New year, new laws: Changes in Ariz. laws for 2015Posted: Updated:
PHOENIX -- A new year brings new beginnings. For Arizonans, it also brings some new laws.
On Monday's Good Morning Arizona, Jonathan Frutkin with the Frutkin Law Firm joined us to talk about the new laws and how they can affect you, and your wallet.
-ACA - Affordable Care Act
The Affordable Care Act will greatly change tax laws in 2015, bringing a variety of complex changes. For employers, 2015 is the year you may have to make a payment if you do not offer adequate affordable health coverage to your full-time employees or full-time equivalents if one or more of those employees get a Premium Tax Credit.
-IRA Rollover Limits for 2015
Starting Jan. 1, 2015, you can only make one rollover from an IRA to another IRA in a 12-month period. You can still do as many trustee-to-trustee transfers as you want, so long as the money is never withdrawn and then deposited into a different IRA.
-Health Flexible Spending Account
If you roll over $500 or more into a Health Flexible Spending Account plan next year, you will be ineligible to participate in a Health Savings Account in 2015.
-Arizona Minimum Wage
Minimum wage will increase from $7.90 to $8.05 per hour, with tipped employees increasing to $5.05 per hour.
-Contractors/trades in Arizona
Expect a big overhaul in Arizona of how contractors/ trades working in Construction have to account for sales taxes. Depending on category of construction, the contractor will have to either pay a tax on 65 percent of the gross receipts on a project for new construction. Or for repair, additions, etc. to older construction, they will instead pay at point of purchase of materials and not on overall project.
Starting January 1, 2015, Arizona will accept applications for Medical Marijuana use for those suffering from PTSD (Post Traumatic Stress Disorder).
Arizona law will provide for Benefit Corporations to be created - a corporation created for profit but also for the 'general public benefit' which will limit shareholder lawsuit issues because officers and directors don't act solely for shareholder benefit and profit.
For more information:
The Frutkin Law Firm, PLC
15205 N. Kierland Blvd.
Scottsdale, Arizona 85254