The Alabama Department of Revenue (ADOR) has launched alabamataxamnesty.com, a website dedicated to the Alabama Tax Delinquency Amnesty Program of 2018. The program begins July 1st and runs through September 30, 2018. Please note that to be eligible, the taxpayer may not have been previously contacted by ADOR (within the last two years) to file returns. Most [...]
The new tax law enacted at the end of last year—the Tax Cuts and Jobs Act (TCJA)—provides numerous tax changes for individuals, including tax rate cuts and a higher standard deduction. Significantly, the TCJA also eliminates or modifies certain deductions, including the majority of itemized deductions, beginning in 2018. As a result, fewer taxpayers are [...]
The Tax Cuts and Jobs Act (TCJA) repeals or cuts back many deductions on personal returns, but the medical expense deduction survived the chopping block. In fact, the new law temporarily enhances the deduction, retroactive to the 2017 tax year. In other words, you can benefit from this tax-favored treatment on the 2017 return you [...]
The Alabama Legislature passed HB 384 last week and Governor signed it into law. This bill is the "Moody fix”. Basically, the law codifies the form changes ADOR made in 2013 based on a Regulation change rather than a change in the Statute. The bill also provides for taxpayers to receive refunds for 2013 (assuming [...]
As we mentioned in this blog in December, certain Alabama AMT taxpayers should consider donating to the Alabama Opportunity Scholarship Fund. The same process can be used to maximize your State and Local Tax Deduction. Alabama has allocated $30,000,000 to this program for 2018. Currently, there is just over $6.5M remaining for 2018 and [...]
By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues. [...]
One sure sign that spring is coming: It is time to prepare to file your annual tax return. You can alleviate some of the usual stress if you have your 2017 return professionally prepared, but you still have some work to do. Here are seven practical suggestions to help you spring into action: 1. Assemble [...]
Dear Clients and Friends: Tax planning is rarely easy, but this year it is especially difficult due to the potential for sweeping tax reforms. At this writing, Congress has yet to agree on a comprehensive plan that can be expected to pass both houses and be signed by the president. We will continue to [...]
The Family and Medical Leave Act (FMLA) concerns when an employee can take extended time off from work. Three new cases point out the need for both employers and employees to understand the rules. Background: Under the FMLA, an eligible employee is entitled to take up to 12 weeks of unpaid leave to care [...]
As with individuals, year-end tax planning for businesses remains somewhat uncertain. However, the Protecting Americans from Tax Hikes (PATH) Act of 2015 preserved certain tax benefits that can be incorporated into a logical year-end plan. Here are five ideas for small-business owners to consider: Speed up equipment deductions. Under the PATH Act, the maximum [...]