Monthly Archives: February 2012

The importance of successful family businesses to the US economy

By |2015-06-05T19:11:34+00:00February 24th, 2012|Accounting & Auditing, Corporate & Partnership Tax, Individual Tax, News & Events|

Family businesses are different from closely-held businesses in that the two or more family members own more than 15% of the equity of the business, family members are employed or manage the business, and the intent of the members is to retain ownership. Per the Family Enterprise USA in 2011, there are 5.5 million family [...]

IRS Issues New SIFL Rates

By |2015-06-05T19:11:35+00:00February 21st, 2012|Construction, Corporate & Partnership Tax, International, Manufacturing, Oil & Gas, Payroll & Bookkeeping|

IRS has made available the new Standard Industry Fare Level (SIFL) rates for the first half of 2012 (January 1 through June 30).  The SIFL formula is used in certain instances to determine the value of a noncommercial flight for employment tax purposes. The terminal charge has increased to $44.88 (previously, $43.79). The rate for the first [...]

Have you or are you going to hire a veteran?

By |2015-06-05T19:11:35+00:00February 15th, 2012|Corporate & Partnership Tax, Individual Tax, Payroll & Bookkeeping|

There is a new Veterans Tax Credit which was included in the The VOW to Hire Heroes Act of 2011 (enacted 11/21/11) expanded the Work Opportunity Tax Credit (WOTC), for businesses that hire eligible unemployed veterans on or before 12/31/12. The credit maximum is $9,600 per veteran for for-profit businesses depending on the length of [...]

Landowners Protection Act Hopes to Open More Hunting Land in Alabama

By |2015-06-05T19:11:35+00:00February 15th, 2012|Individual Tax, News & Events, Timber|

As we roll out of deer season and into turkey season we are reminded of the passage of  Alabama Senate Bill 84.  Senator Gerald Allen (R-Cottondale) sponsored this bill and it was signed into law last year by Governor Bentley.  This important piece of legislation will hopefully pave the way for many more tracts of land in Alabama to be [...]

IRS Launches the IRS2GO App for iPhone, Android

By |2015-06-05T19:12:05+00:00February 8th, 2012|Corporate & Partnership Tax, Individual Tax, News & Events, Technology|

Taxpayers can check refunds, get tax information WASHINGTON — The Internal Revenue Service today unveiled IRS2Go, its first smartphone application that lets taxpayers check on their status of their tax refund and obtain helpful tax information. "This new smart phone app reflects our commitment to modernizing the agency and engaging taxpayers where they want when [...]

Most recent disaster victims in Alabama qualify for tax relief

By |2015-06-05T19:12:05+00:00February 8th, 2012|Corporate & Partnership Tax, Individual Tax|

The IRS has announced on its website that victims of the severe storms, tornadoes, straight-line winds and flooding in counties of Alabama that are designated as federal disaster areas qualifying for individual assistance have more time to make tax payments and file returns. Certain other time-sensitive acts also are postponed. This article summarizes the relief [...]

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