Announcements01-13-2012 The Alabama Department of Revenue announced an increase in the additional Alabama Small Business Health Insurance deduction. The deduction has been increased from 50% to 100% for tax years ending after December 31, 2010. Qualifying employers can deduct an additional 100% of the amount paid as health insurance premiums on qualifying employees in connection with an employer-provided health insurance plan. Qualifying employers have less than 25 employees. Qualified employees are Alabama residents who earn no more than $50,000 of wages and report no more than $75,000 in adjusted gross income. Income threshold is limited to $150,000, if married filing jointly. Sole proprietors claim this deduction on the Form Schedule C under “other expenses.” Pass-through-entities claim this deduction on the Alabama partnership return Schedule K. The amount is then distributed to the partners or shareholders on the Schedule K-1. 12-12-2011 The IRS released the standard mileage rates for use in 2012 (Notice 2012-1). The business use of an automobile remains at 55.5 cents per mile. The medical reimbursement decreased by a half-cent to 23 cents per mile and the charitable mileage rate is 14 cents per mile. 10-19-2011 The Social Security Administration announced Wednesday, October 19, 2011 that the 2012 social security wage base will be $110,000 up from $106,800. The 2012 FICA tax rate will be 7.65% for both employers and employees. Therefore, the Tax Relief Act which had previously lowered the social security tax rate by two percentage points to 4.20% will return to 6.20%, unless a bill is passed by Congress to prevent this. The social security wage base for self-employed individuals in 2012 will also be $110,000. The self-employment tax rate will be 15.3%. The shold for coverage under social security and Medicare for domestic employees will be $1,800 in 2012, up from $1,700 in 2011; the coverage threshold for election workers will be $1,500 in 2012, unchanged from 2011. 10-10-2011 Aldridge, Borden & Company P.C. recently announced the promotions of Jeremy K. Moreland, CPA, CVA and Cathy A. Mozingo, CPA, PFS to principal. Moreland practices in the firm’s attestation division and serves clients in a variety of industries, including wholesale and retail sales, construction, real estate, utilities, and various social services entities, with an emphasis on non-profit healthcare. Jeremy received his Bachelor’s degree and Masters of Business Administration from Auburn University Montgomery. Mozingo practices in the firm’s tax department and provides tax consulting and compliance services to individuals and closely held businesses. She has also developed a specialization in the area of personal financial planning with an emphasis on high net worth individuals. Cathy received her Bachelor’s degree and Master of Tax Accounting from the University of Alabama. The firm also announced promotions of Callis Cogle and Michael Shaw to manager and Katey Fuller, Matt Heilman, and Antony Ngichabe to senior staff accountant. 10-03-2011 Dave Borden has been awarded The Maury D. Smith Award for Excellence in Professional Ethics. The River Region Ethics in Business and Public Service Awards were presented Monday, October 3, 2011. These awards are a program of The Samaritan Counseling Center, Inc. in collaboration with Schools of Business and Sciences at Auburn University at Montgomery (AUM). The Samaritan Counseling Center provides mental health services, educational programming and consultative services to those in need in the River Region. The Center presents the River Region Ethics in Business and Public Service Awards in order to: • Foster a climate of ethical integrity in the community by recognizing ethical practices of businesses, organizations, and individuals • Promote awareness and education concerning ethical business and public service behavior • Heighten awareness regarding programs of The Samaritan Counseling Center • To fund scholarships for AUM business and public administration students Maury D. Smith served as a charter board member for The Samaritan Counseling Center from 1997 to 2008. He practiced law in Montgomery for 50 years in the areas of personal injury, eminent domain, criminal law, domestic relations and commercial litigation. He served as a member of the Board of Trustees of The University of Alabama, as well as the Alabama Department of Archives and History. He was a member of the First United Methodist Church of Montgomery, the Sons of the American Revolution and The Montgomery Kiwanis Club. He was also past President of the Montgomery Area Chamber of Commerce and Montgomery County Bar Association as well as numerous other civic and charitable organizations. Maury passed away on May 29, 2009 leaving a legacy of impeccable professional ethics and responsible citizenship through service to others in his community. For these reasons, the River Region Ethics in Business and Public Service individual award is named in his memory. 08-08-2011 Aldridge, Borden & Company is pleased to annouce that Jody Thrasher has joined the firm as a staff accountant. From 2000 through 2007, Jody was a non-commissioned officer in the U.S. Army and served an eight month tour in Baghdad. After returning to civilian life, Jody completed his Bachelors degree from Auburn Montgomery. While in school, Jody also participated in the Alabama Society of CPA's summer internship program. 07-14-2011 AB&Co is pleased to announce that Charles Solomon now serves on the Board of the Montgomery Humane Society. Also, Rebecca Baker. is now serving on the First United Methodist Church Early Childhood Development Center (ECDC) Board of Directors. 07-06-2011 Due to increased gas prices earlier this year, the IRS is increasing the standard mileage allowance for business vehicle usage from 51 cents to 55.5 cents per mile. There is also an increase in the medical and moving rate from 19 cents to 23.5 cents per mile. No change has been made to the charitable rate, which remains at 14 cents per mile. The new rate goes into effect as of July 1, 2011. The mileage rate for 2012 will be officially announced later this year. 10-18-2010 Harvey Farrior from Auburn Montgomery and Jody Thrasher from Auburn Montgomery will participate in the firm's 2011 tax season internship program beginning in January of 2011. 09-07-2010 08-09-2010 Aldridge, Borden recently announced promotions. Rebecca Baker has been promoted to tax manager and Robert Martin has been promoted to audit senior staff accountant. |
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