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2018 Tax Calculation Error in Schedule D Worksheet

Prior to May 16, 2019, the 2018 Schedule D worksheet in the instructions contained an error.  The IRS sent a correction to tax software partners, therefore returns filed after that date shouldn’t be affected. The good news is that taxpayers do not need to file an amendment.  The IRS is reviewing all potentially impacted returns […]

AZ Individual Tax Update for 2019

Arizona Individual tax return changes for 2019 include: Match the federal standard deduction amount ($12,200 single/married filing separate, $18,350 head of household, $24,400 married filing joint). Remove Arizona personal and dependent exemption amounts. Provide $100 child tax credit per dependent under 17 years of age and $25 for dependents 17 and older. The Credit is […]

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New Overtime Rules – 2016 May 18, 2016 final overtime rule released by DOL. Employers have until Dec. 1, 2016 to determine which employees need to be reclassified as nonexempt and make the appropriate changes. The new rules increases the number of employees that will be entitled to OT pay. It sets the salary test […]