June 16, 2017
With the signing of H.B. 46 by our new Governor Ivey, due dates for Alabama's business privilege tax returns were updated to match the federal due dates of returns that were changed last year. The main returns affected were c-corporations and partnerships, though entities that may have had to file privilege tax returns for for 1041s, 990s, and other types are also impacted.
As you recall, last year c-corporation 1120 tax returns had their tax filing deadline moved back from March 15 to April 15, while partnership 1065 tax returns were bumped up from April 15 to March 15.
Oddly, since Alabama's deadlines for business privilege tax returns weren't updated accordingly, there was a one-year disconnect between the due dates for privilege tax returns and their corresponding income tax returns. With this revision, that discrepancy has been fixed.
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This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
Alabama started requiring driver license info on their individual return filings a few years ago in an effort to reduce fraudulent filings. At first this was greeted with some complaints and raised eyebrows due to the additional data needed as well as privacy concerns. However, reports indicate that fraudulent tax refunds at the Alabama level have decreased. Between the time saved and increased security, this could be classified as a win for Alabama.
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats: