Tax breaks can come in the form of tax credits, tax deductions, and just tax-saving laws. At the end of this year (December 31), the congressional Joint Committee on Taxation say 55 of them are about to expire. For the record, there is still a chance for many to be extended. Check out Bankrate.com's Summary [...]
It is that time of year again. Our 2013 Year End Tax Planning letter is now available. This document is full of helpful information to help you take advantage of those last minute tax saving strategies and to help you avoid potential pitfalls. Please let your JMF Tax Professional know if we may be of [...]
JamisonMoneyFarmer PC would like to wish all of our clients, friends, and family members a Merry Christmas!
The Tax Advisor recently published an article about properly reporting partner compensation. Here is an excerpt from the Executive Summary of that article by Noel P. Brock, CPA. As partnerships increasingly offer equity interest to retain valued employees, these employees may be unaware of the employment tax consequences of receiving a partnership interest. Many partnerships [...]
The Safe Harbor plan is a popular 401(k) retirement plan for businesses with employees. Safe Harbor plans make it easy for business owners to maximize contributions to their own accounts while reducing some of the limitations associated with adhering to the non-discrimination testing required by the Internal Revenue Service (IRS) and ERISA (Employee Retirement Income Security Act). To [...]
Leighanne Faught, Shareholder, was elected Chair of the Alabama State Board of Public Accountancy (ASBPA) for the 2013-2014 term. The ASBPA Board supervises the practice of public accountancy by Certified Public Accountants and Public Accountants in Alabama. Leighanne was appointed by Governor Robert Bentley, and confirmed by the Senate, to the Alabama State Board of Public [...]
Bryan Chandler, Managing Shareholder, was elected 2014 Chairman of CPAmerica International at the 2013 Leading Partners Retreat recently held in Philadelphia, Pennsylvania, on Sept. 25-27, 2013. The annual event sponsored by CPAmerica brings together partners from member firms across the United States for networking, member sharing and continuing professional education. The agenda had a general [...]
JamisonMoneyFarmer shareholders Cathy Rice and Janet Moore have been asked to serve on the University of Alabama at Birmingham Professional Advisory Board. Sponsored by the UAB Office of Planned Giving, the UAB Professional Advisory Council (PAC) is a group of professionals in fields allied with estate and gift planning. The mission of the UAB Professional [...]
The IRS has published the plan limits for 2014 in IR-2013-86. JMF Consulting has updated our Plan Limit Table to reflect the changes. To view the changes, click: 2014 Pension Plan Limits If you have any questions, please contact JMF Consulting at 205.345.8440.
Despite the fact that the IRS initially said they would not attempt revenue matching from Form 1099-K, notices have gone out to some taxpayers assessing thousands of dollars in penalties! Form 1099-K requires credit card processors to report gross receipts to recipients as well as to the IRS. The IRS has begun a matching program [...]