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NEWSLETTERS AND RESOURCES

  • These newsletters are relevant, timely, and to the point. No subscription or fee is required.
  • Our helpful Items tab has calculators, calendars, and many other...well, helpful items!

THE CORPORATE TRANSPARENCY ACT

  • With some exceptions, all individuals with beneficiary ownership of businesses must have their personal information and ownership recorded with FinCen.
  • You may obtain an ID to conveniently be used for multiple business interests
  • Important changes of ownership, including beneficial, or to your identification (name, address, expired or newly issued ID, etc.) must be updated within 30 calendar days
  • Failure to comply with reporting or updating information is $591 per day, without known exceptions at this time.
  • Read this for other quick points or go to https://www.fincen.gov/boiv/boi
  • CAUTION: FINCEN has issued scam alerts involving the Corporate Transparency Act - be careful and only reach out to trusted sources, like us, for help

THE IRS AND YOUR TAXES

  • We recommend accessing your taxpayer account and records with the IRS to match tax payments, credits, and what is being reported to the IRS.
  • Tax notices, correct or incorrect, are on the rise. https://www.irs.gov/payments/view-your-tax-account
  • Penalties and interest rates are on the rise, currently at 8%
  • The Statute of Limitations differs depending on when or if you filed a tax return. Claims for refunds do expire!
  • 2023 Standard Mileage rates:
    • 65.5 cents per mile driven for business use (2024 - 67 cents, up 1.5 cents from 2023)
    • 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces from (2024 - 21 cents, YES - a decrease from 2023!)
    • 14 cents per mile driven in service of charitable organizations; this rate is set by statute and sadly remains unchanged

ARIZONA AND YOUR TAXES

Updated 02/02/2024


FOR YOUR DAILY DOSE OF HUMOR

Business Cartoon by Ted Goff


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Contact our office to address your specific accounting, tax or other planning needs. This website is a valuable resource. Material is intended to provide accurate, current and general information.