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Jan. 31 Filing Deadline remains for Employer W-2s and 1099s
Before the Protecting Americans from Tax Hikes (PATH) Act, employers generally had a longer period of time to file these forms. But the 2015 law made a permanent requirement for employers to file their copies of Form W-2, Wage and Tax Statement, and Form W-3, Transmittal of Wage and Tax Statements, with the Social Security…
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Happy Thanksgiving!
The office will be Closed Wednesday November 27 through Friday November 29 for Thanksgiving. We will reopen Monday December 2.
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We will be Closed Monday November 11th for Veterans Day
While the holiday is commonly printed as Veteran’s Day or Veterans’ Day in calendars and advertisements (spellings that are grammatically acceptable), the United States Department of Veterans Affairs website states that the attributive (no apostrophe) rather than the possessive case is the official spelling “because it is not a day that ‘belongs’ to veterans, it…
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IRS provides tax inflation adjustments for tax year 2020
The Internal Revenue Service today announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax law change covered in the revenue procedure was added by the Taxpayer First Act of 2019,…
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401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $19,000 to $19,500. The catch-up contribution limit for employees aged 50 and over who participate in these plans is increased from $6,000 to $6,500. The limitation regarding SIMPLE retirement accounts for 2020…
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Our Phones Were Down All Morning ….
Otelco had an issue and the phones are back up now. If you called earlier and got a quick busy signal, please call again. (256) 586-4111
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Fall is Here!
Our office will be closed on Columbus Day, Monday October 14th.
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Extension of Replacement Period for Livestock Sold on Account of Drought
Notice 2019- 54 SECTION 1. PURPOSE This notice provides guidance regarding an extension of the replacement period under § 1033(e) of the Internal Revenue Code for livestock sold on account of drought in specified counties. SECTION 2. BACKGROUND .01 Nonrecognition of Gain on Involuntary Conversion of Livestock. Section 1033(a) generally provides for nonrecognition of gain…
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The Risk of an IRS Audit
The risk of an IRS Audit is actually pretty low for most people, however, there is one subgroup of taxpayers where an IRS Audit is certain. The President and Vice President of the United States are subject to MANDATORY AUDITS each year as required by Section 4.2.1.15 of the Internal Revenue Manual. 4.2.1.15 (04-23-2014) Processing…
