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Thanksgiving Closing
We will be closed Wednesday November 23rd through Friday November 25th for Thanksgiving. Our office will reopen on Monday November 28th. HAPPY THANKSGIVING EVERYONE!
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IRS Advisory Council Releases Its 2016 Annual Report
You’ve heard the expression, “Whatever Blows Your Skirt Up?” WASHINGTON — The Internal Revenue Service Advisory Council (IRSAC) held its annual public meeting today and released its annual report for 2016 to IRS Commissioner John Koskinen. The report includes recommendations on a wide range of tax administration issues. “IRSAC members play an important role in…
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Neighbors Wins Tax Court Case at Appeals Level
Jonathan Neighbors, EA of Cook & Co. Tax Advisors gives Presentation on Birmingham Tax Court Case The tax court case was on the docket for federal court in Birmingham and only weeks away, when the IRS Appeals Officer sent a letter to Neighbors requesting a telephone conference. The call was scheduled for 9:00 am on September 23rd with…
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Identity Theft Safeguards for 2017 Tax Filing Season
The Internal Revenue Service, state tax agencies and industry partners today finalized plans for 2017 to improve identity theft protections for individual and business taxpayers after making significant inroads this year against fraudulent tax returns. Public and private sector leaders announced today that their collective efforts through the Security Summit initiative have led to a…
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IRS Finalizes Taxpayer Definition Rules for Same-Sex Marriages
Same Sex Couples and Taxes On October 23, 2015, the Department of the Treasury (Treasury) and the IRS published in the Federal Register (80 FR 64378) a notice of proposed rulemaking (REG–148998–13), which proposed to amend the regulations under section 7701 of the Internal Revenue Code (Code) to provide that, for federal tax purposes, the…
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Employers Face New Jan. 31 W-2 Filing Deadline
Arab, Alabama — Cook and Company Tax Advisors reminds employers and small businesses of a new Jan. 31 filing deadline for Forms W-2. A new federal law, aimed at making it easier for the IRS to detect and prevent refund fraud, will accelerate the W-2 filing deadline for employers to Jan. 31. New Jan. 31 Deadline for…
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The Cost of Water in Arab, Alabama is Going Up – Mark My Words
“Waiting for the other shoe to drop”… A common experience of tenement living in apartment-style housing in New York City, and other large cities, during the manufacturing boom of the late 19th and early 20th centuries. Apartments were built, similar in design, with the bedrooms located directly above and underneath one another. Thus, it was…
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Retirement Plans Can Make Loans and Hardship Distributions to Victims of Hurricane Matthew
Arab, Alabama — The Internal Revenue Service just announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. This is similar to relief provided this summer to Louisiana flood victims. Participants in 401(k) plans, employees of public schools and tax-exempt organizations…
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IRS Announces Position on Unilateral APA Applications Involving Maquiladoras
U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation. On Friday the Internal Revenue Service announced that U.S. taxpayers with maquiladora operations in Mexico will not be exposed to double taxation if they enter into a unilateral advance pricing agreement (APA) with the Large Taxpayer Division of Mexico’s Servicio de Administración…
