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]
IRS Provides Guidance on Tax Relief for Deductions for Food or Beverages From Restaurants
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]
Arizona Extends Individual Income Tax Filing Deadline
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]
Face Masks and Other Personal Protective Equipment to Prevent the Spread of COVID-19 Are Tax Deductible
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 Disrupted
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
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]
Securing Your Choice of Security Firm
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]
Revised 2021 TPT Electronic Filing and Paying Threshold Goes from $5,000 to $500 Jan, 1
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]
