Are you still wondering how the new tax changes may affect you and your tax bill? We have linked our Federal Tax Watch alert which summarizes the provisions primarily affecting individuals, the provisions primarily affecting businesses, the new Healthcare taxes taking effect in 2013, and tax planning considerations. Also, if you are interested in more [...]
The American Taxpayer Relief Act passed to avert the "fiscal cliff" addressed many tax issues but, as expected, it did not contain provisions to extend the tax reduction of the employee portion of Social Security. For 2013 the Employee Rate reverts to 6.2%, the same as the employer rate. The IRS will soon publish new 2013 [...]
One of the many worries for doctors related to the new Health Care Act and the Fiscal Cliff was directly related to an almost 30% cut in premiums paid for Medicare services. The bill that passed will block, at least for the next year, a scheduled 27% cut in reimbursements for Medicare physicians. The "Doc Fix", [...]
In case you missed it, the US Senate passed the American Taxpayer Relief Act of 2012 by a margin of 89-8, and the House approved the bill by a vote of 257–167 late yesterday evening (January 1st). It now goes to the White House for President Obama's signature. This was the Bill that averted to Fiscal [...]
QuickBooks has released payroll update 21301. This update contains the 2012 Form 940 and 2012 Form W-3 and W-2 information needed to process your yearend tax reports. It also contains a new payroll item called Medicare Employee Addl Tax which is required for 2013. As you have probably heard this additional Medicare tax is on [...]
Bryan Chandler of JamisonMoneyFarmer PC has been elected as vice chairman and chairman elect to CPAmerica International’s board of directors. CPAmerica International is a member-driven association of large independent CPA firms. Bryan R. Chandler, Managing Shareholder of JamisonMoneyFarmer PC in Tuscaloosa, Ala., has been elected to the vice chair/chair-elect position. Chandler joined JamisonMoneyFarmer (JMF) in [...]
Leighanne Faught has been elected to serve as Vice Chair of the Alabama State Board of Accountancy for the 2012-2013 term. Leighanne was appointed by Governor Robert Bentley, and confirmed by the Senate, to the Alabama State Board of Public Accountancy earlier in 2012. “Leighanne’s election is great external recognition of the leadership skills that [...]
“Carl is the right man to lead this organization because he understands the importance of the private sector in growing and sustaining Alabama’s economy,” said Business Council of Alabama President and CEO William J. Canary. “His commitment to education will also serve us well as we continue to forge a permanent business and education alliance [...]
If you have employees in states other than Alabama, you may have a FUTA Credit Reduction due to unemployment loan interest not being repaid timely from the state to the federal government. A list of those states and the credit reduction follows. These amounts will be added back to the Form 940 on 940 Schedule [...]
The IRS has announced that the 2013 Standard Mileage Rates will be: 56.5 cents per mile for business miles driven 24 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations This is an increase of 1 cent per mile over the 2012 business and medical/moving [...]