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

IRS Clarifies Rules for Business Meal Deductions

  |  November 15, 2018

The Tax Cuts and Jobs Act of 2017 eliminated the deduction for business entertainment expenses. What wasn’t as clear was the fate of business meal deductions associated with that entertainment. Now, in Notice 2018-76, the IRS has weighed in with guidance that preserves business deductions for meals incurred in connection with entertainment activities—as long as the meals meet certain requirements. 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

Microsoft Office 365 Credential Theft

  |  August 29, 2018

Be on the lookout for a current cyberattack that tries to trick you into giving up your Microsoft Office 365 (O365) username and password.

This attack tries to steal your Microsoft® Office 365® (O365) login credentials so that criminals can access anything you have stored in O365. This could include your email, OneDrive files, and anything you’ve put in the cloud. An attacker sends a fraudulent email that contains links to an authentic-looking (but fake) O365 login page designed to steal your credentials.

Read more to access a training and inforgraphic on how to spot fraudulent emails seeking your O365 credentials. Read More

Independent Contractor or Employee? California Supreme Court Creates New Test

  |  August 20, 2018

On April 30, 2018, the California Supreme Court announced a decision in the case of Dynamex Operations West, Inc. v. Superior Court of Los Angeles, creating a new test that could make it much harder for companies to claim that a worker is an independent contractor and not an employee. As a result, as many as 300,000 California workers could be newly considered employees rather than independent contractors. Read more. 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

South Dakota Wins in Supreme Court Decision on South Dakota v. Wayfair

  |  June 21, 2018

The U.S. Supreme Court today handed down a decision on the highly anticipated South Dakota v. Wayfair case, which challenged South Dakota’s collection of sales tax from out-of-state businesses that do not have physical presence in the state but that sell and deliver into South Dakota tangible personal property, products transferred electronically, or services.

South Dakota passed a law in 2016 that set off a dramatic and market-altering shift in taxation of online sales, one that concluded with today’s Supreme Court’s 5-4 decision... read more. Read More

An Entrepreneurial Conundrum – Building Retirement Wealth While Building a Business

  |  May 17, 2018

Entrepreneurship is alive and well in America. Nearly 15 million people in the U.S. are self-employed, approximately 10% of the working population according to the Pew Research Center.  These entrepreneurs have an additional 29.4 million people working for them and together they account for approximately 44 million jobs, which is 30% of the national workforce.

For many of these self-employed business owners, much, if not all, of their net worth is tied up in their businesses. Adequate cash flow to cover operating expenses and managing through times when business lags or client payments are slow is a key concern, as is putting aside money for reinvestment in the business. Read more. Read More