Blog Masonry

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, ...

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

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 ...

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 ...

Good Morning, The IRS has announced that victims of Hurricane Sally now have until January 15, 2021, to file various individual and business returns and make tax payments. Individuals and households who reside or have a business in Baldwin, Escambia, and Mobile Counties in Alabama will qualify for this relief. Any localities subsequently added to the disaster declaration will also receive the same relief. The declaration includes deadlines falling on or after September 14, 2020, and before January 15, 2021, and includes individual and business tax filers that had valid extensions until October 15, 2020, to file their 2019 returns. ...

Good Morning, We sure hope you and your family weathered Hurricane Sally with minimal damage to your property and that you remain safe from any physical harm during this recovery phase. With the extent of damage sustained in our area, many of you may have questions about losses incurred on your property due to the storm. Personal casualty losses of individuals are potentially deductible if attributable to a federally declared disaster. FEMA has announced that due to Hurricane Sally, a major disaster exists in Baldwin, Escambia, and Mobile counties in Alabama. Counties in Florida have not yet been declared. For ...

We are actively seeking an experienced accountant for a permanent full-time position, and we would like to hear from you.  Below please find our job description.  Email us at info@rtbh.com to send your resume and to apply. Responsibilities and Opportunities: Preparation and review tax returns Participate in compilation, review and audit engagements Financial statement preparation Assist with special projects and consulting engagements Exposure to a wide variety of businesses and organizations across many industries Opportunity to work closely with Managers and Partners along with Clients Minimal travel, if any Advancement is available based on performance Minimum Requirements: Bachelor’s degree CPA ...

Good Afternoon, Recently, President Trump issued a Memorandum (click here) for the Secretary of the Treasury ordering a deferral of payroll tax obligations in light of the ongoing COVID-19 Disaster. The Memorandum calls for a deferral of an employee’s share of Social Security taxes (6.2% of wages up to $137,700) on wages below $4,000 per biweekly payroll (the annual equivalent of $104,000). The deferral does not apply to the employee’s share of Medicare taxes (1.45% of wages), Additional Medicare taxes (0.9% of wages over certain thresholds), Income tax withholdings, nor does it apply to the employer’s matching Payroll taxes. The deferral will be ...

The Partners of RTBH are pleased to announce the promotion of Morgan McDaniel, CPA to Senior Accountant. Morgan is a 2017 graduate of the University of South Alabama. She holds a Bachelor of Science in Business Administration with a concentration in accounting. While she has a wide range of practice areas including both tax and audit work, Morgan’s unique focuses include insurance companies and physicians groups. View Bio