News

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.

Update on Federal and State Tax Responses to COVID-19 Pandemic - Federal Tax Alert from Bradley Law

Governor Kay Ivey and the Alabama Department of Revenue announced today that the state income tax filing due date is extended from April 15, 2020, to July 15, 2020.

On March 23, 2020, Governor Ivey issued an emergency order (Order) pursuant to § 31-9-6(11), Code of Alabama 1975, delegating to the Commissioner of Revenue the authority to postpone the April 15, 2020, due date for the payment of the following state taxes until July 15, 2020, for any person affected by the COVID-19 pandemic: Individual Income Tax, Corporate Income Tax, Financial Institution Excise Tax, and Business Privilege Tax.

Tax relief provided by state and local tax and revenue departments in response to the novel coronavirus (COVID-19) is discussed.

The Alabama Legislature was stymied last year over proposals to decouple from or conform with various provisions of the Tax Cuts and Jobs Act of 2017 (TCJA). As a compromise, the Legislature formed a Joint Legislative Task Force pursuant to Senate Joint Resolution 87 (Alabama Act 2019-339) to study these issues. After extensive deliberation and research, as well as discussions with Alabama Department of Revenue and Department of Commerce officials, industry and tax professionals, the task force delivered its final report to the Legislature on February 18.

SALT Tele-townhall with Bruce Ely and Brian Robbins—the latest news on donating to worthy scholarship-granting organizations (SGO’s) in Alabama while also achieving both federal and state tax benefits.