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
What if changing to a CPA advisory firm focused on proactive tax planning could save you thousands of dollars in taxes and help you make better financial decisions? Most accountants do a fine job of filing tax returns, getting the right numbers in the right boxes on the right forms. But then they call it...Continue Reading
In this comprehensive guide, you will read about the latest insights, strategies, and expert advice to help you navigate the ever-changing tax landscape and make informed decisions for the remainder of the year. Discover key tax planning opportunities tailored to your specific needs and objectives. We understand that effective tax planning is vital to your...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
By: Christopher D. Cook, CPA The Inflation Reduction Act (IRA) allocated $45.6 billion to the IRS specifically for tax enforcement activities that would include hiring more enforcement agents, providing legal support and investing in “investigative technology.” That is an enforcement funding increase of 69% relative to prior projections, according to the Congressional Research Service. While...Continue Reading
As another tumultuous year draws to a close, both individuals and small business owners are advised to assess their current tax situation with an eye on maximizing available tax breaks and avoiding potential tax pitfalls. Planning should be based on the latest laws of the land. Just look at the significant legislation enacted in recent...Continue Reading
Maximize Your Estate and Gift Exclusions Before 2025 In 2022 the Internal Revenue Service maintains a $12.06 million gift and estate exemption as part of the Tax Cuts and Jobs Act of 2017, meaning that you can leave up to $12.06 million to a spouse automatically after death without your spouse incurring a federal estate...Continue Reading
On August 25, 2022, Anglin Reichmann Armstrong and PTAC Florida hosted a government contracting growth summit called “Evolve.” This event aimed to connect small, medium, and large companies to discuss government contracting opportunities through networking and educational presentations. The event was held at the Hilton Garden Inn in Ft. Walton Beach, FL. Our 2022 Evolve...Continue Reading
