JMF Accounting Audit Tax Blog

/JMF Accounting Audit Tax Blog/

Misclassifying Workers – Seeking Out Section 530 Relief

The IRS often contests an employer’s classification of workers as independent contractors as opposed to employees. If a worker is labeled as an independent contactor, the employer does not have to pay its fair share of federal payroll taxes, nor does it have to provide costly fringe benefits available to employees. This can result in [...]

Key Tax Provisions in the New IRA aka Inflation Reduction Act

After numerous twists and turns, the Inflation Reduction Act (the IRA) was finally signed into law by the president on August 16. Among other aspects, the new law addresses climate control, extends health insurance subsidiaries and permits Medicare to negotiate drug prices. But it also includes the following key tax provisions for individuals and [...]

Checklist: What to do when a family member dies

PDF and Printer Friendly Checklist: What to do when a family member dies This is a great resource that we put together and occasionally update for various reasons, including tax law changes.  I can speak from experience that it helps during a difficult time.  And our Estate and Trust group is very experienced, so please [...]

By |2022-08-04T19:17:16+00:00August 4th, 2022|Estate & Trust, News & Events, Press Releases|0 Comments

Should You Convert to a Roth?

Is this the year you finally convert to a Roth IRA? It could be if it makes sense for your situation, but there are numerous factors that come into play. Do not make any rash decisions. Basic premise: Generally, distributions from a traditional IRA are fully taxable at ordinary income rates reaching as high as [...]

Seven Tax Moves for the Summer

Summer is a time for R&R, but also offers tax-saving opportunities for individuals and small business owners. Here are seven ways to reduce tax liability this summer. Host an employee gathering. Prior to 2018, your business could deduct 50% of the cost of qualified business entertainment expenses. But this deduction has generally been eliminated. Key [...]

Requirement to Restate Your Qualified Retirement Plan Document

If you are an employer who sponsors a qualified retirement plan, we want to remind you about the requirement to restate your plan document.  Many retirement plans that use plan documents preapproved by the Internal Revenue Service (IRS) must be restated periodically to reflect recent legislative and regulatory changes, in order to maintain their tax [...]