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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 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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$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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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 Promotes the Great Outdoors with Proposed “Adventure Awaits” Sales Tax Holiday

CPA Practice

There are currently two annual sales tax holidays in Alabama: A severe weather preparedness tax-free weekend in February and a back-to-school tax-free weekend in July. A new tax holiday will join them starting in 2025 should House Bill 257 become law: The twice-yearly Alabama Adventure Awaits sales tax holiday.

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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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Guidance Provided for Overtime Pay Exempt from Alabama Income Tax

Dent Moses

In June, we reported that the Alabama Legislature passed HB217, which eliminates the 5% withholding tax on overtime from January 2024 through June 2025. Now, the Alabama Department of Revenue has published reporting guidance and FAQs. Click Here for the full details on the Alabama Department of Revenue website.

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