What Happened? Your accountants here at Royce CPA Firm want to make all of you Arizona business owners aware of changing tax laws. We understand that business tax law can be complicated, and most small business owners simply do not have the time to be monitoring every new development. That is why we do our…
Discover New Secrets on How to Use Your HSA for Menstruation & Advil
Your Tucson accountants here at The Royce CPA Firm are committed to helping you get the most out of your Health Savings Account (HSA). Many people are confused by what they can and cannot use the funds for, especially when the rules change. However, a recent change in the rules actually works in your favor…
Help Us Support Angel Heart Pajama Project with The Royce CPA Firm Pajama Drive
Giving back to our community is a commitment we take seriously at The Royce CPA Firm. We’re thrilled to be holding a Pajama and Book Drive in the month of September. We will be taking donations from September 1 until October 1 and hope you’ll help us spread the word! What We’re Collecting for the…
Quarterly Tax Payments Are Due 9/15
If you submit your tax payments quarterly, the deadline may be sneaking up on you. Here is a friendly reminder that your third quarter estimated tax payment is due on the 15th of September. While the IRS may delay refunds owed to people, they will definitely impose additional penalties on you if you miss your…
Yes, You Need a Mileage Log
Think you don’t need a log book to keep track of your business miles? Think again. If you want to be able to deduct those miles on your taxes, you absolutely need a written log book to track those miles. How one business owner learned the hard way why you need a mileage log In…
Major Changes to Arizona Income Taxes
On June 30, 2021, Governor Ducey signed new legislation that included significant overhauls to state tax laws. Arizona’s Budget Plan, or SB 1783, includes major changes to income tax filing rules that could have big impacts on small businesses. At The Royce CPA Firm, we are following these changes, which could still face challenges from…
Delayed Refunds
Are you still waiting for your income tax refund? If so, get comfortable, because refunds in 2021 are significantly delayed across the board. Millions of Americans have been waiting weeks—or months—to see their refunds come in. The delays are particularly bad for people who claim someone under the age of 18 on their returns, as…
ERC Success Stories
Employee Retention Credits—ERCs—have been a surprising silver lining during the pandemic. Businesses were faced with difficult decisions at the start of the pandemic. With shutdowns and reduced business, many wanted to keep their employees but didn’t know how. Fortunately, the CARES Act introduction of ERCs provided a way forward. Now, we know that not only…
2021 Child Tax Credits
Child tax credits are typically claimed when you file your tax returns. However, if you’re a parent, you’ll be happy to hear that, starting in 2021, child tax credits will be coming in the form of advance payments. The payments represent half of what you qualify for in terms of child tax credits, with the…
Business Meals Now 100% Deductible
Both small businesses and the restaurant industry took a serious plunge during the COVID-19 pandemic. But there seems to be a silver lining ahead. The government is taking steps to revive the economy, including making tax-payer friendly adjustments to business deductions. In 2021 and 2022, business meals will be 100% tax deductible. Read on for…
Tax Deadline is Now May 17th
If you were worried about filing your taxes on time this year, feel free to breathe a sigh of relief. The IRS announced an extension of the deadline for 2020 tax returns from April 15th to Monday, May 17th. But if you need more time to organize your documents, you can still get an extension,…
2021 Tax Strategies: Part 2
As you file your 2020 taxes, you will find that COVID-19 has had some major impacts on the process, as it has on most things over the past year. In fact, the IRS has delayed the start and deadline of tax filing season this year. There are multiple considerations for businesses and individuals alike for…
2021 Tax Strategies: Part 1
The reverberations of the COVID-19 pandemic continue to be felt in most areas of life. These impacts will certainly influence how you file your 2021 taxes. Whether you’re a business owner trying to maximize the credits you receive for keeping employees on the payroll or an individual wondering how working from home over the past…
Balancing ERC and PPP Loan Forgiveness
As the pandemic continues to impact businesses, expanded Employee Retention Credit (ERC) and Paycheck Protection Program (PPP) loan forgiveness options were passed in December 2020 as part of the Consolidated Appropriations Act. This new provision applies retroactively to the pandemic-impacted quarters of 2020 to allow PPP loan recipients to claim ERC for those periods. Further,…
A Look at Our Secure File Exchange Service
When you’re running a business, the last thing you want to add to your plate is running secure documents back and forth to your CPA. We understand that, which is why we offer our clients a secure file exchange service. Using our digital file exchange service, you can send us all of the documents we…
Is Your Business Eligible for the Employee Retention Credit?
It is difficult to overstate how severely COVID-19 has disrupted business. Many business owners navigated complex systems to tap into financial assistance from the federal government, such as PPP loans, in order to keep their employees on the payroll. If you fought hard to protect your employees and continued to pay them even while your…
What You Need to Know about Required Minimum Distributions (RMDs) in 2021
One of the many changes that occurred during 2020 was a modification to required minimum distributions, or RMDs. The CARES Act suspended RMDs in 2020, giving retirees more flexibility in handling their retirement accounts. However, in 2021, those 72 and older should be ready to start taking RMDs. Here is what you need to know….
Video Walkthrough: New Tax Laws for Businesses in 2021
Businesses of all sizes and industries have been through a rough time. Fortunately, help is on the way. In late December of 2020, Congress passed The Consolidated Appropriations Act, 2021. It includes a new round of Paycheck Protection Program (PPP) loans. Here’s what you need to know the effects of these tax changes on your…
Video Walkthrough: New Tax Laws for Individuals in 2021
Welcome to another New Year! Here at The Royce CPA Firm, we’re looking forward to better times ahead. What better way to ring in the New Year than with a look at some of the tax law changes you can expect? The good news is that Congress has approved a new stimulus package. The Consolidated…
Video Walkthrough: Understanding How the PPP Loan Works
As a small business owner, it’s a good idea to make yourself aware of your options for financial assistance during the COVID-19 crisis. One of the most important options available to you is the Paycheck Protection Program (PPP) loan. What is the PPC Loan? This program is designed to help business owners continue to pay…