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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…
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Digital Asset Reporting and Tax Requirements
Greg reminds taxpayers that there’s a question at the top of Forms 1040 and 1040-SR that asks about digital asset transactions. All taxpayers filing these forms must check the box indicating either “yes” or “no.” If an individual disposed of any digital asset that was held as a capital asset through a sale, exchange or…
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Taxpayers can approve power of attorney or tax information authorization requests online
Taxpayers can quickly review, approve and sign power of attorney and tax information authorization requests through their IRS Online Account. Power of attorneyPower of attorney allows someone to represent a taxpayer in tax matters before the IRS. The representative must be an individual authorized to practice before the IRS, such as a tax professional. Certain…
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Treasury and IRS Continue to Release Guidance on IRA Laws
The Department of the Treasury and the IRS have been releasing guidance over the past few months on a range of provisions from the Inflation Reduction Act (IRA), with much more to come. The IRS notes that the IRA is a 10-year plan and that while changes won’t happen immediately, they are hoping to implement…
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TIGTA Report on the Employment Tax Examination Process
On Wednesday, the Treasury Inspector General for Tax Administration (TIGTA) released a report titled “Improvements to the Employment Tax Examination Process Are Needed to Increase Taxpayer Compliance and Collection Potential.” This report was conducted to assess the IRS’s controls over the selection and examination of employment tax cases, including relief from employment tax obligations. Based…
