Financial/Accounting

Contributed by: Richard Hart EA, CAA & President of Hart & Associates

1. WHAT IS FIRPTA?
   United States tax law requires that all persons, whether foreign or domestic, pay income tax on the disposition of U.S. real property interests. Domestic persons or entities typically are subject to this tax as part of their regular income tax; however, the U.S. needed a way to collect taxes from foreign persons...

PHOENIX - Businesses filing and paying transaction privilege tax (TPT) in Arizona have new procedures to follow beginning July 1, 2016, according to the Arizona Department of Revenue.

Required by law, the new procedures are aimed at simplifying how businesses report and pay TPT and by the end of 2016 will help to establish the department as a single point of contact for all TPT transactions in t...