The Business Council of Alabama took its first step toward finalizing its 2012 state legislative agenda with BCA committee members and legislative leaders during a two-day conference in Prattville last week. JMF shareholder Carl Jamison, who is also second vice chairman of the BCA board of directors, attended the session.Known as “Committee Leadership Days,” the [...]
Substance, yes, but…where's the Form? On August 5, 2011, IRS released the much anticipated Notice 2011-66 clarifying, for decedents dying in 2010, the time and manner in which an executor may elect out of the $5 million estate tax exemption and opt in to the carryover basis rules under Section 1022 of the code. Form [...]
The U.S. Department of Transportation has released the Standard Industry Fare Level (SIFL) rates for the second half of 2011. SIFL rates and terminal charges are used for income tax purposes in a special formula for valuing imputed income from employer-provided noncommercial flights. These rates are calculated by the Department of Transportation and revised semi-annually. The most recent amounts [...]
Alabama Unclaimed Property Reports are due by November 1, 2011. These reports will cover items that became dormant from July 1, 2010 to June 30, 2011. Unclaimed Property refers to assets held by businesses and financial institutions that have somehow lost contact with the property owner. It can be bank accounts, payroll checks, vendor payments, [...]
These are some of our favorite websites for getting information about saving for college and also about 529 Plans. The most important thing about saving for college is to get started early and also to use a combination of more than one investment – custodial accounts, Roth IRAs, 529 plans, etc. http://www.sec.gov/investor/pubs/intro529.htm An overview of [...]
Effective September 1, 2011 any Revenue Discovery Systems (RDS) administered taxes will no longer be available on the www.click2file.net website. Instead you will need to file the RDS administered taxes on www.salestaxonline.com. Non-RDS administered taxes that are filed on Click2File can still be filed on that site. RDS is sending out e-mails to taxpayers with [...]
Did you know that despite the recent legislation Alabama already has a new hire reporting law? This law has been in place since 1997. It's purpose is fourfold to: Prevent payment of unemployment compensation to individuals who have returned to work. Prevent individuals from receiving workers' compensation while employed. Recoup from unemployment compensation the cost [...]
The Alabama Forest Recovery Task Force was created to facilitate timber salvage efforts, to maximize the recovery of timber damaged by the April storms, and to limit the loss of timber volume and value. Below is a link to the task force website. If we can assist you, don't hesitate to call us. www.alabamaforestrecovery.com
The Alabama Department of Industrial Relations has informed us that there will be a special assessment of interest on money that was borrowed from the US Treasury to pay unemployment benefits from 2007 through 2010. These funds were borrowed because there was more paid in unemployment benefits than was collected in unemployment compensation taxes. Through [...]
The IRS has extended the deadline for the Heavy Highway Vehicle Use tax normally due on August 31st until November 30, 2011. Because this tax is set to expire on September 30,2011 this extension is designed to alleviate any confusion and possible multiple filings that could result if Congress reinstates or modifies the tax after [...]