News + Insights

Look carefully at three critical factors of succession planning

Succession planning is an important continual task for every business owner. And it’s never too early to start thinking about three of the most critical factors.

Top Tips for Lowering or Limiting Your Property Taxes

The joys of commercial or residential property ownership cannot be overstated. From a financial standpoint, property is a unanimously celebrated asset. But owning property also has an unfortunate side effect—costly and frustrating property taxes.

Why You Need Financial Reports More Than Once Per Year

When faced with the phrase “financial reports,” most business owners think of year-end statements presented to owners and shareholders, summarizing how the business performed over the last year. But a proactive business owner needs to get a pulse on operating results more than once per year, in order to make effective decisions during the year. You need interim financial statements.

Overhead Expenses: to Allocate or Not to Allocate?

Not only should expenses be carefully recorded according to the type of expense, but not-for-profits must also categorize expenses according to the activity, or class, that the expense supports. Outside of standard financial statement preparation, these activities, or classes, are also separated on the annual Form 990. One of the most challenging aspects of accounting for not-for-profits is determining whether the overhead expenses incurred are allocable to the various functional areas of your organization.

New Alabama Law Makes Quality Childcare More Affordable

Alabama’s new childcare tax credit, part of the "Working for Alabama" package, aims to make quality childcare more affordable and help more individuals enter the workforce. Starting in 2025, employers can receive a tax credit for covering childcare expenses for employees earning under $80,000 annually, with small businesses receiving 100% of eligible expenses and larger businesses getting 75%, up to a cap of $600,000. Childcare providers are also eligible for tax credits or grants.

How to Protect Yourself and What to Do if You Suspect Identity Theft

The National Public Data breach exposed millions of sensitive records, putting individuals at risk of identity theft and financial fraud. To protect yourself, monitor financial accounts, set up fraud alerts, freeze your credit, and secure online accounts. If identity theft is suspected, report it immediately, file a report with the FTC, and consider informing the IRS. Taking these steps can help minimize the impact of the breach.

Jasmine Williams Named Female Athlete of the Year at Alabama State Games

In a ceremony with Gov. Kay Ivey standout pickleball player from Montgomery, Jasmine Williams, has been named one of the Alabama State Games Athletes of the Year. This prestigious recognition highlights her exceptional sportsmanship, dedication, and achievements as a pickleball player.

What Employers Should Know About Qualified Retirement Plan Audits

Accountants typically bill their clients based on time that is spent preparing the return. The more time that is spent on collecting, sorting and analyzing tax documents, the more costly the process becomes. What can the client do to make tax preparation easier and ultimately less costly?

Senate Rejects Tax Relief Bill – What Does This Mean for You?

After months of back-and-forth, the U.S. Senate has failed to pass HR 7024, the "Tax Relief for American Families and Workers Act of 2024." Unfortunately, this outcome means several proposed changes to the tax code won't happen, and this may impact your personal or business taxes.

Forbes Names Aldridge Borden Leaders to 2024 Top 200 CPAs List

Two familiar faces appear on Forbes very first America's Top 200 CPAs list: Aldridge Borden | OneSource's Corey Savoie and Caterina Mozingo. We’re proud of Corey Savoie and Caterina Mozingo for being recognized and representing our firm well. The CPAs were chosen based on achievements, professional honors, expertise, innovation, influence on the profession, performance, thought leadership, and service to their community. See the full list here.

Tax Credit for Businesses Through the Alabama Accountability Act

The Alabama Accountability Act allows Alabama taxpayers and businesses to contribute to Scholarship Granting Organizations to claim a dollar-for-dollar tax credit for 100% of their Alabama tax liability. The limit to the credit for individuals is $100,000. Businesses can also reserve a tax credit for 100% of their total tax liability with no dollar limit.

Protect Your Small Business from Internal Financial Fraud

It’s a small business owner’s worst nightmare: internal financial fraud. If you’re running a small business, you want to be able to trust your employees implicitly. After all, they are partners in your success. But every now and then, as heartbreaking as it may be, a bad apple may come along and misappropriate funds and…

Overtime Pay Exemption - New Legislation For Alabama Workers

On June 8, 2023, Governor Kay Ivey passed legislation exempting overtime wages earned by full-time hourly employees from Alabama gross income and consequently from Alabama state income tax.

Understanding Gift Tax During the Holiday Season: Limits, Exceptions, and More

A gift—no matter how large or small—can have a profound impact on the people we love. If anything, the holiday season inspires us to make those kinds of profound impacts.  You may have a newly minted driver in the family who needs a car.

How New Alabama Overtime Pay Exemption Affects Employer Reporting

Beginning January of 2024, employers will have to report some new information on their Alabama form A-6 or form A-1 due to the recent changes in legislation regarding the exemption of Alabama overtime pay.

Strengthen Strategic Planning with Competitive Intelligence

Business owners and their leadership teams are rightly urged to engage in regular strategic planning to move their companies, thoughtfully and consciously, in a positive direction.

Hiring Independent Contractors and the Tax Implications

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake.

Top 5 Signs Your Business is Financially Healthy

Financial health and physical health share a lot in common. Both can seem fine one day only to decline rapidly the next. And in both measurements of health, we may only be one emergency away from desperation without even knowing it.

Top 5 Accounting Tips for New Startups

The idea has been building for years, and now you’re finally making it happen. Your startup business is nearly off the ground! Whether you’re months or days from opening, or if you’ve just opened for the first time, how you manage your accounting at the outset can set the overall tone for success.

IRA Charitable Donations are an Alternative to Taxable Required Distributions

Are you charitably minded and have a significant amount of money in an IRA? If you’re age 70½ or older, and don’t need the money from required minimum distributions, you may benefit by giving these amounts to charity. IRA distribution basics A popular way to transfer IRA assets to charity is through a tax provision.

How a Nonprofit Can Prepare for an Audit

Your contribution revenue is increasing each year, and your organization is growing. You’re taking on bigger projects and eyeing bigger grants from bigger donors. While examining the requirements to see if you could take on certain grants, you notice something new: an annual audit. Now what?

CFO to Chair Audit Committee of the Board for River Region United Way

We would like to honor and congratulate our very own CFO, Ashley Lough, on her new position as Chair of the Audit Committee of the Board for River Region United Way! As Chair, Ashley works with the COO/CFO and the selected audit agency to ensure that an independent audit is conducted for River Region United.

The Difference Between Business Accounting And Finance And When To Outsource

As a business owner, you want to understand how your business’s financial performance positions your company in your market. Strong business accounting and knowledge of what impacts your business’s finances can become a sword and shield in your battle for a more significant market share.