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Alternate Routes due to Hwy 231 Closure
Highway 231 coming up the mountain from Huntsville to Arab is temporarily closed due to damage from flooding. The normal 21 minute drive from the Wavaho Fuel and Food on Highway 231 at Lacey’s Spring at the foot of the mountain to my office will take 14 to 18 minutes longer with one of these…
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Update on Income Tax Withholding Rules
The U.S. Department of the Treasury and the Internal Revenue Service today issued proposed regulations updating the federal income tax withholding rules to reflect changes made by the Tax Cuts and Jobs Act (TCJA) and other legislation. In general, the proposed regulations, available now in the Federal Register, are designed to accommodate the redesigned Form…
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Revised 2019 Form 1040 includes Virtual Currency Questions
In 2019, taxpayers who engaged in a transaction involving virtual currency will need to file Schedule 1, Additional Income and Adjustments To Income. The Internal Revenue Code and regulations require taxpayers to maintain records that support the information provided on tax returns. Taxpayers should maintain, for example, records documenting receipts, sales, exchanges or other dispositions…
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Electronic Filing now available to Charities
The Internal Revenue Service has revised Form 1023 to allow electronic filing for the first time starting later this month. To help charities apply for Section 501(c)(3) tax-exempt status, the IRS has revised Form 1023, Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, and its instructions. “Filing electronically reduces errors,…
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IRA Required Minimum Distributions
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law on December 20, 2019. The Secure Act made major changes to the RMD rules. If you reached the age of 70½ in 2019 the prior rule applies, and you must take your first RMD by April 1, 2020. If you…
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Holiday Office Hours
We will be closed the week of Christmas and New Years. As we have every year since 1995, our office will be closed for two weeks in order to upgrade software and equipment in preparation for the upcoming Tax Season. If you have an urgent need during this two week period, you can email greg@bara.net.…
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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…
