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So far Bobby M. Bragg has created 620 blog entries.

Getting Personal About Personal Exemptions

By |2017-05-18T22:55:00+00:00March 9th, 2017|Individual Tax, News & Events|

Tax return benefits for the family Are you entitled to personal and dependency exemptions on your tax return? It might be the last year you can claim the exemption for someone—say, a child graduating from college—or exemptions may be eliminated altogether by tax reforms that could be coming in conjunction with proposed rate cuts. At [...]

Time Running Out on FSAs

By |2017-05-18T22:55:00+00:00March 6th, 2017|Health Care, Individual Tax, News & Events|

  Generally, amounts left over in a flexible spending account (FSA) for health care or dependent care expenses are forfeited at the end of the year. But some companies allow a 2½-month “grace period.” The grace period for FSAs in 2016 ends on March 15, 2017. If possible, empty out your FSAs by then. [...]

IRS Selects Private Tax Collectors

By |2017-03-10T17:09:34+00:00March 3rd, 2017|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

The IRS, the nation’s tax collection agency, has identified a select group of four private contractors that will begin collecting federal tax debts during the 2016 tax return filing season. Background: Under the Fixing America’s Surface Transportation (FAST) Act of 2015, a highway spending measure, the IRS can assign private companies to collect taxes on [...]

ATTN There is a new I-9 Form That Must be Used by Employers

By |2020-02-18T17:06:06+00:00March 1st, 2017|News & Events, Payroll & Bookkeeping, Press Releases|

Employers are reminded that on November 14, 2016, the U.S. Citizenship and Immigration Services (USCIS) released an updated version of Form I-9, Employment Eligibility Verification. Employers were required to begin use of the revised Form I-9 on January 22, 2017. Employers that fail to use Form I-9 (rev. 11/14/2016) on or after January 22, [...]

Record Breaking Year for Alabama Exports, Tops $20 Billion

By |2017-02-20T17:18:20+00:00February 20th, 2017|Entrepreneurs, International, Manufacturing, News & Events, Press Releases, Timber|

Made in Alabama products topped $20.6 billion – that’s TWENTY BILLION with a B – in 2016.  That represents a 6.4% increase over 2015 numbers, per the US Department of Commerce. The previous high water mark was $19.6B back in 2012. Made in Alabama Alabama exports have risen 48% in the last ten years [...]

ABLE Accounts: tax-advantage savings program for people with disabilities

By |2017-05-18T22:55:00+00:00February 17th, 2017|Accounting & Auditing, Estate & Trust, Individual Tax, News & Events|

Early last year we discussed the ABLE Accounts as a potential option for Alabama families.  By December, the state of Alabama instituted the program, per State Treasurer Young Boozer, with a contract with the state of Nebraska.  The Alabama plan will be known as Enable Savings Plan Alabama, and more information can be found at www.enableAL.com. [...]

IRS Maps New Per Diem Rates

By |2017-05-18T22:55:00+00:00February 13th, 2017|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

The IRS pays close attention to deductions claimed for business travel expenses. Both employers and employees must meet strict recordkeeping requirements or face the consequences. Fortunately, you can obtain some relief by using IRS-approved per diem allowances in lieu of accounting for every expense. Now the IRS has updated its per diem rates for [...]

Tax Deductions Move

By |2017-05-18T22:55:00+00:00February 10th, 2017|Individual Tax, News & Events|

Moving Truck Are you planning a move in the near future? Be aware of special tax rules for deducting moving expenses on your personal tax return. In some cases, moving expenses are fully or partially deductible, while other times they are not. Background: You may deduct moving expenses only if you switch [...]

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