SALT

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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 [...]

JMF Office and Recent Legislative Updates

By |2020-03-25T23:20:18+00:00March 25th, 2020|Accounting & Auditing, Construction, Corporate & Partnership Tax, Creative, Design, Entrepreneurs, Estate & Trust, Financial Institutions, Fraud, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, SALT, Social Security, Technology, Timber|

Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment.  This remains a fluid situation and we will continue to communicate with you. [...]

ADOR Extends Sales Tax Relief to Small Businesses Due to COVID19

By |2020-03-18T20:30:48+00:00March 18th, 2020|News & Events, Press Releases, SALT|

The Alabama Department of Revenue (ADOR) is extending relief to small retail businesses that are unable to timely pay their February, March, and April 2020 sales tax liabilities. Small businesses whose monthly retail sales during the previous calendar year averaged $62,500 or less may file their monthly sales tax returns for the February, March, and [...]

New SALT Rules Spice Up ’18 Returns

By |2019-03-25T21:12:32+00:00March 10th, 2019|Individual Tax, News & Events, SALT|

Under the Tax Cuts and Jobs Act (TCJA), certain deductions have been eliminated or modified, including the write-off for state and local tax (SALT) payments. The changes are effective for 2018 through 2025. As a result, some taxpayers will be going on a SALT-free diet when they file their 2018 returns. Background: Previously, many middle-to-upper [...]

Will You Miss These Tax Deductions?

By |2019-02-05T19:06:35+00:00February 5th, 2019|Entrepreneurs, Individual Tax, News & Events, SALT|

Form 1040 has a different look this year. Thanks to the Tax Cuts and Jobs Act (TCJA), the standard deduction has essentially been doubled while certain deductions have been modified or eliminated. Due to these changes, which are generally effective for 2018 through 2025, you may be better off claiming the standard deduction on your [...]

Wayfair: We’ve Got Just What You Need (to Know)

By |2019-01-10T15:34:01+00:00January 10th, 2019|Corporate & Partnership Tax, Entrepreneurs, News & Events, SALT|

The following article was written by JMF Shareholder Kim Smith for the Alabama Retail Association's February issue of Alabama Retailer magazine.  We are re-posting it here with their permission. Wayfair Printable Story AL Retailer February 2019 By:  Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of [...]

What does the Wayfair Supreme Court decision mean for Alabama?

By |2019-01-10T23:14:58+00:00July 12th, 2018|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases, SALT|

UPDATED WayFair post from January 2018 for new information: Wayfair: We’ve Got Just What You Need (to Know) By:  Jennifer Stripling, Tax Manager Jennifer is a tax manager, a member of the JMF Tax Department and in an integral part of the JMF State and Local Tax (SALT) group.  With over 11 years of experience, she assists clients [...]

ADOR Launches Tax Amnesty Website

By |2018-05-23T15:40:08+00:00May 23rd, 2018|Corporate & Partnership Tax, Individual Tax, News & Events, SALT|

The Alabama Department of Revenue (ADOR) has launched alabamataxamnesty.com, a website dedicated to the Alabama Tax Delinquency Amnesty Program of 2018. The program begins July 1st and runs through September 30, 2018.  Please note that to be eligible, the taxpayer may not have been previously contacted by ADOR (within the last two years) to file returns.  Most [...]