By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues. Most [...]
Governor Kay Ivey has recently announced the establishment the Revive Plus grant program to allocate $200 million in Coronavirus Relief Funds to support citizens, businesses, non-profit, and faith-based organizations in Alabama impacted by COVID-19. This is in addition to the previous Revive Alabama program. If you have previously received funding through the Revive Alabama [...]
Beginning November 1st, all Sales and Use Tax licenses issued by the Alabama Department of Revenue (ALDOR) must be renewed annually – by December 31st and online through the My Alabama Taxes (MAT) portal. Renewal is required for the following licenses: Sales Tax Rental Tax Sellers Use Tax Lodgings Tax Utility Gross Receipts Tax Simplified [...]
For most PPP loan recipients, the 24-week Covered Period ended during the past several weeks, so now it is time to apply for forgiveness with your lender. The forgiveness application used and amount of documentation required will first depend on the amount of your PPP loan. If you received a PPP loan of $50,000 [...]
The Alabama Department of Revenue (ADOR) posted a notice on their website on October 1, 2020 stating that for the first time Alabama taxpayers holding either an ADOR-issued sales tax, rental tax, sellers use tax, lodgings tax, utility gross receipts tax, or Simplified Sellers Use Tax (SSUT) license must renew that license between November [...]
Governor Kay Ivey awarded $35 million in Coronavirus Aid, Relief and Economic Security Act (CARES Act) funds to establish the Alabama Health Care and Emergency Response Providers grant program. The grants will support providers who have been financially impacted by the COVID-19 pandemic. "The health crisis we continue to face has had significant impact on [...]
We often get asked by clients and their employees, “When Should I File a New W-4?” At a minimum, we suggest reviewing your filing annually. Often, a large refund or tax bill is a good reminder to check your withholding. The IRS offers its own Tax Withholding Estimator that is very useful. If you [...]
Do you have a child attending college this fall? Whether the school has remote learning or classroom instruction—or a hybrid—you may be entitled to various tax breaks on the 2020 return you will file in 2021. Here are four of the tax benefits on the books. American Opportunity Tax Credit: This credit, which has expired [...]
On Friday, August 28th, the IRS issued Notice 2020-65 to provide details for implementation of the Presidential Memorandum issued by President Trump on August 8th that provided a deferral of certain payroll taxes for employees. What we know now: The employee’s share of Social Security tax withholding (6.2%) is deferred for applicable wages paid [...]
Many retirement plans are written using Internal Revenue Service (IRS) pre-approved documents. Pre-approved plans must be restated every six years to update their plan documents to reflect recent legislative and regulatory changes since the previous restatement, to maintain their tax qualified status. The six-year restatement period is known as a “cycle”. The last restatement [...]