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Alabama Accountability Act – $15 Million in Credits Remaining

Last month, we wrote about the federal tax benefits for Alabama taxpayers that make a donation to a scholarship granting organization (SGO) under the Alabama Accountability Act (AAA). The 2018 annual cap on donations statewide is $30 million. As of February 21, 2018, only $15 million is still available. We believe the remainder may be…
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The Tax Cuts and Jobs Act— Qualified Business Income Deduction

PART 3 One of the most significant (and complicated) provisions of the Tax Cuts and Jobs Act is the new deduction available for qualifying pass-through entities. Subject to limitations, the owner of a sole proprietorship, LLC (single or multi-member), S corporation, or partnership is granted a deduction equal to 20% of “qualified business income.” The…
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The Tax Cuts and Jobs Act – C Corporation Tax Rates

Last time, we looked at individual tax rates. This time, let’s look at the bigger picture of C Corporations. PART 2   C Corporations currently pay taxes on a graduated scale up to 35% of taxable income. Personal service corporations (attorneys, engineers, etc.) pay at a flat 35%. Beginning in 2018, all C Corporations will…
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The Tax Cuts and Jobs Act—Individual Tax Rates

You’ve probably noticed that every media outlet has been offering endlessly opposing opinions about the Tax Cuts and Jobs Act (TCJA). That’s because it’s complicated. So we’re starting today with a multi-part series examining specific provisions of the new tax bill and what they will mean for you. PART 1 The fact is, it’s impossible…
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Jessica Bou Akar Promoted to Manager.

Dent Moses, LLP is pleased to announce Jessica Bou Akar has been promoted to manager, effective January 1, 2018. Jessica joined the firm as an intern in January 2012 and began full time in August of that same year. In her current role, Jessica provides assurance and taxation assistance for various industries including wholesale distribution,…
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Bri Wright earned the Certified Fraud Examiner designation.

Bri Wright, a manager at Dent Moses, has earned the Certified Fraud Examiner (CFE) designation. Bri specializes in employee benefit plan audits, pension and profit sharing plans, helping small business with audits and attestation engagements, tax planning, and tax compliance. Bri graduated from Samford University with a Bachelor’s of Science in Accounting and Finance in…
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State and Local Taxes—Changing Limitations into Opportunities

The recently passed Tax Cuts and Jobs Act (TCJA) limits certain deductions, but there’s a way to transform limitations into opportunities that make a lasting difference. By now you know that the TCJA places a limitation on the deduction for taxes paid at the state and local level. Beginning in 2018, the aggregate deduction is…
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Tax Reform – Moves to Make Before December 31st

The final bill titled Tax Cuts and Jobs Acts (TCJA) is expected to be signed by the President before the Holiday recess. Fortunately, most of the substantial changes apply to years beginning in 2018. However, consider the following before the end of 2017: State and local tax deduction. Deductions – state, local, and real estate…
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Tax Reform Bill Key Points

With the House releasing a comprehensive 429-page tax reform bill last week, many people are curious as to how the proposed tax bill will impact their personal taxes as well as their businesses. We have outlined some key details of the House plan below, but it is important to note that the Senate is working…
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