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 [...]
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 [...]
Prior to May 28, 2009, pay-as-cut sales proceeds were not required to be reported on 1099 information forms. However, in T.D. 9450, the Treasury Department clarified that both pay-as-cut timber sales and lump-sum timber sales are now required to be reported on Form 1099-S. Please contact our office if you need more information. We would be more than happy [...]
Many clients wonder just how long it takes to get their refund back from the IRS. You can always check on the status of your refund at the Where's My Refund? at the IRS site. Where's My Refund? will usually have information about your refund 72 hours after IRS acknowledges receipt of your e-filed return, or [...]
Get started on the right path in planning your best strategies for minimizing taxes in 2012. Below is access to a guide that will help you find ways to benefit your retirement, family and heirs by being pro-active in your planning. We are always here to help answer questions and keep you informed of any [...]
If you operate a business serving the specialized German and foreign owned automobile manufacturing & supply industry, you may be faced with management and international reporting requirements that are both unique and often challenging. This webinar offers specific practical guidance and insights for business financial executives serving the southeastern automobile manufacturing industry and was led [...]
Property that does not qualify for an immediate tax write-off under Section 179 may qualify for an increased first-year depreciation deduction under bonus depreciation rules. Unlike the Section 179 deduction, there are no restrictions on the amount of qualifying property and there is no taxable income limit. This deduction is equal to 100 percent of [...]
Instead of depreciating an asset over several years, Internal Revenue Code Section 179 allows the expensing of all or a portion of certain qualifying new and used assets in the year placed in service. There are limitations including a business taxable income limit. You cannot claim a Section 179 write-off that would create or [...]
In the spirit of wrapping up 2011, we decided to give you our ten most viewed blog posts of 2011. That means you loved them! 10. Bonus Payments are wages from November 30 9. Alabama’s 529 fund could lower your tax bill from December 20 8. New Home Builder Ad Valorem Tax Reduction Opportunity from [...]
No one likes to pay taxes any sooner than required. Therefore year-end strategies typically focus on deferring income from this year into future years and accelerating deductions from future years into this year. Following are some basic principles that can help guide your overall thinking: If you expect your tax rate to be higher next year, [...]