Effective January 1, 2024, the overtime pay exemption applies to various categories of employees, encompassing full-time hourly workers, both residents and non-residents and part-time or seasonal employees, even if their overtime pay is sporadic. The exemption is contingent on a standard 40-hour work week, regardless of daily working hours. Employers subject to Alabama tax withholding...Continue Reading
December 2023 — Anglin Reichmann Armstrong, P.C. announces the promotions of LeAnne Goode, Meg Hampton, Kavitha Hichkad and Andrew Labosier from Manager to Partner, joining the executive team effective January 1, 2024. LeAnne Goode, CPA, MBA serves in Anglin’s Audit and Assurance Department and focuses on reviews and audits of financial statements as well as...Continue Reading
By: Kathy Davis, CPA, Tax Advisory Services Manager, Anglin Reichmann Armstrong, P.C. Kathy Davis, CPA, originally wrote this article as a Voices column for Financial Planning magazine in September 2023. The Spousal Lifetime Access Trust (SLAT) has been an estate planning tool for many years, but it has gained popularity due to the pending sunset...Continue Reading
Jarot Scarbrough, Tax Manager, published an article in Business Alabama magazine about why business owners should review their sales and use tax strategy when doing business in Alabama. Complex tax laws and procedures make the process of tax remittance more difficult than in other states. There are also audit risks when operating in multiple zip...Continue Reading
August 2023 — To invest in the clients and communities of Central Florida, Anglin Reichmann Armstrong P.C. (Anglin) has merged in Adamson + Co, P.A., effective August 1, 2023. The combined firms will operate under the name Anglin Reichmann Armstrong and expand the firm’s presence in the U.S. Southeast region and nationally. This merger strengthens...Continue Reading
Published by the Alabama Society of CPAs Written by Adam Fekula July 1, 2023 As I reflect on the past several years, I feel blessed to be where I am today. I have the privilege of learning and growing alongside a world class team of professionals as a Staff Accountant for Anglin Reichmann Armstrong, PC...Continue Reading
Alabama passes a one-time, refundable income tax credit for qualified individual taxpayers. Effective June 1, 2023, Act 377 of 2023 (S86) provides qualified Alabama individual taxpayers with a one-time, refundable income tax credit. The credit amount is determined based on the taxpayer’s filing status for the 2021 tax year. Here are the specific amounts: Single,...Continue Reading
Evolve 2023 Attracts Record Attendees and Sponsors In its second year, the Evolve 2023 Growth Summit by Anglin Reichmann Armstrong has doubled in size, attracting government contracting and construction attendees as well as a record number of sponsors. Co-hosted by ABC of North Alabama and The Catalyst Center for Business Entrepreneurship, the event was held...Continue Reading
Your Incurred Cost Submission has been provided to DCAA and deemed adequate, now what? After determining the final indirect rates, the contractor must address their adjusting invoices. Adjusting invoices are a result of the difference between the final indirect rate burden calculated at the end of the year and the provisional (or target) indirect rate...Continue Reading
By: Brandon Smith, CPA In my last article, I talked about how being the managing partner of a public accounting and advisory firm wasn’t exactly my dream. I didn’t fit the old suit-and-tie model, but I did like fresh ideas, technology and people. It turns out that these interests are far more important than how...Continue Reading
