JMF Accounting Audit Tax Blog

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 [...]

JMF Listed on Forbes America’s Top Recommended Tax And Accounting Firms

Photo Credit: Forbes Magazine Recently, Forbes Magazine partnered with the independent market research company Statista to create a list of the most recommended firms for tax and accounting services in the United States for 2020. JamisonMoneyFarmer PC is proud to be listed as one of the 227 firms throughout the country on either list, [...]

Are you properly licensed to do business?

By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]

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