-
IRS boosts contribution limits for retirement accounts in 2019
The IRS on Thursday released new contribution limits for employees who participate in 401(k) plans in 2019. The new number for those using pre-tax funds will be $19,000 in 2019, up from $18,500 in 2018. That limit will also applies to 403(b), Thrift Savings and most 457 plans. In 2019, you will be able to…
-
Several tax law changes may affect bottom line of many business owners
Cook and Company reminds business owners that tax reform legislation passed last December affects nearly every business. With just a few months left in the year, Cook & Co. Tax Advisors is highlighting important information for small businesses and self-employed individuals to help them understand and meet their tax obligations. Here are several changes that could affect…
-
Reminder: Today is the filing deadline for people with extensions
Anyone who requested an extension of time to file their 2017 tax return must file today. Taxpayers filing today who also owe should pay as much as possible to reduce interest and penalties.
-
Our Office will be Closed Monday
…. in recognition of Columbus Day.
-
IRS issues guidance on Tax Cuts and Jobs Act changes on business expense deductions for meals, entertainment
The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers may continue to deduct 50 percent of the cost of business meals if the taxpayer (or an employee of the taxpayer) is present and the food or beverages are not considered lavish or extravagant. The meals…
-
Continuing Professional Education Today through Tuesday
Thursday September 20, 2018 – Accounting Department will participate in AICPA sessions on Generally Accepted Government Auditing Standards (GAGAS). Monday and Tuesday September 24th and 25th – Tax Department will attend ALSEA Fall Seminar at Birmingham Marriott.
-
IRS offers guidance on recent 529 education savings plan changes
The Internal Revenue Service and Department of the Treasury today announced their intent to issue regulations on three recent tax law changes affecting popular 529 education savings plans. Notice 2018-58, addresses a change included in the 2015 Protecting Americans From Tax Hikes (PATH) Act, and two changes included in the 2017 Tax Cuts and Jobs…
-
Here’s how the IRS Contacts Taxpayers
Everyone should know how the IRS contacts taxpayers. This will help people avoid becoming a victim of scammers who pretend to be from the IRS with a goal of stealing personal information. Here are some facts about how the IRS communicates with taxpayers: The IRS doesn’t normally initiate contact with taxpayers by email. The agency…
-
Alabama Tax Delinquency Amnesty Program Act 2018-153
On March 6, 2018, Governor Kay Ivey signed into law the Alabama Tax Delinquency Amnesty Act of 2018. The act provides an opportunity for eligible taxpayers to voluntarily come forward and resolve their delinquent filing and payment obligations for certain types of Alabama taxes and receive a waiver of all of the interest and penalties…
