News

The final regulations (PDF) for the business interest expense deduction limitation published in the Federal Register today. The final regulations vary slightly from the document released on IRS.gov on July 28, 2020.

Businesses have struggled for years to control and track the movement of data throughout the organization. The COVID-19 pandemic has further exacerbated this issue.

Vernon Barnett, Commissioner of the Alabama Department of Revenue, pursuant to the power granted to me under §40-2-11, Code of Alabama 1975, and Act 2019-164, Ala. Acts 2019, hereby declares that because there is a state of emergency resulting from Hurricane Laura, it is necessary to assist and expedite all efforts of relief.

Many Alabama families and businesses that received federal coronavirus relief funds will be taxed by the state if legislative action isn’t taken

On March 12, 2019, Governor Kay Ivey signed into law Act 2019-2, also known as the Rebuild Alabama Act (the “Act”). The Act was codified in Title 40, Chapter 17, Articles 12 and 12A. Pursuant to the provisions of the Act, the following fuel tax rate changes and filing requirements will take effect on October 1, 2020.

Navy SEAL persistence paid off in a fight against the Idaho State Tax Commission on the treatment of gain on the sale of interests in a pass-through entity.

Determining the jurisdiction where an employee owes state and local taxes has become complicated as work arrangements have changed drastically during the pandemic. In addition to owing income taxes in an employee’s state of residency, without specific relief, the employee may also owe income taxes in any jurisdiction where they may have worked.

The Treasury Department and the Internal Revenue Service today released updated state-by-state figures for Economic Impact Payments, with approximately 130 million individuals receiving payments worth more than $200 billion in the program's first four weeks.

Commissioner Barnett ordered the temporary suspension of the motor fuel exporter, importer, and transporter licensing requirements associated with the Alabama Terminal Excise Tax for exporters, importers, or transporters supporting disaster relief efforts by engaging in the export of motor fuel from Alabama to areas in other states impacted by severe weather.

Based on member feedback, the AICPA identified seven key areas in need of immediate relief and provided the latest developments to the 20 most frequently asked questions on tax filing and payment relief.