According to an article in the Journal of Accountancy this morning, the IRS has proposed making EIN holders update their information periodically. If enacted, this will be a retroactive regulation making it apply to all EIN holders and not just new EIN applicants. Comments for public hearing are due in June. I will watch this reg [...]
This blog post is probably more timely if it were 2009, given the recent positive news on the job front, but it some ways, this question is timeless. If you lose your job, there are multiple considerations that you have to address almost immediately. Quick action can save you considerable money and headaches. First [...]
I have moved this to our current events again in case you need the attachment for the April 1st deadline! As you probably have heard in the press recently some of Alabama's new immigration law has been blocked and some is still in place. Carol Armstrong, Attorney at Law has been kind enough to provide [...]
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 [...]
Business Alabama just released their March publication which features a story on surviving tax season. Read and find out how we, and other firms in Alabama stay in our best frame of mind by taking fun breaks. Click here to read more.
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 [...]
Have you ever considered ways to manage your payroll taxes? One good way to keep employer paid payroll taxes down is to manage your employee turnover. Each employee has related payroll tax expenses. On the first $8,000.00 in wages, for Alabama, and on the first $7,000.00 in wages, for Federal, you are taxed as the [...]
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 [...]
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 [...]
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 [...]