The COVID-19 crisis has put unprecedented pressure on businesses to provide customer service that’s friendly and flexible. Leverage the latest technology to deploy a system of immediate or at least timely customer feedback.
Our IT team can help https://bit.ly/32r84RH
In most cases, points a buyer pays are a deductible interest expense. And the IRS says that seller-paid points may also be deductible. But there are some important limitations. Reach out to our experts to learn more. https://bit.ly/2YQz0rh
Financial audits are effective tools for revealing risks in not-for-profits. There are several tasks to complete after the audit but before the draft report becomes final. Lean on your partners at Aldridge Borden & Co for help. https://bit.ly/2YQz0rh
Said no one EVER!!! Let us help! We offer many services that can make your life easier. Find out how today! #payroll https://bit.ly/2ZBpEkf
After paying into Social Security for all your working years, you may be surprised to learn that the benefits may be taxed in retirement.
If you’re taxed, up to 85% of your payments could be hit with federal income tax.
If you file a joint tax return and your “provisional income,” plus half your Social Security benefits, isn’t above $32,000 ($25,000 if unmarried), none of your benefits will be taxed.
If it falls above those amounts, you must report a certain percentage of your benefits as income.
If you know your Social Security benefits will be taxed, you can arrange to have the tax withheld from the payments. Otherwise, you may have to make estimated tax payments.
Contact us for more information. https://bit.ly/2YQz0rh
For employees to get the full value out of health care accounts such as health FSAs, HRAs and HSAs, they need to know which expenses are eligible for reimbursement or a tax-free distribution.
Employers shouldn’t provide tax advice, but you can give participants a heads-up that reimbursement rules vary depending on account type.
You may want to warn employees that various factors affect whether and when a medical expense is reimbursable. These include timing rules, insurance premium restrictions and over-the-counter drug documentation.
Contact us for more info. https://bit.ly/2YQz0rh
The tax rules for treating computer software costs can be complex. How much you can deduct varies based on if you buy or lease computer software, if you build your own, how you use it and more.
Our experts will help you determine what is most advantageous to you.
#taxdeductions #partnersinprofitability
We are honored to be nominated for a Business in the Arts Award by the Montgomery Area Business Committee for the Arts.🏆
Aldridge, Borden & Co. has called Montgomery home for over 100 years. We are proud to have the ability to support the arts which enrich our lives and our community both as a business and residents.
Thank you to MABCA and all our fellow community members that support the arts. #art #montgomery #saveourstages #artistsupport
If your business needs working capital to grow, rather than simply survive, consider a mezzanine loan.
It offers a relatively quick approval process and access to working capital that you may be unable to obtain elsewhere.
Contact us to learn about this and other options to expand your business.https://bit.ly/2YQz0rh #businessloans
Don’t forget to join us at the Great Balls of Fire Golf Tournament taking place tomorrow at the Emerald Mountain Golf Club.
There are morning (8:00am) and afternoon competitions (1:00pm) and prizes for 1st & 2nd place plus a hole in one competition for a chance to win a new car.
Visit the event site for more details https://bit.ly/3i592I2
Thanks to the Wetumpka Area Chamber of Commerce for hosting!
Do your employees travel for business within the continental United States? If so, be advised that the IRS recently released new per diem rates that will apply beginning on October 1st.
Contact us for more info. https://bit.ly/2YQz0rh
We are proud to be a sponsor of the Great Balls of Fire Golf Tournament taking place this Thursday, October 1st and hosted by Wetumpka Area Chamber of Commerce
The day will be filled with golf (of course), friendly competitions, lunch and socializing. All of this takes place at Emerald Mountain Golf Club.
Register now on the event website https://bit.ly/3i592I2
We hope to see all our friends there, competing to win the car and other prizes!
Costume Idea #13:
Bubble Gum
The inventor of bubble gum, Walter E. Diemer, was an accountant for Fleer Chewing Gum Company. He was testing recipes when he created the first batch of bubble gum in 1928. Fun fact - he made it pink because it was the only shade of food coloring he had available. #Accounting #Halloween2020
Costume Idea #12:
Angela, Kevin & Oscar from The Office
We couldn't forget this beloved trio. Plus, this gives you options to dress as them in normal workwear attire or dress as them in Halloween costumes. Make sure you get the facial expressions right 😕 #Accounting #Halloween
Costume Idea #11:
Count von Count from Sesame Street
The first step to becoming an accountant is learning to count, it's literally in the name - acCOUNTant. Regardless if you're still working on your numbers or have them down solid this makes a great costume. #accountant #count #costume
Idea #10:
Milton from Office Space
Milton is an accounting icon thanks to the movie Office Space. To pull off this costume focus on the accessories - red stapler (of course!), pocket protector, glasses and mustache. #Accountants #Halloween #Costume
Costume Idea #9:
Death & Taxes or Taxed to Death
This makes a memorable costume but to prevent it happening in real life give your partners in profitability a call. #AldridgeBorden #Accounting #Halloween
Costume Idea #8:
1%
Dogs can be part of the 1% too and they make it look adorable. #Halloween2020
Internal auditors can provide assurance that a nonprofit’s internal controls are effective at minimizing risk.
They may also serve as internal consultants, providing insights gathered on issues such as operational efficiencies. Or they may help evaluate strategic opportunities.
Learn how an internal audit can help your business. Contact us.https://bit.ly/2YQz0rh
As year-end draws near, many businesses will be generating their fourth-quarter financial statements & looking back on the entire year’s financials.
Be sure to review inventory management as it will impact your financial statements.
And in an environment like the one we currently live in, means every dollar is precious and any type of waste or redundancy is even more dangerous.
Contact us for help. https://bit.ly/2YQz0rh
Aldridge, Borden & Company mourns the loss of our friend and retired partner, O. Reese Carr.
Reese was a graduate of the University of Alabama, where he played basketball for Crimson Tide. He joined the firm on January 27, 1967 and became a partner in 1977. After a successful career serving attestation and tax clients he retired from the firm on April 15, 2014.
He was a friend to all who knew him and he will be missed. We extend our sincere condolences to his wife, Frances S. Carr, his daughter, Michelle Carr, his son, Gordon Carr, his daughter-in-law, Amanda Carr, his grandchildren and everyone who loved him.
Entrepreneurs: Don’t ignore saving for retirement.
Contact us to discuss the types of retirement plans available to you and your employees.https://bit.ly/2YQz0rh
Nonprofits are obligated to use resources to support their mission and benefit those they serve. Accountability is one of the best ways to meet those goals.
Contact us for information and for help implementing accountability measures. https://bit.ly/2YQz0rh
Businesses have long been required to properly track payroll records. The urgency and complexity of this task has grown because of the pandemic.
Aldridge, Borden & Company can help you with this and other best practices to ensure you are keeping your business on track in the best and worst of times.https://bit.ly/2YQz0rh
Filing your tax return early will get you any refund early and may protect you from tax identity theft. Reach out to your experts at Aldridge, Borden & Co. to get moving on your 2020 return. https://bit.ly/2YQz0rh #Taxes #2020Taxes
Melissa Hill has been promoted to Manager. Hill first worked for Aldridge, Borden & Company, P.C. as an intern in the spring of 2014. She began her full-time career with the Firm in September 2015 after graduating with a Bachelor of Science degree in Accounting and a Master of Accountancy degree from Troy University (Troy, AL). Hill works remotely from Huntsville and works in the Assurance Department where she primarily works with contractors and nonprofit entities.
Cybercrime isn’t always perpetrated by anonymous hackers in foreign countries. Some of the criminals stealing a company’s data could be employees.
Reduce the risk of insider cyber attacks by following these tips:
- You can prevent insider cybercrime by following these tips:
- Monitor IT use
- Remove network access as soon as an employee is terminated
- Always treat workers fairly
- Don’t neglect to protect physical assets such as paper records and computer hardware
- Restrict your office’s Wi-Fi to those with special passwords is also a good idea.
Our IT experts can help you stay safe. Increase your online safety today. https://bit.ly/2YQz0rh
The COVID-19 relief law that was signed at the end of December contains many provisions that may affect you.
The most widely known provision is the direct payments of $600 per eligible individual ($1,200 for a married couple filing jointly), plus $600 per qualifying child. The government has already started making bank direct deposits or mailing checks.
Another provision extends a charitable donation tax deduction for individuals who don’t itemize deductions. For 2020, they can take up to a $300 deduction per tax return and for 2021, married joint filers can claim up to $600.
These are only a couple of provisions in the new law. We’ll make sure that you get all the tax breaks you’re entitled to when we prepare your tax return.https://bit.ly/2YQz0rh
Häagen Lee has been promoted to Senior on Boarder in the One Source Department. Prior to joining Aldridge Borden, Lee worked as an accountant for a private company and as a financial analyst for a law firm. He began working with Aldridge, Borden & Company, P.C. in October of 2019. Lee has a Bachelor’s Degree in Accounting from Huntingdon College
Changes have been made to education tax breaks in the new Consolidated Appropriation Act.
These changes could make you eligible for tax breaks if you or your child is or plans to be enrolled in college.
Talk to one of our experts to learn about this and other potential tax credits.https://bit.ly/2YQz0rh