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State CPA Societies in Action: Alabama Society of CPAs

CPA Practice

The Alabama Society of CPAs was formed in 1919 and adopted its recent bylaws on June 25, 1975, with the last revision completed on March 1, 2018. The Alabama Society of CPAs like many other societies, has been impacted by the Covid-19 pandemic. The ASCPA also has an educational foundation.

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Alabama Amends Alabama Accountability Act – Increased Alabama Income Tax Credit Available

Dent Moses

Effective in 2022, an Alabama taxpayer may claim up to 100% of the individual’s Alabama tax liability for contributions made to an SGO, not to exceed $100,000 per year. Prior to the 2022 amendment, the credit was limited to 50% of the taxpayer’s Alabama tax liability with a cap of $50,000. Why is this beneficial?

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Alabama Overtime Tax Law: Tax Break for Employees, Required Reporting for Employers

Patriot Software

Understand the new Alabama overtime tax law that exempts employees' overtime earnings from state income tax. Get the details and reporting requirements for businesses. Read More

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Alabama Business Privilege Tax Changes for 2024 

Dent Moses

Alabama House Bill 391 reduced the minimum state business privilege tax in 2023 from $100 to $50. for each $1,000 of net worth in Alabama. The change is expected to save Alabama businesses $23 million. The post Alabama Business Privilege Tax Changes for 2024 appeared first on Dent Moses, LLP. The rates range from $.25

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$1 Billion in Unclaimed Property Held by the Alabama Treasury

Dent Moses

We run this post periodically, and each time, several people report finding funds held by the State of Alabama. Each year, unclaimed or abandoned assets are turned over to Alabama Unclaimed Property by financial institutions and businesses that lose contact with the owners. In 2023, Alabama returned $50.7

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State Tax Credits in Alabama and Mississippi: New and Expanded Investment Opportunities

Cherry Bekaert

Alabama and Mississippi are two of the latest states to create new state tax credits and extend existing state tax credits. Alabama Extends and Expands Incentives Programs, and Enacts Tax Credit Opportunities The Alabama Jobs Act (AJA) provides a 1.5%

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Alabama Sales Tax Reform for Small Businesses

Dent Moses

The Alabama Department of Revenue will send a letter to those impacted. Click here to see the Alabama Department of Revenue Notice: ADOR sales tax change 10.01.23 Click here for a complete copy of the bill: Alabama Bill HB77 – sales tax The post Alabama Sales Tax Reform for Small Businesses appeared first on Dent Moses, LLP.

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