IRS Issues Warning on Aggressive Employee Retention Credit Claims
On March 20th, the IRS issued a warning to promoters and businesses making aggressive claims for employee retention credits (“ERC”). These aggressive ERC refund claims have been added to the 2023 Dirty Dozen list of tax scams. The following excerpts were included in the IRS news release: “Blatant attempts by promoters to con ineligible people…
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Does Your Business Have the Proper Business Licenses?
State of Alabama A business license is required for basically everyone engaged in business within the state. The state and county licenses are issued by the county Probate Judge or License Commissioner in the county where the business is located. The county then remits a portion of the license fees to the state. The Alabama…
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Special Senior Property Tax Exemption for Jefferson County
Many seniors age 65 and over are not aware of Alabama Act 2021-300 passed by the legislature in April of 2021: In Jefferson County, a person age 65 or over may claim a senior property tax exemption for ad valorem tax purposes on real property in the county owned by the person and classified as…
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Reducing Alabama Property Taxes on a Second Home
Homestead Exemption In Alabama, a homestead exemption is available for a single-family owner-occupied dwelling and the land thereto not exceeding 160 acres. Only one homestead is granted regardless of how much property is owned within the state. Second Home While a second home cannot qualify for a homestead exemption, there is an opportunity for a…
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Silicon Valley Bank Failure – What’s Next?
Over the last week, many of our clients have called and asked if they should be concerned about banks and deposits. While we don’t offer opinions on the stability or solvency of any particular financial institution, we wanted to provide information about these events and FDIC insurance limits. On March 10, Silicon Valley Bank (“SVB”)…
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Donor Advised Funds – A Simple Way to Gift
A donor-advised fund is a charitable investment account solely for supporting charitable organizations you support. When you contribute appreciated securities or cash to the account, you get an immediate tax deduction. The funds in the account grow tax tax-free. You can recommend grants to any IRS-qualified charity. One of the biggest benefits of using a…
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Misinformation Abounds on IRS Plan to Spend $80 Billion
The Inflation Reduction Act provides nearly $80 billion in IRS funding over the next ten years. The IRS plans to use some of the funds to hire 87,000 employees. Many claim the funds will be used to hire an army of auditors dedicated to auditing taxpayers. Let’s add some perspective to the claims and numbers:…
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IRS Still Behind – National Taxpayer Advocate Report to Congress
National Taxpayer Advocate Erin Collins released her annual report to Congress in December . While the report’s tone touts progress, there are still significant issues and delays. Among the data released: As of mid-December 2022, there was a backlog of 1 million originally filed individual returns, 1.5 million originally filed business returns, and 1.5 million…
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Managing Partner Mike Baker Appointed Chair to Allinial Global 2023 Americas Board of Directors
Dent Moses is pleased to announce that Mike Baker has been appointed to serve as Chair of Allinial Global’s 2023 America Board of Directors. Allinial Global is an award-winning association of legally independent accounting and consulting firms whose members collaborate to bring their clients best-in-class solutions. “As a member of Allinial Global, Dent Moses gains…
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Cryptocurrency – the Wild, Wild West
Even with prices falling, interest in cryptocurrency is on the rise. It is important to know the tax implications before you jump into the world of crypto. Whether you are invested in, accept or make payment with, or receive a gift of crypto it may give rise to a taxable event. The following chart is…
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