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
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
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
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
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
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
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
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
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
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?
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
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
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
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]
Finance & Loan Navigator Program Teaches Key Skills to Nonprofit Leaders
The Alliance of Arizona Nonprofits + Arizona Grantmakers Forum has launched an innovative new program to help nonprofit leaders better understand and manage their organization’s finances, free of charge. The Finance & Loan Navigator program is available to help create a better understanding of both organizational nonprofit finances and the loan preparedness process. The … [More]
2023 Brings Changes to Arizona Withholding Forms
Arizona employees are getting to keep a bit more in their pockets as Arizona's individual tax rate has been lowered to a flat 2.5%. Withholding forms are changing as well. Prior to January 1, 2023, individual tax rates in Arizona were 2.55% and 2.98%, and employees had five withholding choices ranging from .8% to 5.1% of gross earrings. With the implementation of the new … [More]
How to Choose a Tax Preparer
This year, United States taxpayers must file their income tax forms before the April 18, 2023 deadline. Major life changes, business ownership, or a lack of knowledge about the ever-changing tax laws make finding a trustworthy tax preparer important. Better Business Bureau Serving the Pacific Southwest (BBB) shares tips for finding someone you can trust with your finances and … [More]
CPA Firm Expands to Include Wealth Management and Estate Planning through Merger
Dietrich & Associates CPAs, a traditional tax and accounting firm, has merged with Burnett Advisors to expand its offerings and meet clients’ growth and financial needs. The firm, now called Burnett Advisors, offers wealth management, estate planning, tax and accounting services. “Partnering with Burnett Advisors helps us provide more value to our clients with new … [More]
