News

The Alabama Department of Revenue is providing relief from late-filing penalties for certain corporate taxpayers who are encountering difficulties meeting October state filing deadlines while trying to also file their federal returns by the October federal deadline. Adding to this challenge is the complexity associated with the continued implementation of the Tax Cuts and Jobs Act. 

The annual wholesale oil license fee return is due on October 15, 2019 for the periods of October 1, 2018 through September 30, 2019. If your company was issued a Supplier License, Permissive Supplier License, or an Importer License by the department, then the return must be submitted. The wholesale oil license fee return (B&L:MFT-WOLF) can be viewed on the department’s website at https://revenue.alabama.gov/forms/.

Legislation in states around the country could put CPA licensure in danger. This episode examines what practitioners need to know to help ensure the profession is protected. Guests are Skip Braziel, vice president–State Regulatory & Legislative Affairs at the AICPA, and Jennifer B. Briggs, president and CEO of the Indiana CPA Society.

The Internal Revenue Service and its Security Summit partners today warned taxpayers and tax professionals about a new IRS impersonation scam campaign spreading nationally on email. Remember: the IRS does not send unsolicited emails and never emails taxpayers about the status of refunds.

The Alabama Department of Revenue encourages eligible online sellers and marketplace facilitators that are subject to a collection requirement to register for the state’s Simplified Sellers Use Tax (SSUT) remittance program by Oct. 1, 2019. Doing so will relieve such sellers from the obligation of certain tax liability for the previous year.

The Internal Revenue Service today launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier for everyone to have the right amount of tax withheld during the year.

This episode addresses how and why CPA licensure requirements might evolve as a result of the technological revolution that’s transforming the accounting profession. The episode’s guest is Carl Mayes, the associate director for CPA Quality and Evolution at the AICPA.

Suffice to say, it’s not been a good week for the 5th largest U.S. credit card issuer. This week, Capital One was hacked in what’s being called one of the largest data breaches in history. A lone hacker gained access to more than 100 million American and Canadian customer accounts and credit card applications. The data theft exposed 140,000 social security numbers, 1 million Canadian Social Insurance numbers and 80,000 bank account numbers, among customers’ other personal data. Capital One estimates the breach will cost them between $100M and $150M in 2019 on customer notifications, credit monitoring, technology costs and legal support. And this does not include potential reputational damage or political and regulatory actions, including possible penalties. Capital One’s stock also plummeted 6% overnight.

The coming of summer means longer, lazier days filled with outdoor fun. But once we’ve packed away the thick wool and sleek leather jackets that defined our winter existence, we’re often faced with an unpleasant truth: months of indoor living have left us feeling unprepared for outdoor activities like beach volleyball and surfing. And many times, a long winter may have left your firm a little out of shape, too.