The Birmingham City Council approved a $6 million city tax break which will lower the cost of business licenses in 2016 for several professions, with the exclusion of restaurants and dealerships. Under the direction of Mayor Larry Langford, business license costs were doubled back in 2007, which resulted in the collection of $243 million. While [...]
As an American living overseas, each year you have to gather the information required to file a U.S. return. Unlike your compatriots, residing across the pond comes with its own process: complicated and with more risk and penalties. The following article sheds light on the expat, tax forms you will need in order to file your return. This is the [...]
Think before you click. Don’t open unexpected email attachments from unknown persons. Just because an email message looks like it came from someone doesn't mean that it actually did. Scammers can "spoof" the return address, making it look like the message came from someone else. Don’t view or click on links in unsolicited emails. Trust [...]
Fairfax, Virginia –Chip Helme, of Thompson, Greenspon & Co., PC is the new chair of the board of CPAmerica International. He succeeds 2014 chair and former president, Bryan R. Chandler, leading partner of JamisonMoneyFarmer in Tuscaloosa, Ala. Joseph Ciccarello, leading partner of Gray, Gray & Gray, LLP, has been elected to the vice chair/chair-elect position. [...]
Linda Wang of the United States Department of Agriculture has created a summary of the newest tax laws related to timber. Tax laws on timber transactions are very specialized knowledge that are not commonly known. Yet they are important to timber owners in terms of the ongoing cost of owning and managing timber, forest stewardship [...]
Below are the annual adjustments made to both Estate and Gift Taxes: Unified Estate and Gift Tax (Lifetime) Exclusion: $5,430,000 Generation - Skipping Transfer (GST) Tax Exemption: $5,430,000 Gift Tax Annual Exclusion: $14,000 (no change from 2014) If you are reading this post, you might also be interested in [...]
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