Jul
29
2016
29
2016
Arizona’s Tax Recovery Program continues
Due to the success of the tax amnesty (recovery) program in 2015, HB 2708 has been approved to establish another tax amnesty period in 2016. A tax amnesty program, or tax recovery program, gives taxpayers the opportunity to file incomplete or unfiled tax returns for the periods specified and to pay their tax liabilities without interest or penalties or fear of criminal prosecution. The amnesty period will start September 1, 2016 and end October 31,
Business deductions are allowed under the tax law when they are ordinary and necessary expenses paid or incurred as a result of carrying on a trade or business.This includes wages paid to compensate employees for services they provide. Although the Internal Revenue Code does not define a minimum age for employees (common practice advises children be at least 6 years old),
Proper internal controls are essential for all organizations. Critical to the implementation of these controls is an appropriate level of segregation of duties. This can be difficult for a small nonprofit to accomplish due to the size of the staff and/or the number of volunteers. The following section provides an outline of the various accounting functions and gives examples of how internal controls can be put into place to make errors or fraud more unlikely,
If you have multiple locations, you should be receiving theTPT-2 form.
