The Alabama Department of Industrial Relations has informed us that there will be a special assessment of interest on money that was borrowed from the US Treasury to pay unemployment benefits from 2007 through 2010. These funds were borrowed because there was more paid in unemployment benefits than was collected in unemployment compensation taxes. Through [...]
The IRS has extended the deadline for the Heavy Highway Vehicle Use tax normally due on August 31st until November 30, 2011. Because this tax is set to expire on September 30,2011 this extension is designed to alleviate any confusion and possible multiple filings that could result if Congress reinstates or modifies the tax after [...]
Please join several of our JMF timber experts at this meeting next Monday from 6:30 - 9:30 at the Tuscaloosa County Extension Auditorium located at 2513 7th Street. This is a joint meeting with the Alabama Forestry Commission, members of Governor Bentley's office and others. If you have questions about the meeting, please call 205-349-4630. [...]
An employer who sponsors a pension or welfare benefit plan generally must file Form 5500 on the last day of the seventh month following the end of the plan year. For calendar-year plans that means the due date is usually July 31st. In 2011, July 31st falls on a Sunday, so the deadline is moved to the [...]
The Internal Revenue Service announced an increase in the standard mileage rates for the final six months of 2011. The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through December 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for [...]
There is now a refund program in place for the Jefferson County Occupational Tax paid from January 12, 2009 through August 13, 2009. The Settlement Administrator has set a deadline of July 13, 2011 for employers to complete an Employee Refund Data Form to determine how much is owed and to whom. The forms can [...]
Beginning on July 1st, the 0.2% federal unemployment tax (FUTA) surtax is no longer in effect. The FUTA rate, before consideration of state unemployment credits, is now 6.0%. This means that FUTA will need to be calculated separately for the first half of the year and calculated separately for the second half of the year. [...]
Title: SBA Disaster Loan Deadline EXTENDED - Physical DamagesLink out: Click here: >FEMA News ReleaseDescription: For physical damages resulting from the Alabama storms, tornadoes, flooding occurring April 15th and afterwards, the deadline for filing for an SBA Disaster loan for PHYSICAL damage has been EXTENDED to Monday July 18, 2011. The deadline for filing for a loan for [...]
The IRS is actively reviewing worker classifications looking for cases where an employer has treated a worker as an independent contractor when they are, in fact, an employee. They have increased enforcement efforts using the 1099 Matching Program where they look at people who file only one 1099-MISC with their personal return or look at [...]
With the recent tornado disasters, we've had many clients who have suffered timber damage. The IRS has recently updated their guidance on how to claim timber casualty losses. Casualty losses are limited to your basis in the property. If you have timber casualty losses that occurred in 2011, you may claim those losses on a 2010 amended or extended [...]