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Our Office will be Closed Monday
…. in recognition of Columbus Day.
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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…
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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.
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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…
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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…
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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…
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Preview of Postcard Tax Return
U.S. Department of the Treasury says, “Cutting red tape has been a core tenet of the Trump Administration’s economic policies.” The Tax Cuts and Jobs Act protects important benefits for both American families and businesses, while simplifying our tax code for the benefit of all taxpayers. While the Act includes $5.5 trillion in gross tax cuts,…
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Tax reform allows people with disabilities to put more money into ABLE accounts, expands eligibility for Saver’s Credit
People with disabilities can now put more money into their tax-favored Achieving a Better Life Experience (ABLE) accounts and may, for the first time, qualify for the Saver’s Credit for low- and moderate-income workers, according to the Internal Revenue Service. The Tax Cuts and Jobs Act, the tax reform legislation enacted in December, made major…
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SSA Provides Special Extra Earnings for Military Service
Since 1957, if you had military service earnings for active duty (including active duty for training), you paid Social Security taxes on those earnings. Since 1988, inactive duty service in the Armed Forces reserves (such as weekend drills) has also been covered by Social Security. Under certain circumstances, special extra earnings for your military service…
