Thanks to Alabama Act 2023-554 in the last legislative session, Alabama will start reducing the state’s portion of sales tax on food/groceries (“grocery tax”) on September 1, 2023 from 4% to 3%. In September 2024, the state’s portion will go from 3% to 2%, assuming the ETF grows by more than 3.5%. In total, that [...]
The Alabama Department of Labor has released its 2023 Tax Rate Notices in the last few weeks. Since paper copies of these notices are no longer mailed, employers should log into their Alabama Department of Labor eGov account to access the 2023 rate notice. We have seen significant changes in the rates for 2023, so it [...]
Tax season is right around the corner, so we want you to be prepared. As we typically do, we have created this year-end tax planning letter to assist you with certain tips that you should consider before December 31st. This is the time to reassess your overall tax picture for 2022 so you can maximize the tax [...]
Tax season is right around the corner, so we want you to be prepared. As we typically do, we have created this year-end tax planning letter to assist you with certain tips that you should consider before December 31st. This is the time to reassess your overall tax picture for 2021 so you can [...]
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. On [...]
The deduction for state and local tax (SALT) payments may have been one of the biggest tax deductions on your personal tax return—if not THE biggest—for many years. But the massive Tax Cuts and Jobs Act (TCJA), enacted at the end of 2017, caps the SALT deduction for 2018 through 2025. Nevertheless, this still [...]
For a lot of our clients who are in the process of renewing their City of Tuscaloosa business licenses, we are getting many questions about whether to include those in the gross receipts amounts. For City of Tuscaloosa business license purposes, PPP loans (whether they are forgiven or not) are not included in gross receipts [...]
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. Most [...]
Beginning November 1st, all Sales and Use Tax licenses issued by the Alabama Department of Revenue (ALDOR) must be renewed annually – by December 31st and online through the My Alabama Taxes (MAT) portal. Renewal is required for the following licenses: Sales Tax Rental Tax Sellers Use Tax Lodgings Tax Utility Gross Receipts Tax Simplified [...]
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 [...]