Important Dates to Keep In Mind March 3/16/20 – Due date for calendar year Partnership (1065) and S-Corporation (1120S). 3/16/20 – File form 2556 to elect to be treated as an S corp beginning with calendar year 2020. April 4/15/20 – FBAR FinCEN Form 114 Report of Foreign Bank and…
We are monitoring developments in the U.S. Congress regarding an emergency relief stimulus package that includes individual taxpayers and businesses. Today, we received a briefing that laid out some key provisions, but bear in mind that the U.S. House still needs to pass the bill, currently known as the Coronavirus…
The Families First Coronavirus Response Act (FFCRA) is slated to take effect April 1, 2020. We know that it leaves affected employers with many questions regarding their responsibilities to provide paid family and sick leave to employees impacted by COVID-19. Our team at Anglin Reichmann Armstrong has summarized some of…
On March 20th the IRS issued Release IR 2020-57 announcing that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small…
As coronavirus (COVID-19) continues to spread, rattling financial markets, forcing the closures of businesses and schools, and canceling major public events across the country, the Trump Administration and Congress began taking steps to mitigate the impact on Americans. On March 13, 2020, President Trump declared a national emergency, which frees up $50 billion…
Treasury Releases Final Written Guidance on Tax Relief The due date for making Federal income tax payments due April 15, 2020 is postponed to July 15, 2020. The amount which can be postponed without penalty and interest is $1 million for an individual (whether married or single), trust or estate income…
Business owners may get nervous about having to file for a tax return extension, but it does have some benefits. This article discusses common cases where extensions are recommended and can be helpful to the business owner — even if they still have to pay estimated taxes by the April…
Joint hosts, Unanet and Anglin CPA, invite you to the 3rd Annual Huntsville GovCon Growth Summit on Wednesday, March 11th, at the beautiful Jackson Center in Research Park. The day will kick off with a keynote presentation by Col. Kelsey Smith. The U.S. Army garrison commander will review 2019 developments…
As we embark upon this new year which is complete with new deadlines and agendas it is imperative that the Department of Labor (DOL) New Overtime Rules are part of the new year planning and evaluation. The final rule which is effective as of January 1,2020 includes an increase in…
Among just 90 U.S. firms named to both lists, Anglin Reichmann Armstrong is starting the New Year right with a national Top Firm ranking through Forbes. In a U.S. survey vetted through a market research firm, Anglin joined 227 large and small firms as “the most recommended firms for tax and…
Anglin is proud to announce the promotion of Kathy Davis, CPA, to Manager of the Tax Advisory Services group in our Pensacola office. This is a well-deserved accomplishment. Kathy is a member of the Northwest Florida Estate Planning Council and currently in the Leadership Pensacola (LeaP) program with the Pensacola…
As part of an appropriations measure, Congress passed a flurry of new tax legislation at the end of 2019. These new rules may have an impact on 2019 tax returns to be filed in 2020. Notably, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” extends through 2020 several…
The Tax Cuts and Jobs Act of 2017 (TCJA) has had a profound impact on how depreciation of qualified property can be expensed. There are some very strict factors that apply when determining eligibility of qualified property. It is important to consult with an advisor who understands these rules and…
There are many different versions and uses for Form 1099, but all serve the same broad purpose — to provide information to the IRS about non-employment related income. It is the responsibility of the organization paying this income to send one copy to the taxpayer and one to the IRS….
Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017— and pinpointing the optimal strategies. This monumental tax legislation includes a myriad of provisions affecting…
Anglin is excited to be one of 5 firms participating in the George Willie Scholarship and Internship program. We look forward to welcoming our intern, Camara Strong, in January. The American Institute of CPAs has announced the recipients of the inaugural George Willie Ethnically Diverse Student Scholarship and Internship Program….
Many business owners only consider the value of their company when they begin planning their exit strategy, but by then it may be too late to significantly impact value in a positive way. There are also many circumstances that could require an owner to sell or transition the business sooner…
Legal and Accounting Perspectives In an ever-growing competitive environment, companies are looking for aggressive advantages. Often proposal strategies will require working with other companies to combine past performance, expertise and customer relationships. There are many opportunities when working with another company such as teaming agreements, joint ventures, and subcontract arrangements. …
The US Financial Accounting Standards Board (FASB) new lease accounting standards has brought about many questions for companies that outsource production or logistics, including manufacturers and distributors. Here are some of the key considerations in evaluating supply arrangements to identify any contractual relationships. These relationships can impact bookkeeping and financial…
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