A $41.6 billion package consisting of 54 tax breaks was temporarily renewed by the Senate on Tuesday, December 16th, 2014, which in turn will affect small businesses, large corporations and individuals only through 2014. To read the full article, please click on the link provided: Tax Extenders and Bonus Depreciation
Several taxpayers have alerted the Alabama Department of Revenue about unknown callers posing as someone from the department requesting social security numbers and bank account information. Please click on the link provided to know what to do: Don't Be Reeled In By Phishing Attempts
Are you retiring and moving to Florida or relocating due to a new job? If you are moving out of state, the following article will assist you in what you need to consider with regard to documenting and reporting your change in address as well as income tax consequences. Click the link to read the full [...]
As we begin to wrap up 2014, tax season is right around the corner. We have created this letter to assist you with certain items you should consider such as estimating your income for 2014 to funding your retirement plan. Click here to download and read your 2014 Year-End Tax Planning Letter
If you use a car, van, or truck for business, charitable or medical purposes, these new standard mileage rates issued today by the Internal Revenue Service are going to affect you starting January 1st, 2015. To read full article: New Standard Mileage
Last Friday, ADOR released a helpful online sales tax rate database for retailers who deliver their goods and need to know the proper sales tax given their delivery destination. Click to read the full article
If you sponsor a cafeteria plan (IRC § 125 plan) with a Medical FSA feature, year-end enrollments will be starting soon, so your employees will be interested in this increase. In Revenue Procedure 2014-61 released on October 30, 2014, the IRS announced the increase in the amount that may be deducted from an employee’s [...]
Alabama CPAs beware. Worker classification audits by federal and state agencies like the IRS, U.S. Department of Labor, the Alabama Department of Labor and state departments of revenue and labor across the country are on the rise. The Alabama DOL and U.S. DOL just signed an exchange of information agreement to encourage these [...]
In an effort to combat fraud and identity theft, the Alabama Department of Revenue has introduced a new program, "ID Theft Project". A letter will be sent to certain taxpayers requesting the taxpayer log onto the Department's website to take an identity confirmation quiz. If the taxpayer does not have internet access, s/he will [...]
If you're a photographer, you may believe you're providing a service to your customers and aren't required to collect sales tax from them. You may be wrong. Here's a snapshot of what is developing in the sales tax darkroom in Alabama. Alabama sales tax must be collected on all gross proceeds from the retail [...]