News & Announcements
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Revenue Ruling RR-2023-02
Section 1014 of the Internal Revenue Code does not apply …. Revenue Ruling 2023-02 confirms that the basis adjustment under section 1014 generally does not apply to the assets of an irrevocable grantor trust not included in the deceased grantor’s gross estate for Federal estate tax purposes. Section 1014 of the Internal Revenue Code does […]
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The Last Week of March and First Week of April
These two weeks are our very busiest of the season. The last week of March and the first week of April are always the two weeks filled with the most activity. Everything kind of shifts into high gear at this time and generally, our biggest obstacle is mailing out paper to those clients that require […]
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Tax Season Update
Just when you think you are ahead in the ballgame, something comes along and creates an obstacle to overcome. Pitney Bowes notified me that I had to upgrade our mail machine by April 1, 2023. New Postage Meter The new mail machine arrived Wednesday, however I have not had an opportunity to begin the process […]
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Reporting Foreign Income
Reporting foreign income and filing a tax return when living abroad U.S. citizen and resident aliens living abroad should know their tax obligations. Their worldwide income — including wages, unearned income and tips — is subject to U.S. income tax, regardless of where they live or where they earn their income. They also have the […]
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The First Day of Spring
Monday March 20, 2023 is the official First Day of Spring. However, our weather reality in North Alabama is something totally different. We have a hard freeze warning for tonight.
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Interest Rate Hikes
Anyone heard of Newton’s Third Law of Motion? Newton’s Third Law of Motion states that for every action, there is an equal and opposite reaction. What this means is that pushing on an object causes that object to push back against you, the exact same amount, but in the opposite direction. Who’s Yellen now? The […]
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Medical Expenses
IRS addresses questions about medical expenses related to nutrition, wellness and general health… The Internal Revenue Service today posted frequently asked questions that address whether certain costs related to nutrition, wellness and general health are medical expenses that may be paid or reimbursed under a health savings account (HSA), health flexible spending arrangement (FSA), Archer […]
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The Rainbow Ends in Arab, Alabama
As far back as the 17 th Century the Irish would say “a person is as likely to find a pot of gold as to find the end of a rainbow.”
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Weekend Update
Spring has arrived early this year in North Alabama, or so it seems… Friday March 10th was our midway point through Tax Season. Through yesterday, we had prepared and filed 1,091 tax returns. We have been very busy, and we are almost 100 filings ahead of schedule. At the current rate, we may have to […]
