Submitted by barryt on Fri, 05/25/2012 - 23:11
Thompson & McCarty, P.C. was organized in March of 1998. We are a continuation of Payroll and Business services which was founded in the late 1980's. We now operate offices in Cullman, Birmingham, and Gadsden, Alabama. We offer traditional accounting services but have discovered that our clients benefit tremendously from non traditional service offerings. Some of the services that we offer are Software support and services, business consulting and services.
Submitted by barryt on Fri, 05/25/2012 - 23:10
Submitted by barryt on Fri, 05/25/2012 - 23:09
We have seen several issues related to the new homebuyer's credit. The first problem that we experienced was legitimate credits denied without further substantial proof being submitted to the IRS. The main reason this happened was due to rampant fraudulent claims. The most recent issue is the systemic failure of the IRS to properly treat the $8,000 credit for those that purchased a home in early 2009. This credit did not have to be repaid but the IRS has many of these in the system as repayable credits.
Submitted by barryt on Fri, 05/25/2012 - 23:07
This is a pretty good Q&A in plain English of some of the provisions in the stimulus package. I am getting a lot of questions about the bill and this is the best information I have about the details at this time.
Submitted by barryt on Fri, 05/25/2012 - 23:06
We could tell you all day how great we are and it would just be us talking. What you are about to read is what our customers say about us. Our customers are happy. You will be too!
Submitted by barryt on Fri, 05/25/2012 - 23:05
I have come to expect that taxes will change virtually every year. 2012 is no different. I ran across a good article that summarized the changes in the Journal of Accountancy. So instead of writing my own article I decided to share the link with you. http://www.journalofaccountancy.com/Web/20114954.htm
Submitted by barryt on Fri, 05/25/2012 - 23:04
Alabama Department of Revenue
First Annual Sales Tax Holiday for Severe Weather Preparedness Items Set July 6 through July 8, 2012
The State Legislature passed and the Governor has signed Act No. 2012-256, creating an annual Severe Weather Preparedness Sales Tax Holiday by exempting certain “covered items” from the state sales and use tax during one weekend each year. The first Severe Weather Preparedness Sales Tax Holiday will be held July 6 through July 8, 2012, commencing at 12:01 a.m. on Friday, July 6, and ending at twelve midnight the following Sunday.
Submitted by barryt on Fri, 05/25/2012 - 23:03
Do you realize that similar to any other business a CPA is in business too. I have to make decisions about vendors just like any other business. What I learn from my business experiences is one way I gain information to share with my clients. Purchasing a web site is an area where I have learned some important things to share with you.
Submitted by barryt on Fri, 05/25/2012 - 14:30
A well kept mileage log is essential for maximizing your deductions and preparing your return to withstand the scrutiny of the IRS. Don't fool yourself and think that the Federal or State taxing authorities are never going to ask you for a mileage log. If they audit your return, and you do not have a mileage log, you will lose your deductions. If you think it will be easier to put a log together "IF NECESSARY" you are just kidding yourself. I have personally witnessed the horror from people faced with the need for a mileage log when they don't have one.
Submitted by barryt on Fri, 05/25/2012 - 14:28
There are many different reasons for choosing to Incorporate your business. The best reason is typcially liability protection for personal assets. I see and hear stories of all kinds of poorly formed and or operated corporate entities which do little to protect the owners when they need it. Here is a well written piece from a business associate and friend that has a very good feel for this issue. The bottom line is don't do it if you do not intend to maintain the correct form which means following processes that will limit th