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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…
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Form 940 Scanning Process at IRS
IRS begins new Digital Intake initiative; Form 940 scanning process off to strong start; other forms to start soon WASHINGTON — As part of ongoing transformation efforts, the Internal Revenue Service announced today the successful expansion of digital scanning. In a major step in the new Digital Intake scanning initiative, the IRS has already scanned…
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IRS Issues ERC Warning
IRS issues renewed warning on Employee Retention Credit claims; false claims generate compliance risk for people and businesses claiming credit improperly. WASHINGTON — The Internal Revenue Service today issued a renewed warning urging people to carefully review the Employee Retention Credit (ERC) guidelines before trying to claim the credit as promoters continue pushing ineligible people…
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2023 Tax Filing Season for 2022 Returns
This season got off to a rocky and very bumpy start. There were major delays in the finalization of some State of Alabama forms. We were able to electronically file the tax returns, we just couldn’t print the client’s “Keep Copy.” The result was a backlog in our workflow for several weeks. Friday March 10th…
