Category

Tax Planning
The IRS is explicitly providing the opportunity for non-compliant taxpayers who hold (or previously held) cryptocurrencies and failed to report them to the IRS to voluntarily come forward and avoid potential criminal prosecution. For practitioners in the business of assisting taxpayers with tax compliance, it’s déjà vu all over again. Previously, to ensure taxpayers fall...
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Capitol building along with the American flag flying in front of a blue, cloudless sky.
On September 13, 2021, the House Ways and Means Committee released their proposed tax legislation for action by the full House. The following are the major points from that legislation. This is all subject to change as it moves through the House. So, there is nothing written in stone yet. What the Bill Does NOT...
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A large lighted construction sign that reads "expect delays" in front of an office building.
Like the rest of the world in 2020, the Internal Revenue Service (“IRS”) was also forced to run at a restricted capacity due to the Coronavirus pandemic. This has a caused a strain on its ability to process tax returns and has created a backlog. A report released by the Taxpayer Advocate Service in June...
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When speaking to clients about ways to manage tax credits, we often have to answer this question: “Does the R&D Tax Credit apply to me?” It depends. And it really depends in the area of software development or engineering improvements. Companies can overlook thousands of dollars in unrealized credits at the federal and state level...
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On March 17, 2021 the Internal Revenue Service announced that the 2020 federal income tax filing due date for individuals will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days. What You Need to Know Until further notice, this is only relief...
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On December 27, 2020, President Trump signed a $900 billion COVID-19 relief bill that provides additional economic relief to individuals and businesses who have been financially impacted by the pandemic. The CARES Act, which was passed March of 2020, included a stimulus payment worth up to $1,200 for individuals or $2,400 for couples. The most...
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Government contracting has a very specific issue we have to address with regards to how research is funded, and it’s an added level of due diligence for anyone who has government contracting as a business component.   However, we’ve seen this due diligence missed in government contracting tax compliance, and it creates serious risks with claiming the R&D Tax Credit and...
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On October 1, 2020, the Alabama Department of Revenue (ADOR) officially alerted Alabama taxpayers of a new annual renewal requirement for certain ADOR-issued sales and use tax licensing. For the first time, Alabama taxpayers holding any of the following ADOR-issued licenses must renew that license between November 1, 2020 and December 31, 2020 — and annually thereafter....
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As our firm looks to assist individuals and business owners with 2020 year-end tax planning strategies, it would be shortsighted to ignore the potential tax impact from the upcoming presidential election.  The candidates have expressed starkly different positions on such issues as the COVID-19 pandemic, health care, the environment and taxes.  With the election only...
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As our Pensacola business community begins to assess the flooding-related damage from Hurricane Sally, the demand for available resources capable of providing capital, advice and disaster relief services has become a hot topic of discussion—and a source of some confusion and frustration. On the federal level, Florida Governor Ron DeSantis sent a letter to President...
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