On May 4th, Governor Kay Ivey signed into law HB 588 which, beginning with the 2021 tax year, allows Alabama S-Corporations and Subchapter K entities (pass-through entities or PTEs) to elect to pay Alabama income tax at the entity level. This law has Alabama joining a growing number of states attempting to circumvent some of the…
In October of 2020, Blue Cross and Blue Shield (BCBS) companies agreed to a $2.67 billion dollar settlement in a class action suit filed by subscribers in 2012. The plaintiffs allege the defendants violated antitrust laws by entering into an agreement not to compete and to limit competition among themselves in selling health insurance and…
By Katie Lobosco, CNN Washington (CNN) – The Internal Revenue Service still had more than 35 million tax returns to process at the end of this year’s filing season, a backlog four times bigger than at the end of the 2019 filing season. About 23 million of those returns were filed by individuals who may be waiting…
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.
The Biden administration recently released a proposed budget for the fiscal year 2022, referred to as the “Green Book”. The budget includes a number of proposals for tax increases along with a series of increased or extended tax credit and incentive programs. Here is a list of some of the proposed changes:
If you have not applied for forgiveness, now is the time and the deadline may be fast approaching.
Business Alabama Abbreviated Article- – By Erica Joiner West With federal and state tax deadlines looming, April is one of the busiest months for certified public accountants in the country. But the men and women who have the designation CPA after their names do more than just file paperwork with the Internal Revenue Service. Accountants…
On Wednesday, March 17, the IRS announced that the 2020 individual income tax filing deadline will be automatically extended from April 15, 2021, to May 17, 2021.
As you can imagine, the new $1.9 trillion COVID Relief Legislation covers a lot of ground. Here are the provisions that we believe will be of greatest interest to you:
The Biden Administration is currently looking at making changes to the tax incentives of saving for retirement. Treasury Secretary Janet Yellen recently announced the Administration is considering a proposal to replace the dollar-for-dollar tax deduction with a 26% credit. More details can be found here. What does this mean for you? If you expect to…Read More