Tax Advisory Services

Alabama 2024 Annual Report Changes

For corporate entities registered with the Alabama Secretary of State (ALSOS), beginning January 1, 2024, the ALSOS Corporation Annual Report is no longer reported with the Annual Business Privilege Tax

Considerations for the Employee Retention Credit

Created and introduced as part of the CARES Act in 2020, the Employee Retention Credit (Credit) was implemented to encourage employers to keep their employees on the payroll during the

Biden Signs the Inflation Reduction Act of 2022

Written by Drew Nicol, CPA On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the Act) into law. This $740 billion bill is aimed at fighting

IRS Dirty Dozen List and Other Audit Triggers

Earlier this year, the IRS released its 2022 Dirty Dozen, the top twelve scams or potentially abusive transactions that could trigger an audit. This list is not exclusive and is

Alabama to Phase Out Minimum Business Privilege Tax Beginning in 2023

By Ashley G. White, JD, CPA Governor Kay Ivey recently signed into law Act No. 2022-252, amending the law regarding the minimum business privilege tax to be paid by small

Newly Released Proposed Regulations Regarding Post-Death Distributions from Inherited IRAs and Retirement Plans

Written by Ashley G. White, JD, CPA The SECURE Act (the “Act”) became law effective January 1, 2020, and made significant changes to the rules regarding required minimum distributions (RMDs)

Package of Tax Provisions?

With the prospects of a comprehensive U.S. tax legislative package unlikely, one possible path for Congress is the consideration of smaller, more targeted pieces of legislation. One possibility of such targeted

Significant Amendment to the Alabama Accountability Act

Written by Steve Smith, JD, CPA On April 14th, Governor Ivey signed Senate Bill 261 (SB261) into law, raising the current cap on contributions under the Alabama Accountability Act (AAA).

2022 Alabama Unemployment Tax Rate Notices

What’s happening? The Alabama Department of Revenue has started releasing 2022 Tax Rate Notices. Alabama no longer mails paper copies of these notices, so employers who are subject to Alabama

K-2/K-3 Filing Requirements

By: Cooper Melvin, JD, CPA Taxpayers owning an interest in certain partnerships or S corporations may have noticed additional information in the Schedule K-1 package for 2021 regarding international tax

IRS “Report Card” Warns of a Challenging 2022 Filing Season for Taxpayers and Tax Professionals

By Steven N. Smith, CPA, JD The 2022 filing season will likely be a frustrating experience for both taxpayers and tax professionals. Individual returns can be submitted to the IRS

Taxation of Employees’ Personal Use of Company Vehicles Simplified by 2020 and 2021 IRS Regulations and Guidance

Under IRS general rules, all use of a company car is considered personal use unless the employee documents the business use of the car. Personal use of a company vehicle

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