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Interest Rates
Revenue Ruling 2023-04 provides the second quarter interest rates for 2023, including the rates for underpayments and overpayments. The rates for interest determined under Section 6621 of the code for the calendar quarter beginning April 1, 2023, will be 7 percent for overpayments (6 percent in the case of a corporation), 7 percent for underpayments, and…
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Thank You Coca Cola
If anything at the office is going to break, it will break during tax season. When we first kick off the tax filing season, every piece of equipment in the office begins to be stressed more and more each day. It is during these times of increased activity that any weaknesses will surface. Our soda…
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Bad News for Louisianna Taxpayers
For 2022 and the future, we can no longer take a deduction on your state return for federal taxes paid. Louisiana’s mandated federal income tax deduction was repealed by the legislature in December 2021. You can no longer take a federal income tax deduction on your state tax return. This is certainly not welcome news…
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Our First Saturday of Tax Season
Where is everyone? Grabbing lunch while they can!
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Postage Rates Increase Again
We saw price increases on July 10, 2022, and Again January 22, 2023 We make every effort to hold our fees down. There are many costs involved in providing the services we offer. Facilities, equipment, software, manpower and then these third-party costs, like the United States Postal Service, are costs over which we have little…
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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…
