SALT

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Shaking Up Your SALT Deductions

By |2021-03-08T17:17:39+00:00March 8th, 2021|News & Events, Press Releases, SALT|

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 [...]

How do I account for PPP loans and other grants for City of Tuscaloosa Business Licenses?

By |2021-01-21T19:13:28+00:00January 21st, 2021|News & Events, Press Releases, SALT|

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 [...]

UPDATED: Are you properly licensed to do business?

By |2020-11-20T19:15:07+00:00November 20th, 2020|News & Events, Press Releases, SALT|

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 [...]

Alabama Department of Revenue Issues Guidance for License Renewals

By |2020-11-05T16:16:12+00:00November 5th, 2020|News & Events, Press Releases, SALT|

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 [...]

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

By |2020-11-05T16:18:00+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 [...]