Register Now for January QuickBooks Class
For beginners and current QuickBook's users of small and medium sized businesses - see the benefits and registration attached for this 6 hour class - lunch included. Click here for more information.
Bonus Payments are Wages
A quick reminder to everyone as the holidays and the end of the year approach. Bonus payments are wages and are taxable. If you pay an employee cash or a cash equivalent, it doesn't matter what you call it, it is most likely taxable. If you aren't sure if a bonus, payment or gift will [...]
Form 1099-K
1099-K FAQs DRAFT 1099-K You may start to see letters or receive requests for your TIN (taxpayer identification number) from your merchant card processor related to Form 1099-K. The 1099-K is a new information return to report certain payments made in settlement of "payment card" transactions and third-party network transactions. Here are some important facts [...]
Shareholder Leighanne Faught appointed to Alabama State Board of Accountancy
JamisonMoneyFarmer continues to take a leadership role in the business and CPA world in the state of Alabama. After we shared Carl Jamison's work with the Alabama Business Council last week, we are pleased to announce that another JMF shareholder, Leighanne Faught, has been appointed by Governor Robert Bentley, upon confirmation of the Senate, to serve on [...]
Jobs Creation Bill and Payroll Taxes
We are monitoring the new jobs creation bill and the proposed changes to payroll taxes closely. We will continue to watch the changes proposed to the legislation and we will post about the new requirements as soon as congress acts. Please note that the changes are likely to delay tax planning information such as the [...]
Alabama Unclaimed Property Reports
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, [...]
RDS Changes Filing Website
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 [...]
Alabama New Hire Law
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 [...]
Special Assessment of Unemployment Compensation
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 [...]
Form 2290 Heavy Highway Vehicle Use Tax – Extended
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 [...]