An IRS Update: What Works and What Doesn’t During the Shutdown

  |  January 16, 2019

The IRS has announced that due to the lapse in appropriations that began on December 22, 2018, most IRS operations are closed during the shutdown.

Under a contingency plan covering the tax filing season, the IRS is recalling 57% of its workforce in order to handle some tax season duties. Their workforce will increase from 9,946 employees who have been working since the start of the shutdown, to 46,052 employees. This plan will allow the IRS to process tax returns and issue refunds, but limitations on other services remain remain.

Here is a list of the limited operations available during the appropriations lapse: Read more. Read More

The Redesigned Form 1040

  |  January 10, 2019

The IRS has redesigned the 2018 Form 1040, the U.S. Individual Income Tax Return. The new form will replace not only the current Form 1040, but also Forms 1040A and 1040EZ. Find out more about the updates to the form and what Schedules you may need to file this year, based on your circumstances. Read more. Read More

2018 Year-End Tax Planning Guides for Individuals and Businesses

  |  December 12, 2018

Nearly one year after the Tax Cuts and Jobs Act (TCJA), tax reform is still making headlines. We continue to learn more about its broad implications. Whether your previous tax filing posture was straightforward or complex, you will be impacted by the myriad of changes to the tax code.

Now more than ever, it is imperative to thoughtfully consider year-end tax planning opportunities, ensuring you are taking advantage of new tax strategies, staying compliant with new regulations and considering structures to help minimize taxes for future years.

Two Tax Letters from REDW are intended to assist you in that effort. Read more. Read More

10 Cybersecurity Trends of 2018 and Key Recommendations for 2019

  |  December 4, 2018

Cyberattacks are increasing in sophistication and magnitude of impact across all industries globally. According to a recent report issued by the U.S. Security Exchange Commission (SEC) the average cost of a data breach is $7.5 Million and is continually increasing in value year over year.

While all organizations are potential targets of cyberattacks, the industries which possess the most valuable data are the biggest targets including: financial services, healthcare, government, automotive, manufacturing, and retail. All organizations possess valuable information assets, which may include intellectual property, financial payment information, client information, supply chain partners’ information, personally identifiable information (PII), protected health information (PHI), and/or payment card information (PCI). Read more. Read More

AZ Department of Revenue to Require Electronic TPT Filing and Paying in 2019

  |  December 3, 2018

In 2019, the Arizona Department of Revenue (ADOR) will be taking another step in its ongoing drive to provide enhanced customer service through electronic filing and paying.

E-filing and paying is more secure and faster for taxpayers and critical for ADOR to deliver a more results-driven, customer-focused management system that produces enhanced services for Arizonans. Increasing electronic payments frees up additional ADOR resources to process tax returns and payments of all types much faster. It also further strengthens tax fraud prevention measures and enhances the taxpayer experience.

Most importantly for taxpayers, electronic filing and paying saves money. Read more. Read More

First-time Plan Audits: What to Expect

  |  September 18, 2018

Growing beyond 100 employees is an important landmark in a company’s history. While companies may view crossing this threshold as cause for celebration, the Department of Labor (DOL) may view it as a trigger for increased scrutiny of your employee-benefit plan. Certain employee benefit plans with 100 or more eligible participants may be required to engage an independent auditor (referred to as an Independent Qualified Public Accountant or IQPA) to audit the plan’s financial records.

Going through an audit for the first time can be a daunting task. Read more. Read More

The Potential Impacts of Tax Reform to Real Estate & Construction Companies

  |  September 10, 2018

On December 22, President Trump signed the tax reform bill, “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018," into law, marking the largest change to U.S. tax policy since the 1980s.

With most of the provisions already in place, it is critical to understand the bill’s conference process and IRS regulations issued in 2018, as they will provide guidance on how to apply key provisions along with the intent of Congress in drafting the bill.

To help them navigate the key provisions affecting the real estate and construction industries, we’ve summarized the top considerations and industry implications below. Read more. Read More

NIGC Issues New Guidance on Class III Minimum Internal Control Standards

  |  September 4, 2018

On August 14, the National Indian Gaming Commission (NIGC) announced the approval of non-binding guidance on Class III Minimum Internal Control Standards (MICS).

The NIGC’s Class III MICS were last substantively revised in 2005. In 2006, the D.C. Circuit Court of Appeals ruled that NIGC lacked authority to enforce or promulgate Class III MICS. Since that time, the Class III MICS have remained untouched. Read more. Read More

Upcoming Presentation: The Impacts of South Dakota v. Wayfair

  |  August 29, 2018

The Albuquerque chapter of the Institute of Management Accountants will host James Ortiz, REDW State and Local Tax Senior Manager, as featured speaker for its September meeting.

James will discuss the implications of the South Dakota v. Wayfair ruling on sales and use tax compliance requirements, sales and use tax systems, taxability, and nexus determinations.

Read more for additional information and registration details. Read More

How Deal Insurance Improves M&A Transaction Execution

  |  August 2, 2018

The use of representations and warranties (R&W) insurance in mergers and acquisitions has grown significantly over the past several years and has become an increasingly integral component of the transaction process. This article focuses on how buyers and sellers use R&W insurance for both strategic and risk management purposes to improve deal execution by accelerating the parties’ ability to reach agreement, thereby expediting the close of a transaction. Read more. Read More