Municipal Auditing Request

We are working with the Alabama Department of Examiners of Public Accounts and the Alabama League of Municipalities to compile a list of firms willing to help bring municipalities into compliance with Act 2022-345.  CPAs, the State of Alabama needs you.

To accomplish this, we are asking for assistance from firm audit/assurance leads. If you are in public accounting, have experience with municipal attest services and are willing to take on new clients, please see the following link and fill out a 4-minute questionnaire.

Municipal Audit / Attest Engagement Interest Inventory – Fill out form

 

New Overtime Exemption Proposed

HB527 by Rep. James Lomax (and a host of others) (HB527-int.pdf) is proposing a new overtime exemption for Alabama workers.  This one would allow a state income tax deduction for up to $1,000 of qualified overtime earned by an employee during the year.

As originally written, the deduction would be effective January 1, 2025… but don’t panic.  We are told to expect a committee amendment to change the effective date to the year 2026, thereby not affecting tax returns for last year.  This bill has a great chance of passing.

 

And now, quick updates:

1. HB250 (Garrett) and its companion bill SB79 (Roberts), intended to clear the way for Trump accounts in Alabama and to provide an indefinite extension to a provision allowing employers to pay employee student loans as a tax-free benefit, both await final passage.  We may see final passage of those this week.
2. Education Budget bills are set to move this week in the House.
3. We expect another three-session week again this week.  The pace has certainly quickened.  Spring break will be the week of March 23rd, but it’ll be a sprint to the end every other week.
4. The Watchlist on our Advocacy web page is being constantly updated.  Check in often.

CLICK HERE FOR THE WATCHLIST

There have been 864 bills filed so far. If we’ve missed something or you have any questions, please do not hesitate to contact me at rpearson@alabama.cpa.