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Weather Related Closing
March 19, 2018 Arab, Alabama – We will close at noon today. If you have an afternoon or evening appointment, please call (256) 586-4111 to reschedule, or reschedule online by clicking here. IMPORTANT – Noon Closing Announced for Monday March 19, 2018 due to Weather Alerts and Warnings.
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Week Six Report of Ten Week Tax Season
My Sunday afternoons during Tornado Season, I mean Tax Season, always include quality time with Pam and a walk with my Bassett Hound and Beagle on my walking trail in the back yard. I also take time to update everyone on tax filings at the office. The most interesting aspect this season is revealing how…
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Interest Rates Increase for the Second Quarter of 2018
Interest rates increased for the calendar quarter beginning April 1, 2018. The rates will be: five (5) percent for overpayments [four (4) percent in the case of a corporation]; two and one-half (2.5) percent for the portion of a corporate overpayment exceeding $10,000; five (5) percent for underpayments; and seven (7) percent for large corporate…
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Yesterday Marked the Halfway Point of Tax Season
Our tax filing season is ten weeks, and February 1st to March 10th marks the five week midpoint. We have run half of our marathon and filed 1,027 tax returns! Our two busiest weeks are the last week of March and first week of April. As I reported last Sunday, our two slowest weeks are…
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Taxpayers Should Report Name Changes Before Filing Taxes
When a taxpayer changes their name, that change can affect their taxes. All the names on a taxpayer’s tax return must match Social Security Administration records. A name mismatch can delay a tax refund. Here’s what a taxpayer should do if anyone listed on their tax return changed their name: Reporting Taxpayer’s Name Change. Taxpayers…
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Biodiesel and Alternative Fuels
Notice 2018-21 provides rules claimants must follow to make a one-time claim for payment of the credits and payments allowable under §§ 6426(c), 6426(d), and 6427(e) of the Internal Revenue Code for biodiesel (including renewable diesel) mixtures and alternative fuels sold or used during calendar year 2017. This notice also provides instructions for how a…
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March 15th Filing Deadline Reminder
Subchapter S Corporations and Partnership returns are due March 15th instead of April 15th. These entities issue K-1s to the owners that are needed for filing their personal taxes. Regular C Corporations are now due April 15th.
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Phone Scams Pose Serious Threat
Cook & Co. Tax Advisors reminds taxpayers to be careful with continuing aggressive phone scams as criminals pose as IRS agents in hopes of stealing money. These phone calls remain a major threat to taxpayers especially during the 2018 filing season. During filing season, we see a surge in scam phone calls threatening such things…
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Sub Chapter S Corporations
Corporate officers are specifically included within the definition of employee for FICA (Federal Insurance Contributions Act), FUTA (Federal Unemployment Tax Act) and federal income tax withholding under the Internal Revenue Code. When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered wages. Subchapter S…
