New Options for Leftover 529 Plan Funds – Convert to Roth IRA
The SECURE 2.0 Act of 2022 introduces a noteworthy change: a special rule allowing transfers from 529 plans to Roth IRAs. Effective in 2024, this rule enables unused college savings to shift to tax and penalty-free retirement accounts. Why This Matters Before this change, if a 529 plan wasn’t fully used for education, options were…
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Jefferson County & Alabama Property Tax Overview
Valuation Process Jefferson County recently sent out valuation notices for properties with an increase in value or change in boundary. The county utilizes a mass appraisal process set forth by the Alabama Department of Revenue. When a sale within a neighborhood indicates an increase or decrease, valuations are adjusted. If you received a notice and…
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Guidance Provided for Overtime Pay Exempt from Alabama Income Tax
In June, we reported that the Alabama Legislature passed HB217, which eliminates the 5% withholding tax on overtime from January 2024 through June 2025. Employers are subject to reporting for 2023, 2024 and 2025. Now, the Alabama Department of Revenue has published reporting guidance and FAQs. Historical 2023 overtime data must be submitted by January…
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Employee Retention Credit Refund Update
Our last “Where’s My ERC Refund” update was published almost a year ago in June 2022. Since then, many outstanding ERC refunds have been processed and paid by the IRS with interest, while businesses continue to file additional ERC refund claims. Many of our clients have received a refund for some quarters, but not others,…
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IRS Reminds Employers of Penalty Relief Related to Claims for Employee Retention Credit
A couple of weeks ago we covered the IRS backlog of amended payroll tax returns (941X) for employee retention credits. Now, the Treasury and IRS have responded to requests from taxpayers for relief from penalties with IR-2022-89.
Where’s my ERC refund?
Many businesses filed for employee retention credits. Unfortunately, the IRS has a staggering backlog of Form 941’s to process as a result of ERC filings along with normal quarterly filings.
New Alabama Legislation to Exempt Federal COVID Benefits from Alabama Income Tax
Yesterday, Alabama House Bill 231 and Alabama Senate Bill 152 were forwarded to Governor Kay Ivey for signature. This legislation, when signed, will effectively exempt from state income taxes certain federal benefits that taxpayers received from the American Rescue Plan Act last year, a coronavirus relief bill passed by Congress. The exemption applies to the…
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FEMA is Reimbursing Up To $9,000 For Each COVID-19 Related Funeral
Under the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 and the American Rescue Plan Act of 2021, FEMA is providing financial assistance for COVID-19 related funeral costs. The benefit is a maximum of $9,000 per deceased individual or $35,500 per applicant for multiple deaths. As of January 3, 2022, FEMA received 9,077 applications…
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New Funding for Health Care Providers
There are two new funding opportunities available specifically for Health Care providers. Application Deadline: October 26, 2021 at 11:59 pm EST CLICK HERE TO APPLY Combined application for Provider Relief Fund (PRF) Who is eligible? Providers or suppliers who bill Medicare fee for-service (Parts A, B, and C), Medicaid (fee-for-service or managed care) and/or CHIP as…
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Post-Covid: The Future of the Workplace – Panel Discussion hosted by Dent Moses
Dent Moses Managing Partner, Mike Baker, led a thoughtful and insightful conversation with Mitchell Greggs of Maynard Cooper and Joe Daniel of Streamline CXO about the current issues around returning to the workplace post-COVID.