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Unclaimed Property – Could some of it be yours?

We run this post periodically and, each time several people report finding funds held by the state. Also, we’re just happy to send something out that has nothing to do with COVID and the pandemic. Each year, unclaimed or abandoned assets are turned over to Alabama Unclaimed Property by financial institutions and businesses that lose…
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Tips on How to be a Great Individual Tax Client

We’ve just sent out 2021 individual tax organizers. Clients use the organizer in different ways and complete to different degrees –which is fine. Some are meticulously complete while other organizers are return sealed in the mailing envelope untouched by human hands. The most important part of the organizer are the questions on the first few pages….
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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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Cryptocurrency Reporting

Perhaps it’s just a generational thing, but to be honest I don’t understand cryptocurrencies. I’ve read various articles and can spout off definitions of blockchain, bitcoin and a host of other cool tech-sounding words and phrases. It does make me feel a little better when I read what the IRS has published over the past couple of years on the subject. It appears to me they are trying to catch up as well.

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 1099 Rules

Section 9674 of the American Rescue Plan (HR 1319) added a requirement that payment processors and online marketplaces send sellers a form 1099K if their annual activity exceeds $600. The idea is to provide additional information to the IRS to allow them to catch tax cheats in the gig economy. Sounds reasonable. The problem is…
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Top Individual and Business Tax Planning Strategies

Over the weekend, Democratic Sen. Joe Manchin of West Virginia said no to the Build Better Act, ending negotiations on this version of the legislation. Manchin withheld support requesting Democrats to pare down several provisions of the estimated $1.9 trillion package. This likely means Build back Better is dead for 2021. Whether we’ll see another…
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New Legislative Draft- Build Back Better Act

While many components of the Build Back Better Act are still in limbo, last Thursday, October 28th, the House Rules Committee released a draft of the Act. If you don’t want to comb through the 1600+ pages we’ve provided a summary below. No surprise that many of the original provisions of the bill have been modified,…
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