President Biden Signs Executive Order Regarding Digital Assets On March 9, 2022, President Biden signed a broad and landmark executive order indicating his administration’s strategy regarding digital assets, which include increased regulation and oversight of cryptocurrency as well as prioritizing the exploration of a central bank digital currency. This marks the first occasion on which … Read more
Arizona Department of Revenue Issues New Adult Use Marijuana Website Tax Lawyers Discuss AZDOR’s New Tax Assistance Website For Marijuana Businesses Marijuana continues to be a federally illegal substance even though most states across the country allow legal sales, either recreationally, medicinally, or both. In November 2020, Arizona voters passed Prop 207 to become the … Read more
Trump’s SECURE Act: How It’s Changing Retirement Just ahead of the holidays, President Trump signed the SECURE Act into law as part of an overall spending bill. The Act, which is an acronym for Setting Every Community Up for Retirement Enhancement, makes several changes to current retirement regulations. The new legislation is intended to improve … Read more
When is a Penalty Really a Penalty? Section 72(t)(1): Is it a Tax or a Penalty? Under Internal Revenue Code (IRC) section 6751(b), “No penalty under [the I.R.C.] shall be assessed unless the initial determination of such assessment is personally approved (in writing) by the immediate supervisor of the individual making such determination or such … Read more
New Tax Law Regarding Spousal Maintenance Trump’s new tax plan has made big changes for people across the political and socioeconomic spectrum. One change that hasn’t gotten as much news coverage affects more than 600,000 Americans who pay spousal support, or alimony, after their divorces. In the past, most people who were ordered to pay … Read more
5 Milestones on the Way to Tax Reform President Trump has promised major tax reform since before he was even elected, but so far, no tax bill has been passed. However, we seem closer than ever to having some concrete changes. The Trump tax plan includes consolidating the tax brackets, cutting the corporate tax rate, … Read more
What to Do if Your Tax Return Seems Wrong You file your taxes and send off a small check for what you owe. Or maybe you expect to get a little back, but not much. Then you’re surprised when you open your mailbox and find a big, fat check from the IRS waiting for you. … Read more
IRS Resources for Phoenix Businesses and Residents Understanding your tax obligations can be confusing. The tax code is enormous and complex, and there are always exceptions and addendums to consider. Working with a tax lawyer is the best way to understand your rights and responsibilities, but the IRS also provides assistance when you have basic … Read more
Top 5 Resources for Tax Knowledge Unless you’re a CPA or a tax lawyer in Paradise Valley, you’re probably just as confused about taxes as the rest of us. The tax code is huge, and you can’t know it all. Most of us just focus on learning the rules that apply to ourselves, but our … Read more
Alternative Currency, The Dark Web, Bitcoin, Death, and Taxes As the era of technology is constantly changing to fit the needs of everyday people, probably one of the more unusual parts of life is changing all in the name of anonymity, which has spurred virtual currency. The Dark Web is a place where people can … Read more
What Changes in Tax Law Might We See Under President Trump? Any time a new president is elected, there is concern about how taxes will change. Will taxes be raised or lowered for certain groups or across the board? Will certain tax credits and other benefits be continued? Will deductions and other loopholes be closed? … Read more
Department of Labor’s New Final Overtime Rule If you have a salaried position, you well know that you can work 50 or 60 hours a week and not get paid a dime – and that’s perfectly legal. Whereas if you are paid by the hour, you will get paid time and a half when you … Read more
How to Pay Taxes on Unsourceable Income When you collect your paycheck, you know that Uncle Sam has a hand in that transaction. Not only are the taxes you owe automatically deducted from your pay, but you know that your income is automatically being reported and tracked. There will be no hiding what you made … Read more
Is My Offshore Tax Haven Illegal? We hear a lot about offshore accounts thanks to news stories about unethical politicians or companies and their corporate officers that have been charged with tax fraud. The stereotype is that people open up bank accounts in places that either allow them to hide their money or to avoid … Read more
The Insider’s Guide to the Panama Papers These days, there always seems to be some kind of leak that sheds light on highly classified activities that show us all just how the world really works. We keep learning more about national security matters, government operations, and economic issues. The latest in the round of leaks … Read more
How Does America Stack Up against Other Countries? When new social programs are discussed, such as free health care or free college education, there is a lot of discussion about other places in the world that already offer these programs — followed by quickly by a discussion of how much money people in those countries … Read more
Make Your Phoenix Tax Audit Fast and Painless with These Great Tips Everyone dreads the idea of getting an IRS audit. But if you find out that you are the subject of one, you can’t just bury your head in the sand and hope it will go away. It won’t. Failing to cooperate will only … Read more
Taxes and Your Fountain Hills Pension Payout Retirement is a double-edged sword. On the one hand, you can look forward to never having to work again and spending your days as you see fit. You are finally ready to just relax and enjoy yourself. On the other hand, you have to be extra careful about … Read more
These Tax Breaks May Have You Heading Straight for an Audit Audits don’t just happen to those who are trying to skirt the rules or engaging in suspicious behavior. Even if you file every form you are supposed to and provide all the right information, you may still be subjected to an IRS audit. These … Read more
Where Does My Phoenix Tax Money Go? Where Do Phoenix Tax Dollars Go??! Here’s some interesting information on how those Phoenix tax dollars are distributed. Phoenix, Arizona You may moan about paying taxes — that is a pretty big chunk of your pay, after all — you may change your tune once you realize the … Read more
