The Arizona Department of Revenue has published a revised Pub. 622, Business Basics: A Guide to Taxes for Arizona Businesses. There are a few updates to this publication of which filers should be aware:
- The payment by Electronic Funds Transfer (EFT) requirement has expanded. Now, withholding taxpayers with average Arizona quarterly withholding liability during the prior tax year of $5,000 or more must pay by EFT. These taxpayers must register at AZTaxes.gov to use ACH Debit as a payment method to comply with the EFT requirement. A penalty of 5% will be assessed on any taxpayers who fail to comply with this requirement.
- The due date for the Arizona Annual Reconciliation (Form A-1R) has changed. Previously it was February 28^th^; it is now January 31^st^ of the year following the calendar year for which Arizona withholding payments were made.
About the Author
Tom Hospod is a member of the Tax Research Team for the Direct Tax division at Sovos Compliance, where his main areas of focus are Tax Withholding and Automatic Exchange of Information (AEOI). Prior to Sovos, Tom worked as a legislative aide in the Massachusetts House of Representatives. He also has experience in securities law—focusing on broker-dealer disputes and representing clients in FINRA arbitration. Tom is a member of the Massachusetts Bar, earned his B.A. from Boston College and his J.D. from the University of Miami.More Content by Tom Hospod