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Lisa Albritton

Recent Posts

Wayfair Revisited - It's Time to Review Your Sales Tax Obligations

Posted by Lisa Albritton on Jan 03, 2020

In its 2018 decision in South Dakota v. Wayfair, the U.S. Supreme Court upheld South Dakota’s “economic nexus” statute, expanding the power of states to collect sales tax from remote sellers. Today, nearly every state with a sales tax has enacted a similar law, so if your company does business across state lines, it’s a good idea to reexamine your sales tax obligations.

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Posted in Business Tax

Accrual-Based Businesses: 5 Ways to Reduce Your 2019 Taxes

Posted by Lisa Albritton on Nov 18, 2019

There may still be opportunities to reduce your company’s 2019 tax bill.

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Posted in Business Tax

The Chances of an IRS Audit Are Low, but Business Owners Should Be Prepared

Posted by Lisa Albritton on Oct 02, 2019

Many business owners ask: How can I avoid an IRS audit? The good news is that the odds against being audited are in your favor. In the fiscal year 2018, the IRS audited approximately 0.6% of individuals. Businesses, large corporations, and high-income individuals are more likely to be audited but, overall, audit rates are historically low.

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Posted in Business Tax

Businesses Can Utilize the Same Information IRS Auditors Use to Examine Tax Returns

Posted by Lisa Albritton on Jul 22, 2019

The IRS uses Audit Techniques Guides (ATGs) to help IRS examiners get ready for audits. Your business can use the same guides to gain insight into what the IRS is looking for in terms of compliance with tax laws and regulations.

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Posted in Business Tax

Back to School Sales Tax Holiday Weekend 2019

Posted by Lisa Albritton on Jul 11, 2019

Alabama's 14th annual sales tax holiday for back-to-school items will be Friday, July 19, 2019, through Sunday, July 21, 2019.

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Posted in Alerts

Personal Property Tax Compliance: Eight Frequently Missed Issues That Can Lead to Overpayments

Posted by Lisa Albritton on May 14, 2019

Understanding and adhering to the multitude of personal property tax compliance obligations throughout the thousands of jurisdictions that assess personal property taxes can be administratively burdensome. A company’s personal property tax liabilities can be impacted if a company is not equipped to navigate the differing rules and opportunities in the jurisdictions in which its personal property is located. The following summarizes the most often overlooked items that result in overpayments of personal property taxes by any organization.

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Posted in Business Tax

Can I Add Personal Days to a Business Trip and Deduct My Travel Expenses?

Posted by Lisa Albritton on Apr 24, 2019

Tacking vacation days onto a deductible business trip.

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Posted in Business Tax

IRS Waives Penalties for Many Taxpayers Whose 2018 Withholdings Was Not Enough.

Posted by Lisa Albritton on Mar 21, 2019

The Tax Cuts and Jobs Act (TCJA) brought with it many tax changes for 2018. Those changes left many taxpayers unaware of the caps on state and local tax deductions, the elimination of reimbursed job expenses and the suspension of dependency exemptions, just to name a few. To add to the mix, after Congress passed the law, new withholding tables were not available to employers until mid-January and some did not see the switch in withholding until mid-February. Based on all of these changes, taxpayers are finding themselves below the 90% threshold and therefore would have to pay a penalty. 

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Posted in Individual Tax

There's a Better Way to Raise College Funds

Posted by Lisa Albritton on Feb 22, 2019

Advantages of 529 education savings plans.

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Posted in Individual Tax

Paper or Plastic?

Posted by Lisa Albritton on Jan 25, 2019

 
 What percentage of Americans used only credit and debit cards in the last week?

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Posted in Individuals

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