2024 Update – Alabama Tax Credits for Contributions to Scholarship Granting Organizations
The Alabama Accountability Act was effective in 2013 and established a dollar-for-dollar income tax credit for contributions paid to Scholarship Granting Organizations (“SGO”). SGOs are 501(c)(3) charities that provide scholarships to children from lower-income families to attend private K-12 schools. Individual and corporate taxpayers in Alabama can still benefit from this program in 2024. For…
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TCJA Provisions Expiring After 2025
A number of federal tax provisions included in the 2017 Tax Cuts and Jobs Act (TCJA) are set to expire after December 31, 2025. Many of these provisions were designed to reduce taxes in order to stimulate economic growth but included sunset clauses that will automatically revert back to the pre-TCJA rules unless Congress takes…
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2024 Business Tax Planning Guide
Dent Moses is committed to keeping you informed of the latest tax-saving strategies. We are sharing our AG-YE_YR Tax Planning Guide-2024_DM. The guide highlights some key considerations, but keep in mind that this resource is intended to provide broad suggestions only. There is no substitute for the guidance of an advisor who understands your specific…
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Capital Gains Tax – How It Works and Current Taxation
When selling capital assets like stocks, real estate, or mutual funds, understanding how capital gains taxes are applied can help maximize your returns. Understanding the distinctions between short- and long-term capital gains, federal and state tax rates can help you manage your tax liability effectively and optimize your financial outcomes. Capital gains tax is imposed…
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Beneficial Ownership Reporting 2024 Update
Earlier this year, we wrote about beneficial ownership information (“BOI”) reporting requirements of the Corporate Transparency Act (“CTA”) signed in to law in January 2021. Click this link to see the original post. In Q4 of 2023 and Q1 of 2024, congressional leaders and professional associations made efforts to extend the deadline to make the…
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IRS Issues Additional Guidance for Inherited IRAs
On July 19, 2024, the IRS issued new regulations clarifying the rules surrounding inherited IRAs, providing essential guidance for beneficiaries and financial planners. These updates primarily focus on implementing the SECURE Act’s provisions and the adjustments beneficiaries must make to comply with the new requirements. Key Clarifications on the 10-Year Rule The SECURE Act’s 10-year…
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New City of Birmingham Business Tax and License System – Action Required by September 6th
The City of Birmingham recently announced a software change in the Tax and License Division, requiring users to migrate to a new system. City of Birmingham Press Release Birmingham, AL – As the City of Birmingham continues to strengthen its systems of engagement with local businesses, the Tax and License Division is introducing a new,…
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National Public Data Breach – What Happened and What Should You Do?
The background check company National Public Data recently had a data breach that could have exposed billions of personal financial records. The news of this data breach has left many Americans worried, questioning if they were affected and searching for the best response. The linked article explains more about the breach and what actions you…
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IRS Advances Employee Retention Credit Claims: More Payments Move to Processing
On August 8th, 2024, the Internal Revenue Service announced it is accelerating more payments and continuing compliance work on outstanding ERC claims. It’s estimated between that 10% and 20% of the unprocessed ERC claims show a low risk of noncompliance. For those with no eligibility warning signs that were received prior to last fall’s moratorium,…
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CrowdStrike – What Happened?
On Monday, CPA Practice Advisor shared a great overview of the CrowdStrike glitch that shutdown airlines and many companies. According to CrowdStrike’s website, it has 29,000 customers around the world, including some of the biggest companies in the US. Microsoft has estimated that the incident, which is being described as one of the worst IT…
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