Arizona Sales Tax & What it Means to You
Retailers in the state of Arizona have to collect a sales tax of 5.6 percent on all goods and services sold. However, this is only the beginning, as the issue of sales tax is notoriously complex and can create headaches for even the most conscientious business owners....
Tax-Efficient Gift Options for Arizona Residents
After a suitable organization has been picked, we will work to structure tax planning strategies that are tax-efficient and then establish a trust, foundation, or fund. Once the plan has been implemented, we will continue working with you in order to ensure the...
Staying On Track with Your Arizona Business Succession Plan
Succession planning affects everyone who has any interest in the business: family members, business partners, and important employees, for example. This means it is essential for you to have detailed discussions about crucial but often overlooked issues, such as...
Why You Need to Establish an Estate Plan & How Singer Tax Can Help
Estate planning is an ongoing process and is something you should begin once you have any kind of measurable asset base. Obviously, an estate plan will change as your goals shift and your life progresses, but you must stay on top of things. Fail to complete the estate...
Issues & Barriers to a Successful Succession Plan
For those who run a family business in particular, retirement doesn’t just mean not going into work anymore. As well as deciding who continues running the business, you also have to ensure you have enough money to enjoy a prosperous retirement. A successful succession...
Jail Time for Failure to Pay Payroll Taxes
Figures from 2010 show that 83 percent of personal tax liability convictions forced the offender to serve jail time, and the average sentence was two years. It is also important to note that these figures were all-time highs, which suggests the IRS is becoming even...
Severe Penalties for Failure to Make Payroll Tax Payments
The IRS can hit you with a 100 percent penalty, known as a Trust Fund Recovery Assessment, if you are a responsible person. While courts will focus on whether you have knowledge of non-payment of taxes, you don’t need to have performed the tax withholdings to be...
You Have Personal Liability for Payroll Taxes
All responsible persons (usually the owner of the business) have personal liability for payroll taxes, and excuses are rarely accepted. For example, you can’t claim you have been duped by your bookkeeper, because they don’t have personal liability. Charles Colosimo...
What Are the Due Dates for Employment Taxes Owed?
Employers must report wages, tips, and other forms of compensation paid to employees throughout the year. This is done by filing the correct forms. There are several major dates on the calendar when it comes to employers filing taxes:Jan. 31: Deadline for filing Forms...
What is FICA? Get to Know the Federal Insurance Contributions Act
The Federal Insurance Contributions Act (FICA) tax is comprised of Social Security and Medicare taxes, totaling 15.3 percent. Both employer and employee pay the 6.2 percent Social Security and 1.45 percent Medicare taxes. As we mentioned above, those earning more than...