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Tax Changes Are Coming – So Be Aware of the Impact on You

inbusinessPHX.com

Just when Americans think they understand how to calculate their income taxes – the rules evolve again. That’s happening now as President Joe Biden has proposed a number of tax changes as part of his American Families Plan. Just how those changes might play out for any specific individual remains a work in progress, though. “There is still time for plenty of wrangling in … [More]

Accounting & Operations  |    |  

Counterfeit Money: How to Spot Fake Bills

ZenBusiness

When retailers accept fake bills, they bear the entire burden of the loss. And although money printing techniques are improving, the bad bills can be detected. Here’s how to spot counterfeit money and protect your business from related losses. Unfortunately for businesses, not all counterfeit bills are found and seized before getting into distribution. And when a business … [More]

Accounting & Operations  |    |  

4 Key Aspects of Restaurant and Bar Insurance Coverage

by David DeLorenzo

One of the most important things a bar or restaurant owner will have to manage in their business is their insurance. Intended to help protect owners against a host of issues, proper insurance coverage can truly “make or break” a business. It’s essential to work with a professional, experienced agent who knows the ins and outs of the hospitality industry, as this type of … [More]

Accounting & Operations  |    |  

Tax Survey: High Taxes Remain a Significant Burden on Small Businesses

NFIB

The NFIB Research Center released today a new tax survey of small business owners assessing their biggest tax challenges, implications of potential changes to the tax code, and how tax policy impacts business operations. Most notably, federal income and payroll taxes are significant costs and administrative burdens for small businesses. “High tax rates have … [More]

Accounting & Operations  |    |  

Five Tips to Make Your Vacation Tax Deductible

by Tom Wheelwright, CPA

There are many tax benefits for business owners and one of the best is the ability to legally deduct travel expenses. A “business owner” includes a wide range of definitions, from CEO of a Fortune 5000 company to a small-business owner to an individual employee who runs a side business that is legally registered. Here’s how you can legally deduct an entire family vacation by … [More]

Accounting & Operations  |    |  

More than 2.3M Additional Economic Impact Payments Disbursed under the American Rescue Plan, Total Payments Top 169M

Internal Revenue Service

The Internal Revenue Service, the U.S. Department of the Treasury, and the Bureau of the Fiscal Service announced today they have disbursed more than 2.3 million additional Economic Impact Payments under the American Rescue Plan. Today's announcement covering the most recent two weeks of the effort brings the total disbursed so far to more than 169 million … [More]

Accounting & Operations  |    |  

One-Page Business Plan: How to Create a Plan to Achieve Your Goals and Grow

by Edgar R. Olivo

Why is a business plan important? It helps business owners explore a business opportunity, create strategies to operate successfully, and guides them toward their goals. It is an important tool used during the valuation of a business and financial institutions as well as investors usually insist on reviewing one before making an investment. And, according to research, having a … [More]

Accounting & Operations  |    |  

Deadline Today for Individual Income Tax Returns: Extensions, Other Help Available

Internal Revenue Service

The Internal Revenue Service reminds taxpayers that the deadline for filing most individual income tax returns this year is May 17. The agency also wants taxpayers who have yet to file their tax returns to know that there are a variety of options available to help them. IRS tax help is available 24 hours a day on IRS.gov. Whether filing a tax return, … [More]

Accounting & Operations  |    |  

IRS Has Options for Gig Economy Workers and Those with Unemployment Benefits

Internal Revenue Service

The Internal Revenue Service reminds workers in the gig economy and those who claimed unemployment compensation in 2020 of their options and where to find information on meeting their tax obligations. Gig economy The gig economy refers to income earned providing on-demand work performing services or selling goods, including driving a car for booked rides … [More]

Accounting & Operations  |    |  

Safe Harbor for Small Businesses to Claim Deductions Relating to First-Round PPP Loans

Internal Revenue Service

The Treasury Department and the Internal Revenue Service issued Revenue Procedure 2021-20 PDF for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses because they relied on guidance issued before the enactment of tax relief legislation in December of 2020. Under … [More]

Accounting & Operations  |    |  

American Rescue Plan Tax Credits Available to Small Employers to Provide Paid Leave to Employees Receiving COVID-19 Vaccines

Internal Revenue Service

The Internal Revenue Service and the Treasury Department announced today further details of tax credits available under the American Rescue Plan to help small businesses, including providing paid leave for employees receiving COVID-19 vaccinations. The additional details, provided in a fact sheet released today, spell out some basic facts about the … [More]

Accounting & Operations  |    |  

Arizona’s Tax Code Set to Provide $600 Million in Tax Relief for Taxpayers and Small Businesses

State of Arizona Office of the Governor

Governor Ducey signed bipartisan, unanimous tax relief, aligning the state’s tax law with federal law and resulting in $600 million in savings for Arizona taxpayers. “Arizona taxpayers and small businesses were able to weather the unprecedented economic hardship last year during the pandemic in part to action taken by our federal partners,” said Governor Ducey. “By … [More]

Accounting & Operations  |    |  

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]

Accounting & Operations  |    |  

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]

Accounting & Operations  |    |  

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]

Accounting & Operations  |    |  

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]

Accounting & Operations  |    |  

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]

Accounting & Operations  |    |  

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]

Accounting & Operations  |    |  

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]

Accounting & Operations  |    |  

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]

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