News from JamisonMoneyFarmer


About JMF      News & Events      Client Portal

Alabama Tax Amnesty Program starts Thursday!

Kim SmithBy: Kim Smith, CPA, Tax Shareholder 

If you or your business have qualified delinquent taxes or returns due to the Alabama Department of Revenue, you may qualify for the Tax Amnesty Program, which has substantial interest and penalty savings.  The application period for the Amnesty Program will be open from June 30 and will run through August 30, 2016
You may qualify as an eligible taxpayer if you have not been contacted by the Department within the last five years, do not have an outstanding debt with the Department, have not been scheduled for an audit, are not currently under investigation, and have not entered in to a Voluntary Disclosure Agreement with the Department before June 30, 2016.
A taxpayer who enters the program will receive a waiver of half (50%) of the interest and ALL of the penalties associated with the eligible taxes.  There will be a three-year look back period and the returns and payments are due within 90 days of approval.  The three-year look back does not apply to taxes collected and held in trust.  For example, if a business collected sales taxes from a customer from 2005 and did not remit them to the state of Alabama, those taxes would still be due to the Department under the Amnesty Program.  Payments for taxes due are required to be certified funds and no installment agreements are permitted.
Most taxes administered by the Revenue Department, with the exception of motor fuel taxes, are eligible for the program.  This includes corporate and individual income, business privilege, excise, consumers use, sellers use, withholding and sales taxes.   
This may be an excellent time to clear up any delinquent state tax issues you or your business may have.  If you would like assistance with the Amnesty Program or have any questions regarding possible outstanding liabilities, please contact your JMF tax professional or visit the Amnesty Program web site at

Timely Points of Particular Interest 

IRS Is Hiring — Due to budget cuts and strains on resources, IRS examinations have been going down in recent years, hitting a low of 0.84% last year. But IRS Commissioner John Koskinen recently announced that the agency found enough money in the budget to hire as many as 700 new staffers. Most of the new hires are expected to be conducting audits or coordinating audit efforts with other agents.
Hair-Raising Experience — Generally, if you engage in an activity as a hobby rather than a business, your deductions are limited to the amount of income from the hobby. However, if the activity is a business, you can deduct a loss. A taxpayer in a new case convinced the Tax Court that her hair-braiding salon was a business, although she was assessed an accuracy-related penalty for inadequate records.

Wealth Advice, Retirement & Estate Planning

The largest US banks now have to pass the Federal Reserve's annual financial stress test. How do you think your own finances would hold up?

Check out these five tests: Can you pass the financial stress test?

Ten Ways to Get Ready for Retirement after Age 50

Five Crucial Years for Your Retirement
Tax Planning Tip of the Week
Five Big Tax Penalties to Avoid 
What's New from the IRS?
The IRS will not contact you via email
What's New from the Courts?
US citizens who owe the tax man might soon be barred from flying out of the country
It Bears Repeating
Big Benefits of Buy-Sell Agreements

Recent News

If you own a business, you need to be looking at the new overtime rules

is your exempt employee REALLY exempt from overtime?

New overtime rules go into effect this year.  Read More from the JMF Blog.




Contact Us

Tuscaloosa Office
2200 Jack Warner Pkwy.

Suite 300
Tuscaloosa, AL 35401

Birmingham Office
420 20th Street North
Suite 2250
Birmingham, AL 35203


Selma Office
798 Highland Avenue
Selma, AL 36701


 website click photo 3 

Send us an email


fb     in     twitter

2012 CPAI logo-small

The technical information in this newsletter is necessarily brief. No final conclusion on these topics should be drawn without further review and consultation.



Click to view this email in a browser

If you no longer wish to receive these emails, please reply to this message with "Unsubscribe" in the subject line or simply click on the following link: Unsubscribe

Click here to forward this email to a friend

2200 Jack Warner Parkway, Ste 300
Tuscaloosa, Alabama 35401

Read the VerticalResponse marketing policy.

Try Email Marketing with VerticalResponse!