Tax

By opening an OCLAT investment account and shifting assets to it equal to their desired tax deduction, Millennials create both a triple tax-advantaged retirement account that can grow exponentially over time and a giving-engine that donates increasingly more to charity, usually over 20-30 years. This tax deduction strategy, perhaps most famously associated with Jackie Onassis (see

related article

by Jonathon Morrison), is IRS-approved and has many benefits that make it attractive to high-earning Millennials, including a high-funding limit (30% of annual income) and charitable giving, retirement savings and generational wealth transfer components. Specifically:

  • The individual funding the OCLAT receives a


Continue Reading Jonathon Morrison in Forbes magazine: OCLAT offers year-end tax deductions, wealth growth

Mr. Smith demanded in writing the prompt release of the unredacted police report. The Town declined, and, in May 2021, Mr. Smith sued the Town, seeking to compel it to comply with Arizona’s public records statutes.

At trial, Mr. Smith argued that, because the shooter was not a victim for purposes of disclosure law (as the County Attorney had declined to prosecute), Mr. Smith was not required to establish that the public interest in disclosure outweighed the shooter’s right to privacy. (A 1984 decision, in

Carlson v. Pima County,

places a burden on public entities to presumptively disclose information unless
Continue Reading Jimmy Cool prevails in an Arizona town's denial of a shooting victim's public records request

Frazer Ryan Goldberg & Arnold LLP, a leading Phoenix-based law firm that is consistently voted as one of BestCompaniesAZ’s “Top Companies to Work for in Arizona,” is seeking a full-time Director of First Impressions.

This position is responsible for greeting clients, answering the telephones, maintaining supply inventory and placing the supply order, and hospitality duties such as keeping the conference rooms tidy and setting up for meetings.

This person should be able to lift at least 25 lbs. This is a perfect position for a student. The working hours can be from 8:00 a.m. – 5:00 p.m.

Frazer Ryan Goldberg
Continue Reading IMMEDIATE OPENING: Frazer Ryan wishes to hire a Director of First Impressions

Qualifying charitable contributions give you control over how a portion of your state income tax dollars will be used.

As 2022 rapidly comes to an end, you might be considering some of the special Arizona charitable donations that generate a dollar-for-dollar tax credit on your Arizona return.

Here is some basic information (for tax year 2022) on some of those special donations. Happy year-end tax planning!



You may claim a dollar-for-dollar Arizona tax credit for making contributions to a certified School Tuition Organization to create scholarships for K-12 students attending private schools.

  • Contributions for the 2022 tax year can


Continue Reading State tax credits benefit Arizona kids, low-income families

That potential liability was described in our July 26, 2022, article, “

New IRS Rules and Actuarial Tables Impact RMDs for 2021 and Beyond.

” Our article discussed how a then-required distribution for 2021 could have been missed by a beneficiary of an inherited IRA or inherited “individual account plan”

[2]

whose original owner died on or after January 1, 2020.

While the IRS’s reversal on this issue is an obvious benefit for affected beneficiaries who

did not

make an RMD for 2021 or 2022, it also impacts those who

did:

  • First, if you have already withdrawn an RMD for


Continue Reading IRS announces RMD waivers for some beneficiaries of an inherited IRA

  • Workplace Culture

  • Leadership Excellence

  • Corporate and Social Responsibility

  • Customer Opinion

  • Innovation and Diversity

  • Equity and Inclusion

“The qualities recognized by the Arizona’s Most Admired Companies program are the characteristics that build great companies,” noted

Az Business

editor-in-chief Michael Gossie. “The companies honored with this award represent the best of the best in Arizona.”

“We are truly honored by this recognition,” said Frazer Ryan’s founding partner,

James W. Ryan

. “It shines a light on the commitment to excellence that is shared and perpetuated by every attorney and staff member who makes our law firm a special place for the people
Continue Reading Frazer Ryan named one of “Arizona’s Most Admired Companies”

To qualify, eligible income tax returns must be filed by September 30, 2022.

On August 24 the Internal Revenue Service announced that it is granting penalty relief to most people and businesses that, during the COVID-19 period, were late in filing their 2019 or 2020 income tax returns.

The relief applies to the failure-to-file penalty. The penalty is typically assessed at a rate of 5% per month and up to 25% of the unpaid tax when a federal income tax return is filed late. This relief applies to returns in both the Form 1040 and 1120 series, Form 1065, as
Continue Reading IRS announces penalty relief for late filing of most 2019, 2020 tax returns

The Corporate Transparency Act (CTA) was passed in 2020 as part of the Anti-Money Laundering Act, introducing extensive reporting requirements for most U.S. business entities. The final regulations under the CTA, which are anticipated to come into effect in less than six months, will alter America’s business landscape. 

Business owners in this country have long enjoyed anonymity, making the U.S. a jurisdiction of choice for money laundering, terrorist financing, and other illicit activity through the use of shell companies. The CTA is the culmination of a decade-long bipartisan effort to combat this issue and bring the country’s reporting requirements into
Continue Reading Corporate Transparency Act: New federal reporting requirements for most business entities

New required minimum distribution rules for beneficiaires — some beneficiaries may have missed an RMD for 2021.

In late December 2019, Congress enacted the SECURE Act, which, among other things, amended the rules governing required minimum distributions (RMDs) payable to a beneficiary of an owner of an IRA or a beneficiary of a participant in an “individual account plan”

1

who died on or after January 1, 2020. In general, these new rules eliminated the “stretch” IRA, which had allowed certain beneficiaries to withdraw distributions from the inherited IRA over their lifetimes. Instead, under the new rules the beneficiaries would
Continue Reading New IRS rules and actuarial tables impact RMDs for 2021 and beyond

For the seventh straight year, Frazer Ryan Goldberg & Arnold has been recognized as one of the ”

Top Companies to Work For in Arizona

.”

Frazer Ryan is ranked #5 among “Small Companies” (25-99 U.S. employees) and is the

only law firm

to be selected in that category.

Selectees are recognized for offering a “great work atmosphere,” and the selection process is based on the results of employee surveys that measure culture, work environment, leadership and employee pride and satisfaction, combined with rigorous evaluations of workplace practices, policies, perks and demographics.

Companies chosen for this year’s list were selected
Continue Reading Frazer Ryan a "Top Companies to Work For" honoree – and #1 among "Top Companies for Women"