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
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]
If Cash Is King, then Working Capital Is God
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]
