Individual and Business Tax Checklist
As 2021 comes to a close, it is a good time to create a tax checklist for items needed to file individual and business taxes.
Category: Tax
American Opportunity Tax Credit
The American Opportunity Tax Credit and the Lifetime Learning Credit can offer tax savings for higher education. Tax savings may be available for you, your spouse, or your dependents taking postsecondary coursework.
Wayfair Case Review
The Supreme Court’s ruling in South Dakota v. Wayfair, Inc. changed the standard for when states need to collect sales tax from entities doing business in the state. Before the decision, states taxed only companies with a physical presence in the state, but they now tax all those with an economic presence.
401(k) Plans | Know the Rules
The benefits of retirement programs, for both companies and employees, can be substantial, but the rules are complicated. You need to figure out how to help your employees while being compliant.
IRS Extends 2020 Tax Deadline for Individuals
On March 17, 2021, the Treasury Department and IRS announced 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. This extension does not apply to estimated tax payments that are due on April 15, 2021. As of today, tax returns for corporations, trusts, and Arizona state returns are due on April 15, 2021.
About FDAP
FDAP refers to certain income earned by some foreign persons in the U.S. It is subject to a withholding tax of up to 30 percent, although certain tax treaties offer a lower rate.
IRS: Eligible PPP Expenses Now Deductible
On January 6, 2021, the IRS and Treasury Department issued guidance allowing deductions for the payments of eligible expenses when such payments would result, or be expected to result, in the forgiveness of a covered loan under the Paycheck Protection Program (PPP).
Wallace Plese + Dreher Awarded Forbes America’s Best Tax and Accounting Firms 2021
Wallace Plese + Dreher has been awarded and recognized on the Forbes list of America’s Best Tax and Accounting Firms 2021. In total, 250 companies were awarded the title of America’s Best Tax Firm 2021 and 200 companies were awarded the title of America’s Best Accounting Firm 2021. Wallace Plese + Dreher was awarded titles in both accounting and tax.
2020 Business Tax Deductions
It has been a challenging year, but one thing that has not changed is taxes. Fortunately, Arizona businesses can take advantage of certain tax deductions.
FATCA Basics and Form 8938
Americans with certain foreign financial assets have special tax reporting responsibilities. The Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions and certain other nonfinancial foreign entities report on the foreign assets held by their U.S. account holders or be subject to withholding on relevant payments.
2021 Key Adjustments | ACA | HSA | Inflation Adjustments
After a year of turmoil and surprises, what will 2021 bring? One certainty is that the federal government is changing a variety of numbers affecting the finances of businesses and individuals.
Section 179 Can Help Construction Companies
Construction companies have an opportunity to save on taxes through Section 179. The deduction can help with the rising expense of labor in light of the skilled worker shortage and contribute to training employees.