Congress acted on Friday to extend the payroll tax cut on the employee portion of Social Security through the end of 2012. Please make sure to get a payroll update if you use QuickBooks for payroll before running any payroll in March. This is very important because QuickBooks had already pushed out an update assuming [...]
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 [...]
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 [...]
Recently Forbes ran a great article titled, "How To Avoid -- Or Win -- An IRS Audit or Court Battle" after the IRS posted its annual report to Congress by the National Taxpayers Advocate. The top litigation areas highlights where the IRS is focusing most of its enforcement effort, especially directed at individuals and small [...]
Several states have increased their minimum wage rates as of January 1, 2012. That makes it a good time to publish this state by state minimum wage rate table. State by State Minimum Wages We are still waiting on Congress to act on extending the Social Security payroll tax cut beyond February 29, 2012. I [...]
Taxpayers can check refunds, get tax information WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information. "This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers where they want when [...]
The IRS has announced on its website that victims of the severe storms, tornadoes, straight-line winds and flooding in counties of Alabama that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief [...]
Title: Innovative Family Business GrowthLocation: Sellers Auditorium, Alabama CampusLink out: Click hereDescription: As part of Entrepreneurship Week at the School of Business for University of Alabama, JamisonMoneyFarmer's Managing Shareholder Bryan Chandler, CPA, CFP, PFS, and Bobby Bragg, CPA, Director of Practice Growth will speak with UA's Clinical Professor Allen Henry on issues and opportunities around [...]
According to the congressional Joint Committee on Taxation, 77 tax deductions, tax credits and other tax-saving laws expired on Dec. 31, 2011. The most popular deductions for individuals are state and local sales tax deductions and the college tuition and fee deductions. Companies are also seeing some of their favorites expire like the 100 percent bonus [...]
Title: Alabama Gives DayLocation: One Day of online givingLink out: Click hereDescription: Go to www.algives.razoo.com to give to your favorite charity. Millions have been raised in other states through this one day of online giving!Start Date: 2012-02-01End Date: 2012-02-03