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 [...]
Cryptocurrencies Are Highly Volatile, but Some Say They Are Worth It For some investors—those with stomachs for volatility—it may be time for a closer look at cryptocurrencies. By now, most investors have heard of bitcoin, following its phenomenal growth last year. Bitcoin, an electronic currency made by computers creating series of unique numbers through complex [...]
The Key: Adjusting Lifestyle to Reduced Income And now for a little good news. Most of the stories we read about retirement planning tend to be dominated by "unpleasant realities" and savings goals that can seem like Mount Everest. And then … the brakes go out on the car again. Indeed, many people head [...]
Leaving Behind too Big of an Estate Can Cause Tax Pain Later When it comes to retirement planning, most people are focused on making sure they don't outlive their assets. While that is key, there is a serious risk that many people overlook: leaving too much money on the table when they die. That can [...]
As an employer, if you offer any type health and welfare benefit and you have more than 100 employees receiving those benefits, you may be required to file Form 5500, the Annual Return/Report of Employee Benefit Plans with the Department of Labor (DOL)/ Internal Revenue Service (IRS) A couple of examples of health and [...]
Officials Say the Actual IRS Will Never Make First Contact by Phone Con artists posing as Internal Revenue Service agents are back in the news. Despite previous warnings from government officials, some taxpayers still haven't gotten the message. "There are clear warning signs about these scams, which continue at high levels throughout the nation," IRS [...]
By Jim Stinson | jstinson@al.comAL.comFollow on Twitteron August 20, 2014 at 5:21 PM, updated August 20, 2014 at 5:57 PM Julie Magee, Alabama revenue commissioner MONTGOMERY, Alabama -- The state of Alabama slowed about 100,000 tax refunds this year because of a new computer algorithm designed to detect fraud and identity theft. That meant [...]