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About Bobby M. Bragg

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So far Bobby M. Bragg has created 621 blog entries.

IRS Audits of Small Businesses – Concerns About Software Files

By |2017-05-18T22:55:13+00:00March 7th, 2012|News & Events, Payroll & Bookkeeping|

You may have heard in the press recently that the IRS is now demanding QuickBooks and Peachtree files from taxpayers during audits.  The IRS does have authority to request these files, and it has been upheld in court.  The taxpayer must provide the electronic records upon request.  If a taxpayer attempts to withhold them, the [...]

The importance of successful family businesses to the US economy

By |2015-06-05T19:11:34+00:00February 24th, 2012|Accounting & Auditing, Corporate & Partnership Tax, Individual Tax, News & Events|

Family businesses are different from closely-held businesses in that the two or more family members own more than 15% of the equity of the business, family members are employed or manage the business, and the intent of the members is to retain ownership. Per the Family Enterprise USA in 2011, there are 5.5 million family [...]

IRS Issues New SIFL Rates

By |2015-06-05T19:11:35+00:00February 21st, 2012|Construction, Corporate & Partnership Tax, International, Manufacturing, Oil & Gas, Payroll & Bookkeeping|

IRS has made available the new Standard Industry Fare Level (SIFL) rates for the first half of 2012 (January 1 through June 30).  The SIFL formula is used in certain instances to determine the value of a noncommercial flight for employment tax purposes. The terminal charge has increased to $44.88 (previously, $43.79). The rate for the first [...]

Have you or are you going to hire a veteran?

By |2015-06-05T19:11:35+00:00February 15th, 2012|Corporate & Partnership Tax, Individual Tax, Payroll & Bookkeeping|

There is a new Veterans Tax Credit which was included in the The VOW to Hire Heroes Act of 2011 (enacted 11/21/11) expanded the Work Opportunity Tax Credit (WOTC), for businesses that hire eligible unemployed veterans on or before 12/31/12. The credit maximum is $9,600 per veteran for for-profit businesses depending on the length of [...]

Landowners Protection Act Hopes to Open More Hunting Land in Alabama

By |2015-06-05T19:11:35+00:00February 15th, 2012|Individual Tax, News & Events, Timber|

As we roll out of deer season and into turkey season we are reminded of the passage of  Alabama Senate Bill 84.  Senator Gerald Allen (R-Cottondale) sponsored this bill and it was signed into law last year by Governor Bentley.  This important piece of legislation will hopefully pave the way for many more tracts of land in Alabama to be [...]

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