IRS Clarifies Timing of Disallowed Deduction of PPP Loan Expenses

Good Morning, The IRS previously issued guidance indicating that expenses used to qualify for a PPP loan that is forgiven are not deductible. Recently, the IRS and the Treasury Department have issued guidance in Revenue Ruling 2020-27 regarding the tax treatment of these expenses if the taxpayer’s PPP loan hasn’t been forgiven by the end of the tax year. The guidance indicates that if the taxpayer reasonably expects to receive forgiveness of the loan on the basis of the expenses paid or accrued during the Covered Period, those expenses may not be deducted, even if the taxpayer’s loan has not been forgiven, ...

Christy Holmes Joins RTBH as Office Operations Director

RTBH welcomes Christy to the team as our Office Operations Director. Christy moved from Virginia to Mobile in 2007 to attend the University of South Alabama. Before joining RTBH, Christy was the Office Manager for one of the first e-commerce businesses to sell air filters. With a tremendous attention to detail, dedication, and work ethic, she is an excellent asset to the RTBH team. View Bio

The State of Alabama Revives Plus COVID-19 Relief Grant Program Opens Monday, November 23, 2020

Good Morning, If your business incurred costs directly related to COVID-19 (such as Personal Protective Equipment) that have not already been reimbursed by Federal program funds, you may be eligible for a grant for up to $20,000. Please note that this grant program appears to have limited application. Application Period, Amount and Purpose of Funds Applications for grants up to $20,000 begin Monday, November 23, 2020 at noon and will be processed on a first-come, first-served basis through noon on December 4, 2020, or until funds are exhausted. Grant funding is to be used to prevent, prepare for, and respond to ...

Notice of Annual Renewal of Alabama Tax Licenses

Good Morning, The Alabama Department of Revenue recently announced that beginning November 1, 2020, taxpayers will be required to renew the State of Alabama Tax License annually. The annual license renewal applies to these tax types: Sales Tax Rental Tax Sellers Use Tax Lodgings Tax Utility Gross Receipts Tax Simplified Sellers Use Tax Renewals can be obtained on The My Alabama Taxes (MAT) website. Taxpayers will need to verify and/or update business information in order to generate a new license. This includes: Current legal name Owner/officer/member information Phone Number Social security number/FEIN Location addresses for each location Taxpayers will also need to ...

Alabama Department of Revenue Announces Tax Relief for Hurricane Sally Victims

Good Evening, The Alabama Department of Revenue has announced it is offering tax relief to Alabama taxpayers who reside or have a business in Baldwin, Escambia, or Mobile Counties and have been affected by damage caused by Hurricane Sally. The tax relief mirrors IRS measures previously announced for these areas. Filing extensions will be granted until January 15, 2021 for returns due on or after September 15, 2020 and before January 15, 2021. Taxpayers affected by Hurricane Sally may request penalty relief when the tax return is ultimately filed; however, the tax and interest amounts are required to be paid prior ...