The difficulty of mergers and acquisitions (M&A) can vary depending on the complexity of the businesses involved, but even the simplest integrations require the completion of an array of accounting and business modification tasks. The outcome of these processes can affect the business’s financial performance, operational strategy and the future outlook of the combined entity after merger completion. Thoughtfully approaching each part of the process is vital for a successful end result. Accounting Tasks Involved in M&A Due Diligence Maybe the most important of all the steps is the pre ..read more

Maintaining compliance with all necessary tax laws is one of the complications inherent in the modern gig economy. It’s an increasingly important requirement for workers as a whole now that so many are freelancing full-time or have “side hustles” where they perform services, make products, write or drive for DoorDash, Uber or another rideshare/rideshare-adjacent delivery business. If you are a Phoenix worker thinking about going freelance in your profession or taking up a second job in the gig economy, there are a few important things you should know upfront about income tax preparation ..read more

The IRS does not treat every tax filing discrepancy the same way. The most basic level of audit typically occurs because of inconsistencies in tax returns. The IRS will send a letter to the filer for additional information or clarification on a specific item, and taxpayers can often resolve the issue by sending proof or verification through the mail. An office audit occurs when the IRS requires the taxpayer to meet an IRS examiner in person. These do result in more in-depth investigations where an auditor will dig into all of a taxpayer’s documents pertaining to claimed deductions, income a ..read more

This is a subtitle for your new post No – investing in an ESG fund doesn’t necessarily qualify taxpayers for any unique tax write-offs or credits. Companies or funds that are classified as ESG investments may benefit from various government incentives, tax credits for sustainable practices or favorable tax treatment based on current laws. In that respect, you may indirectly benefit from tax incentives for which ESG investment qualify due to their governance or operational practices.  Companies that enact what are often considered ESG policies can potentially benefit from a variety of govern ..read more

Cryptocurrencies are a particularly complicated asset for tax purposes. Digital assets are still assets as far as Arizona state and federal tax laws are concerned. Gains are taxable and losses can potentially be written off. Don’t assume that the sale or purchase of cryptocurrencies is invisible to the government. Just because the blockchain doesn’t have your name in it does not mean you can’t be identified via an exchange account or other recordkeeping related to the sale and purchase of cryptocurrencies or other digital assets. The safest approach is transparency, as exchanges may end up ..read more

How much professional tax preparation costs can vary significantly depending on the complexity of your income sources, deductions and credits. There’s a difference between a straightforward, single-income standard deduction tax filing and a Schedule A tax filing that requires itemizing a host of deductions and accurately calculating all the deductible expenses according to proper IRS tax preparation procedures. The Most Important Factor: Which of the Two Types of Tax Preparation Do You Need? The type of deduction you take will have the greatest impact on the total cost of your income tax pr ..read more

1. Ask About Availability If you’re nearing the income tax filing deadline but still need help with preparation, you need to verify that any tax preparer you consult with has the bandwidth to put in the time and effort necessary to get your taxes accurately completed and filed on time. 2. Check Credentials The credentials you should look for in a Phoenix tax preparer will depend on the complexity of your taxes. There are a few different levels of preparers. Some, like annual filing season program participants, have received some formalized, IRS-approved continuing education to ensure they ca ..read more

There’s no tool or platform that allows you to input a handful of financial details to calculate the best possible return for your situation. If there were a guaranteed method of doing so, everyone would use it and all the tax preparers would be out of a job. There are a number of steps you can take or certain professionals you can work with to increase the likelihood that you maximize the value of your tax return, but it’s not always easy or straightforward. Filing Status Married filers have a variety of potential statuses to choose from, and which you pick can influence the size of your ..read more

Financial analysis is intended to help individuals, businesses and investors make informed decisions. When they do their job right, they help people uncover valuable insights that drive strategic planning, investment decisions and risk management. Conversely, coming to the wrong conclusions can have serious negative consequences, which is why choosing the right analyst for the task is so vital. Finances are complex, and there are vast differences between things like individual tax planning, estate planning, portfolio management and business analysis. Be sure the financial analyst you choos ..read more

Understanding and properly interpreting financial indicators is essential for informed decision-making, strategic planning and performance evaluation. Financial indicators, also known as key performance indicators (KPIs), provide valuable insights into various aspects of an organization's financial health, performance and viability. KPIs are not necessarily universal, and indicators that matter for one business might be unimportant or irrelevant to others. Before making decisions based on financial indicators, it’s important to determine which truly illuminate the health and sustainability ..read more