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Millennials are everywhere. As the largest generation of Americans ever, they seem to be changing every aspect of our society. They’re influencing marketing trends, technological advancements, politics, travel, food — there’s little that isn’t affected by this generation’s unique way of doing things.
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Alabama’s 14th annual sales tax holiday for school-related items begins at 12:01 a.m. Friday, July 19, 2019, and ends at midnight Sunday, July 21, 2019, giving shoppers the opportunity to purchase certain school supplies, computers, books and clothing free of the state’s four percent sales or use tax. Cities and counties must notify the state that they will participate in the 2019 holiday by June 21.
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It’s important to revisit your tax withholding, especially if major changes from the Tax Cuts and Jobs Act affected the size of your refund this year. Even if you did a Paycheck Checkup last year, you should do it again to account for differences from TCJA or life changes. A Paycheck Checkup can help you see if you’re withholding the right amount of tax from your paycheck. Too little could mean an unexpected tax bill or penalty.
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Technological innovation is changing the services CPAs provide and how they provide them. As the knowledge and skills CPAs need evolve, NASBA and the AICPA are exploring if CPA licensure should evolve too.
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All taxpayers should check their withholding – also known as doing a Paycheck Checkup – as soon as possible. They should do a checkup even if they did one last year.
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WASHINGTON — As part of its ongoing efforts to protect taxpayers from identity thieves, the Internal Revenue Service today announced it will stop its tax transcript faxing service in June and will amend the Form 4506 series to end third-party mailing of tax returns and transcripts in July.
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The Young CPA Cabinet is looking for talented leaders committed to impacting our profession. Please consider applying for a seat on the Cabinet beginning with an August 23 meeting at the ASCPA office. The deadline for application is June 21. Please email Amanda Freeman at afreeman@ascpa.org with any questions.