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Interest Rates Remain the Same for the Fourth Quarter of 2016
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2016. The rates will be: • four (4) percent for overpayments (three (3) percent in the case of a corporation); • 1 and one-half (1.5) percent for the portion of a corporate overpayment…
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Five Points Southside Birmingham
In Search of the Bluebird of Happiness With the passing of the Labor Day Weekend, we know our summer will soon be coming to an abrupt end. Fall is in the air, even though it is still quite hot. I’ve been contemplating a vacation trip to Ireland for some time now, but we missed any chance to…
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Congratulations to our Revenue Commissioner
IRS Announces 16 New Members for the Electronic Tax Administration Advisory Committee (ETAAC) The Internal Revenue Service announced the selection of 16 new members of the Electronic Tax Administration Advisory Committee. Our Alabama Revenue Commissioner, Julie Magee, was one of the sixteen chosen. Julie Magee was appointed Alabama Revenue Commissioner in January 2011. During her…
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IRS Urges Taxpayers to Check Their Withholding – New Factors Increase Importance of Mid-Year Check Up
As we head into Labor Day Weekend, the Internal Revenue Service is encouraging taxpayers to consider a mid-year tax withholding checkup following several new factors that could affect their taxes in 2017. Taking a closer look at the taxes being withheld can help ensure the right amount is withheld, either for tax refund purposes or…
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Identity Theft of Decedents, It’s called “Ghosting”
If You Should be Called On to Act as Executor or Executrix, You Must Exercise Care and Caution Most likely you will require several original copies of the Death Certificate in order to settle all of the affairs. This one document contains more information about that person than almost any other document, to include date…
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As Americans, We take the Bad with the Good
Who will our next President be, if Hillary wins in November and is indicted in December? Hillary Clinton Our Constitution requires only: the president must be above the age of thirty-five, have lived in the United States for at least fourteen years, and be a “natural-born citizen.” It’s a fact that the drafters of our…
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Congress just keeps Putting Lipstick on our Tax Code
PATH ACT The most recent layer of lipstick came in the form of a 233 page document named “Protecting Americans from Tax Hikes Act of 2015.” Arriving the week before Christmas 2015, in a manner that has become all too routine over the last eight years, it has the appearance of being a last-minute ditch…
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Child Tax Credit
A qualifying child for purposes of the child tax credit is a child who: Is your son, daughter, stepchild, foster child, brother, sister, stepbrother, stepsister, half brother, half sister, or a descendant of any of them (for example, your grandchild, niece, or nephew), Was under age 17 at the end of 2015, Did not provide…
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What happens when your job requires a security clearance, but you lose yours?
YOU LOSE YOUR JOB! This has been a hot topic in the news recently and is a subject with which I am very familiar, not just from my Army days, but from my daily activity as a Tax Advisor. My firm prepares tax returns and represents more than 600 individuals who possess security clearances at…
