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Alabama: Income Tax Reform Enacted

Posted by Michael D. Machen, CPA, CVA on Feb 23, 2021

On February 12, 2021, Alabama enacted HB 170 / Act # 2021-1. The new law makes several important changes to Alabama income taxes, including the following: formalizing the state’s treatment of Paycheck Protection Program (PPP) loans and related expenses in line with the governor’s prior proclamation, adopting a single-sales factor apportionment formula, addressing federal tax reform provisions that had caused issues for Alabama taxpayers and adopting an elective pass-through entity (PTE) tax regime similar to other states. The income tax reform is a mixed bag that will impact a wide range of Alabama taxpayers.

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Posted in Business Tax

Reporting Restricted Cash

Posted by Melissa Motley, CPA on Feb 22, 2021

Your company’s financial statements should be transparent about any restrictions on cash. Are your reporting practices in compliance with the current accounting guidance?

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Posted in Audit & Assurance

Should My Distressed Company Consider a Debt Restructuring?

Posted by Marty Williams, CPA on Feb 19, 2021

Many businesses have experienced severe cash flow problems during the COVID-19 pandemic. As a result, some may have delayed or missed loan payments. Instead of filing for bankruptcy in court, delinquent debtors may reach out to lenders about restructuring their loans.

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Posted in Business Advisory

What Are the Tax Implications of Buying or Selling a Business?

Posted by Michael D. Machen, CPA, CVA on Feb 18, 2021

Merger and acquisition activity in many industries slowed during 2020 due to COVID-19. But analysts expect it to improve in 2021 as the country comes out of the pandemic. If you are considering buying or selling another business, it’s important to understand the tax implications.

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Posted in Business Advisory

Miscellaneous and Disaster Relief Tax Provisions

Posted by Nick Wheeler, CPA on Feb 12, 2021

In late December, Congress passed the Consolidated Appropriations Act, which provided COVID-19 relief provisions and included many tax provisions and extenders. The Act contained many COVID-related tax provisions and a slew of extenders ranging from one year to permanent. This article will focus on the miscellaneous tax and disaster relief provisions, which are more applicable to most taxpayers.

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Posted in Tax Planning

Why You Need a Payroll Continuity Plan

Posted by Amber Malik on Feb 11, 2021

Payroll is a mission-critical function — one that must be done even amid disasters or emergencies, such as:

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Posted in Payroll, HR & Benefits

Student Loan COVID-19 Relief

Posted by Joe Janning on Feb 10, 2021

On January 20, 2021, the COVID-19 emergency relief measures were extended on all federal student loans owned by the U. S. Department of Education (ED) through at least September 30, 2021.

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Posted in Retirement & Wealth Management Planning

Many Tax Amounts Affecting Businesses Have Increased For 2021

Posted by Lesley L. Price, CPA on Feb 08, 2021

A number of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2021. Some stayed the same due to low inflation. And the deduction for business meals has doubled for this year after a new law was enacted at the end of 2020. Here’s a rundown of those that may be important to you and your business.

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Posted in Business Tax

"No Surprises Act" Protects Patients From Unexpected Medical Costs

Posted by Jessica L. Pagan, CPA on Feb 05, 2021

According to research, millions of Americans receive a surprise medical bill each year, most often as a result of emergency room visits where out-of-network providers perform services at an in-network facility. While the average surprise bill is roughly $600, bills can reach into the tens of thousands. In fact, a COVID-19 patient received a surprise air ambulance bill that was over $52,000.

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Posted in Individual Tax

Accounting for Property, Plant and Equipment

Posted by Melissa Motley, CPA on Jan 26, 2021

Businesses and not-for-profit entities capitalize machines, furniture, buildings, and other property, plant, and equipment (PPE) assets on their balance sheets. Here’s a refresher on some common questions about how to properly report these long-lived assets under U.S. Generally Accepted Accounting Principles (GAAP).

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Posted in Audit & Assurance

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