Press Releases

/Press Releases

Let Us Help You with PPP Loan Forgiveness

By |2020-10-23T14:26:54+00:00October 20th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

For most PPP loan recipients, the 24-week Covered Period ended during the past several weeks, so now it is time to apply for forgiveness with your lender. The forgiveness application used and amount of documentation required will first depend on the amount of your PPP loan. If you received a PPP loan of $50,000 [...]

ADOR will now require taxpayers to renew the State of Alabama Tax License annually

By |2020-10-20T16:49:06+00:00October 9th, 2020|News & Events, Press Releases, SALT|

The Alabama Department of Revenue (ADOR) posted a notice on their website on October 1, 2020 stating that for the first time Alabama taxpayers holding either an ADOR-issued sales tax, rental tax, sellers use tax, lodgings tax, utility gross receipts tax, or Simplified Sellers Use Tax (SSUT) license must renew that license between November [...]

Alabama Announces $35M Health Care and Emergency Response Providers Grant Program

By |2020-09-28T18:07:59+00:00September 28th, 2020|Health Care, News & Events, Press Releases|

Governor Kay Ivey awarded $35 million in Coronavirus Aid, Relief and Economic Security Act (CARES Act) funds to establish the Alabama Health Care and Emergency Response Providers grant program. The grants will support providers who have been financially impacted by the COVID-19 pandemic. "The health crisis we continue to face has had significant impact on [...]

Payroll Tax Deferral Due to COVID19

By |2020-09-03T18:52:09+00:00August 31st, 2020|News & Events, Payroll & Bookkeeping, Press Releases|

On Friday, August 28th, the IRS issued Notice 2020-65 to provide details for implementation of the Presidential Memorandum issued by President Trump on August 8th that provided a deferral of certain payroll taxes for employees. What we know now: The employee’s share of Social Security tax withholding (6.2%) is deferred for applicable wages paid [...]

IRS Required Retirement Plan Restatements Cycle Opened on August 1

By |2020-08-24T15:14:46+00:00August 24th, 2020|Corporate & Partnership Tax, Pension Admin & Consulting, Press Releases|

Many retirement plans are written using Internal Revenue Service (IRS) pre-approved documents. Pre-approved plans must be restated every six years to update their plan documents to reflect recent legislative and regulatory changes since the previous restatement, to maintain their tax qualified status. The six-year restatement period is known as a “cycle”. The last restatement [...]

Three New Tax Breaks for Charitable Donors

By |2020-08-18T15:01:32+00:00August 18th, 2020|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events, Press Releases|

The Coronavirus Aid, Relief and Economic Security (CARES) Act encourages taxpayers to contribute to worthy charitable causes during this unprecedented health crisis. Accordingly, here are three key tax breaks in the new law for individual and corporate donors in 2020. 1. Deduction for non-itemizers: Normally, you may write off contributions to charitable organizations, subject [...]

CARES ACT – Student Loan Relief

By |2020-08-17T14:18:01+00:00August 17th, 2020|Individual Tax, News & Events, Press Releases|

The new Coronavirus Aid, Relief, and Economic Security (CARES) Act includes two key provisions providing relief to taxpayers with student loan debt. One provision applies to Direct Loans, Perkins Loans and Federal Family Education Loan (FFEL) obligations owned by the U.S. Department of Education; the other expands the benefits of a fringe benefit plan for employees. [...]