If you are running a business, use online banking and do not get paper statements each month, listen up! You must save or print those statements and cancelled checks to a pdf file each month. Most banks and credit unions make historical documents available for a limited amount of time that normally ranges from 12 to…

Many Extension Filers in North Carolina Now Affected Relief for Other States Expected Soon North Carolina storm victims will have until March 15, 2017, to file certain individual and business tax returns and make certain tax payments, with similar relief expected soon for Hurricane Matthew victims in other states, the Internal Revenue Service announced today.…

Sole Proprietorships The most common (and easiest) form of business organization is the sole proprietorship. Defined as any unincorporated business owned entirely by one individual, a sole proprietor can operate any kind of business (full or part-time) as long as it is not a hobby or an investment. In general, the owner is also personally…

When you decide to start a business, one of the most important decisions you’ll need to make is choosing the right business entity. It’s a decision that impacts many things–from the amount of taxes you pay to how much paperwork you have to deal with and what type of personal liability you face. Forms of…

Just two weeks ago, a friend at the Internal Revenue Service in Birmingham told me that next year when their lease is up on the building at 801 Tom Martin Drive, they will relocate to a smaller space in a federally owned building downtown. This week we learn … IRS Plans To Close Three Tax Return…

Preparing for Disasters ARAB, ALABAMA — Cook and Company today offered advice to taxpayers who may be affected by storms or other natural disasters. The firm also reminded clients that the company is here to help including offering a special toll-free number (1-800-551-6254) to clients in federally-declared disaster areas, staffed with Cook and Company specialists trained…

“For three years in a row beginning in 2010, the Clinton Foundation reported to the IRS that it received zero in funds from foreign and U.S. governments, a dramatic fall-off from the tens of millions of dollars in foreign government contributions reported in preceding years.” Source: Reuters News Service

37 States and Puerto Rico Affected WASHINGTON — Farmers and ranchers who previously were forced to sell livestock due to drought, like the drought currently affecting much of the nation, have an extended period of time in which to replace the livestock and defer tax on any gains from the forced sales, the Internal Revenue…

Approximately 300 of our clients ask for an extra six months to file their taxes every year.     If you are one of them, then you should know that Monday, Oct. 17 is the extension deadline in 2016. This is due to Oct. 15 falling on a Saturday. If you have not yet filed, schedule your appointment…