Arizona Contribution Credits

Arizona Contribution Credits There are six common Arizona tax credits available to individuals for contributions made to certain organizations. The first credit is for contributions or fees paid to a public school for the support of extracurricular activities or for character education programs. The limit is $200 for single and $400 for Read more…

S Corp Officers Payroll Considerations

S Corp Officers Payroll Considerations The Internal Revenue Service (IRS) is continuing to scrutinize S corporations for reasonable compensation of salary paid to its officers/shareholders and it is now also considering the timing of such compensation (see below).The IRS has found that in recent years, there has been tax avoidance by company Read more…

Independent Contractor vs. Employee

Independent Contractor vs. Employee It is critical that the employer correctly determine whether an individual providing a service should be classified as an employee or independent contractor. This topic has undergone close scrutiny by the IRS due to its significant tax impact. Generally, an employer has to withhold and pay Read more…

Record Retention Guidelines

Suggested Record Retention Guidelines CORPORATE RECORDS  Articles of incorporation, amendments, by-laws – Permanent  Charter  – Permanent  Stock, stock transfers and stockholder records – Permanent Minutes – Permanent  Property records – Permanent Insurance policies, letters, correspondence – Permanent  Corporate annual reports – Permanent  Claims and litigation files – Permanent  Mortgages – Read more…

Foreign Bank Account and Specified Foreign Financial Assets Potential Reporting Requirements

Foreign Bank Account and Specified Foreign Financial Assets Potential Reporting Requirements  The following information has been provided to assist in increasing your awareness of potential taxpayer obligations with respect to non-U.S. located (i.e., offshore) bank, financial accounts, and/or specified foreign financial assets.The Internal Revenue Service has increased its scrutiny of offshore Read more…