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Inflation Reduction Act of 2022
The law increases taxes on the taxpaying public by $738 billion. This new tax law will lead to increased payments on personal taxes for Americans of all incomes (an increase in $16.7 billion for taxpayers earning less than $200,000 a year, $14.1 billion for taxpayers earning between $200,000 and $500,000, and $23.5 billion for taxpayers earning over $500,000). …
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Our Office is Closed Today
In Observance of Martin Luther King Day This is the last Federal Holiday that our office will be closed for, as we head into Tax Season.
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IRS sets January 23 as Official Start to 2023 Tax Filing Season
The Internal Revenue Service today announced Monday, January 23, 2023, as the beginning of the nation’s 2023 tax season when the agency will begin accepting and processing 2022 tax year returns. More than 168 million individual tax returns are expected to be filed, with the vast majority of those coming before the April 18 tax deadline.…
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Alabama Business Privilege Tax
HB391, Act #2022-252 Reduces the Minimum BPT from $100 to $50 for 2023 Alabama Tax Changes Effective January 1, 2023 Under current law, Alabama’s business privilege tax has a minimum payment of $100 per year, but that minimum will phase out as a result of H.B. 391, enacted in April 2022. Starting in 2023, the minimum tax owed will decrease from $100 to $50 and…
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Tax Deadline Tuesday April 18, 2023
Typically, the deadline to file taxes is April 15, although it’s been extended to May and beyond in recent years because of the coronavirus pandemic. Since the 15th falls on Saturday, the deadline automatically extends to Monday, but…. This year, it’s on April 18, 2023, to accommodate the holiday of Emancipation Day on April 17, which…
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Cook Welcomes Brett Carpenter
We are pleased to announce an addition to our Tax Department. Brett Carpenter comes to us from Corporate America Credit Union in Irondale where he was Director of Enterprise Risk Management. Brett holds certifications in: NAFCU Certified Risk Manager (NCRM); Bank Secrecy Act Compliance Specialist (BSACS); Credit Union Compliance Expert (CUCE); Credit Union Enterprise Risk…
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IRS announces delay for implementation of $600 reporting threshold
…for third-party payment platforms’ Forms 1099-K As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021. As part of this,…
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Tax Credits and Deductions
Here are a few facts about credits and deductions… A few things to know about deductions: Things to know about tax credits:
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Interest Rates Increase
Interest rates increase for the first quarter of 2023. The Internal Revenue Service today announced that interest rates will increase for the calendar quarter beginning Jan. 1, 2023. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, up from 6% for the quarter that began on October 1. Here…
