Is there a limitation on the amount of contributions deductible?
Yes. The federal limit is 10% of the federal taxable income without the benefit of the deduction.
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Yes. The federal limit is 10% of the federal taxable income without the benefit of the deduction.
To report changes made by the IRS, a corporation shall file an amended Form ET-1 for the specific tax period. The following information MUST be included with the amended return (see above and Regulation 810-3-40-.01(4)): A complete copy of the finalized revenue agent’s report (RAR) provided by the IRS to
Amended returns should be completed in full and accurately. Amended returns should include a detailed explanation for filing the amended return, supporting documentation to validate amended changes, and computation of the additional amount due or refund due. Blank or partially completed revenue forms require special handling that delays processing and
Section 41-1-20 requires electronic payments if your tax liability is $750.00. Electronic Payment Options Available: ACH Credit – Taxpayers may remit tax payments by electronic funds transfer (EFT). The taxpayer must be pre-approved by ADOR. To register, complete and submit Form EFT: EFT Authorization Agreement Form or call the EFT
ACH Credit – Taxpayers may remit tax payments by electronic funds transfer (EFT). The taxpayer must be pre-approved by ADOR. To register, complete and submit Form EFT: EFT Authorization Agreement Form or call the EFT unit at 1-877-256-2447 or (334) 353-7659. For more information on EFT, please go to ADOR’s
Credit Unions will enter their financial statement net income on Form ET-1 Line 1. Section 40-16-1.3, Code of Alabama 1975, states that the net income for Credit Unions is the “financial statement income which is the final net income amount, total revenue less total expenses, calculated for financial statement purposes
Yes, the taxpayer can submit the Alabama Form PWR after paying all tax and interest due. The PWR does not guarantee relief of penalty.
Allocation and apportionment rules for financial institutions can be found in AL Rule 810-9-1-.05
State, county and city sales and use taxes paid on tangible personal property purchased and paid for by the institution for its consumption; State utility taxes paid on telephone, electrical power, gas or water; Rental or leasing taxes paid directly to the State for the privilege of leasing tangible personal
Interest income taxable for federal purposes, including interest from loans and discounts, obligations of the United States Government, and State, county, and municipal interest income from loans and securities that is exempt for federal income tax purposes.