JMF Accounting Audit Tax Blog

April 15 payments can be deferred to July 15; Returns still must be filed or extended

MARCH 20 UPDATE: This morning, Friday March 20, 2020, the US Treasury officially changed the filing due date for tax returns from April 15, 2020 until July 15, 2020.  Tax returns and tax payments are now both officially due on or before July 15, 2020. ******************* Things are moving very quickly, and there is a lot [...]

By |2020-03-20T18:14:18+00:00March 19th, 2020|Individual Tax, News & Events, Press Releases|0 Comments

ADOR Extends Sales Tax Relief to Small Businesses Due to COVID19

The Alabama Department of Revenue (ADOR) is extending relief to small retail businesses that are unable to timely pay their February, March, and April 2020 sales tax liabilities. Small businesses whose monthly retail sales during the previous calendar year averaged $62,500 or less may file their monthly sales tax returns for the February, March, and [...]

By |2020-03-18T20:30:48+00:00March 18th, 2020|News & Events, Press Releases, SALT|0 Comments

Alabama Announces Support for Workers Impacted by COVID-19

Alabama Department of Labor Secretary Fitzgerald Washington announced today that Alabama workers who are not able to work due to COVID-19 will be eligible to file for unemployment benefits. Based on current guidance from the U.S. Department of Labor, the Alabama Department of Labor is modifying existing unemployment compensation rules to allow workers to file [...]

By |2020-03-18T15:55:13+00:00March 18th, 2020|News & Events, Press Releases|0 Comments

Have You Designated Your Beneficiaries? Seven smart estate planning suggestions

Most of us lead hectic lives, but it is important to take time to designate or update beneficiaries for all your assets as part of an estate plan. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are seven [...]

By |2020-03-09T20:10:07+00:00March 9th, 2020|Estate & Trust, News & Events, Press Releases|0 Comments

Tax-Free Transfers From IRAs to Charity

At least there is something good about growing old from a tax perspective. Under a unique tax law provision, certain senior citizens can transfer a sizeable amount of funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution. Significantly, this “qualified charitable distribution” (QCD) also counts as a [...]

Wondering what the Phase-Out Limits are For Traditional and Roth IRAs Are for 2020?

The maximum allowable contribution for 2020 is $6,000.  Individuals age 50 and over in 2020 may contribute an additional $1,000. 2020 IRA Deduction Table You are covered by an employer retirement plan for the tax year if your employer (or your spouse's employer) has a: Defined Contribution plan and any contributions or forfeitures were allocated [...]

By |2020-02-17T20:33:05+00:00February 20th, 2020|News & Events, Pension Admin & Consulting|0 Comments

Opportunity Zone Regulations Finalized – What You Need To Know

The IRS released its third and final Opportunity Zone regulations at the end of 2019.  Here is what you need to know.  As I hope you are aware by now, Opportunity Zones were included in the new tax law known as Tax Cuts and Jobs Act of 2017.  These zones encourage private sector investment in [...]

Ten Top Provisions in the SECURE Act

Late in 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement” (SECURE) Act, the biggest retirement law in more than a decade. Most provisions in this new legislation went into effect on January 1, 2020. Following is a summary of ten key changes. Stretch IRAs: Generally, the new law favors taxpayers, but it [...]

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