In 2021, the Alabama Legislature unanimously enacted an elective pass-through entity tax (PTE Tax) as a workaround to the so-called “SALT Cap,” which was part of the Tax Cuts and Jobs Act of 2017. The Alabama Electing...more
7/12/2023
/ Alabama ,
Department of Revenue ,
Income Taxes ,
IRS ,
Pass-Through Entities ,
PTEs ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Returns
Readers may recall that the Alabama Legislature unanimously enacted an elective pass-through entity tax (PTE Tax) last year as a workaround to the so-called “SALT Cap,” which was part of the Tax Cuts and Jobs Act of 2017. The...more
6/27/2022
/ Alabama ,
Income Taxes ,
IRS ,
Local Taxes ,
Pass-Through Entities ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Returns
Earlier this year, Alabama became one of 19 or so states to enact a pass-through entity tax as a workaround to the so-called "SALT Cap" enacted as part of the Tax Cuts and Jobs Act of 2017, which limits the deductibility of...more
11/15/2021
/ Alabama ,
Department of Revenue ,
Income Taxes ,
IRS ,
Local Taxes ,
Pass-Through Entities ,
SALT ,
State and Local Government ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Deductions ,
Tax Returns ,
U.S. Treasury
Earlier this year, Alabama became one of 19 or so states to enact a pass-through entity tax as a workaround to the so-called “SALT Cap” enacted as part of the Tax Cuts and Jobs Act of 2017 that limits the deductibility of...more
9/7/2021
/ Alabama ,
Department of Revenue ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Partnerships ,
Pass-Through Entities ,
Proposed Rules ,
S-Corporation ,
Shareholders ,
State and Local Government ,
Tax Cuts and Jobs Act ,
Tax Deductions
On July 31, the Alabama Department of Revenue (ADOR) released its long-awaited “Analysis of Federal Tax Law Revisions on the State of Alabama,” a comprehensive review of the changes brought about by the Tax Cuts and Jobs Act...more
8/13/2018
/ C-Corporation ,
Corporate Taxes ,
Department of Revenue ,
Foreign Earned Income ,
GILTI tax ,
Governor Ivey ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Pass-Through Entities ,
Sole Proprietorship ,
State Taxes ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Exemptions ,
Tax Reform ,
UBTI
Gov. Kay Ivey signed House Bill 384, into law last Wednesday, March 28, ending a debate that has lasted for almost a decade over the scope of the individual income tax credit for certain taxes paid to other states. ...more
Readers may recall that Alabama Act 2012-427 permitted Alabama residents that owned interests in multistate pass-through entities (e.g., LLCs, partnerships, and S corporations) to claim a credit against their Alabama income...more