The Internal Revenue Service (IRS) has announced an adjustment to the optional standard mileage rates for 2025. Effective January 1, 2025, the rates for using a car, van, pickup, or panel truck are as follows: Business Use: 70 cents per mile (an increase of 3 cents from 2024) Medical Purposes: 21 cents per mile (unchanged from 2024)...Continue Reading
It’s the most wonderful time of the year…for tax planning. To make your life simpler, we have attached two tax planning letters. One summarizes 2024 tax issues for individuals and the other shares 2024 tax issues for small business owners. When you open and scan these letters (it’s ok, we all do it!), please pay...Continue Reading
Evolve 2024 Construction Summit Overview The Evolve 2024 Construction Summit by Anglin Reichmann Armstrong had a strong showing of attendees in Huntsville, September 12, 2024. Approximately 70 construction leaders and professionals joined the Anglin team and our event sponsors for a full day of education and networking. We convened at the Huntsville Space & Rocket...Continue Reading
What You Need to Know Entities registered in Alabama must be aware of recent changes to the annual report filing process. This article provides a concise overview of the previous requirements, details the amendments made, explains the updated filing process, and offers tips for a successful submission. Previous Annual Report Requirements Previously, all entity types...Continue Reading
The end of the year is often an optimal time for tax planning, but you must be careful to avoid potential pitfalls along the way. Notably, any year-end tax strategies you implement should take all the latest tax developments into account. In particular, Congress has enacted significant tax legislation in recent years, beginning with the...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
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
