much so that they choose to give up legal tax savings in the hope of avoiding the possibility of an audit, and many times at the advice of their own tax advisor. However, when done right, identifying legal tax saving opportunities actually helps reduce your audit risk. What Are the Risks? When it comes to audit risk, there are two factors … [More]

Accounting Disrupted

by Mike Hunter

Accounting Disrupted: How Digitalization Is Changing Finance delivers a powerful analysis of the new technological forces buffeting the accounting profession and identifies key pathways to responding to the challenges. Al Bhimani, distinguished accountant, academic and author, shows readers how established business fundamentals are being eclipsed and that accounting has not … [More]

Adult Use Marijuana Retail Tax Collection Begins

Arizona Department of Revenue

Marijuana establishments are liable for retail TPT and MET on adult use marijuana products immediately upon being licensed by the Arizona Department of Health Services to make such sales to Arizona consumers. Reporting An ADOR TPT license and a MET registration number are required to file and pay taxes, and can be obtained through the Medical, Adult Use or Dual License … [More]

Three Ways Small Businesses Can Reduce Their Taxes This Season

by Tom Wheelwright

The coronavirus pandemic created challenges for businesses in every industry, with small businesses being hit the hardest. In fact, according to Track the Recovery, the number of small businesses in the U.S. has dropped by 29% since January 2020. One way for small businesses to put money back into their pockets when they need it most is to legally pay less in taxes. Here’s how … [More]

Securing Your Choice of Security Firm 

by Bill Herzog

Hiring a security firm can help protect one’s business from crime, but it is critical to find the right match for the job. There are a lot of choices in security firms but not all may be the right fit. Based on my 20-plus years’ experience in law enforcement and security, here are some questions I suggest businesses ask before hiring a security firm. Does your security … [More]

Planning amid Uncertainty: Tax Considerations Business Owners Should Keep in Mind as 2021 Begins

by Kris Yamano

Businesses, no doubt, are eager to leave behind the uncertainty of 2020 for a much more stable 2021. But the truth is that many of 2020’s uncertainties will hang over into the new year. That is why now is the right time to get a jumpstart on 2021 tax planning. Here are several key considerations businesses should weigh as they prepare their 2020 taxes and plot out their tax … [More]

Revised 2021 TPT Electronic Filing and Paying Threshold Goes from $5,000 to $500 Jan, 1

Arizona Department of Revenue

Under legislation enacted in 2017, businesses with an annual transaction privilege tax (TPT) and use tax liability of $500 or more during the prior calendar year will be required to file and pay electronically starting in February 2021 for the January reporting period. The revised 2021 threshold of $500 is a change from the 2020 level of $5,000. E-filing and paying are … [More]

Remote Work Causes Tax Issues for Both Workers and Employers  

Rice University’s Baker Institute for Public Policy

As employers evaluate whether remote-work arrangements are a viable long term option, they should consider that these seemingly innocuous arrangements can trigger tax issues for both workers and their employers, according to an expert from Rice University’s Baker Institute for Public Policy. “Although the pandemic and the resulting telecommuting arrangements will not have … [More]

Top 5 Cybersecurity Policies to Keep Your Remote Business Alive

by Corey McReynolds

The National Cybersecurity Alliance says, “If you connect it, protect it.”  Currently, two out of 10 people work remotely from home full time according to Owl Labs blurring the lines between business/personal environments. This can expose both teleworker and their business to unique cyber threats and attacks.  That’s why creating cybersecurity policies and procedures to reflect … [More]

5 Tips to Avoid ERP Failure and Turn 2020 Disruption into Success

The trials of 2020 have put many businesses in a mode of transformation. For some, that can mean changing anything from their internal operations to the services and products they offer. Due to advancements in digital technology, massive change was well underway in numerous industries before the pandemic. Enterprise resource planning (ERP) has been a central part of those … [More]

If Cash Is King, then Working Capital Is God

by Dennis Niven

Working capital management is the most important management activity in emerging and mid-sized companies because of the significant financial impact that it has on the company’s well-being. While most CEOs and business owners have heard and accept that “Cash is King,” working capital is often the least understood and most poorly managed area of their companies. When working … [More]

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