The IRS recently ruled on service charges that restaurnats add to large groups. These are classified as regular wages rather than tips because they are not optional. While this isn't a change from the actual law it is a change for how service changes are handled in practice. What does this mean for you and [...]
If you have any clients that are affected by the Defense of Marriage Act (DOMA) please be aware that the IRS now recognizes all same-sex marriages nationwide. If a same-sex couple is legally married in a state that recognizes same-sex marriage, the couple will be treated as married for all federal tax purposes. This is [...]
Many activities can be scrutinized by the IRS to determine if they are truly a business activity or a hobby. This is important because hobby losses are limited to the amount of income that is generated and are also subject to a floor of 2% of adjusted gross income as a miscellaneous itemized deduction. If [...]
The Alabama Accountability Act of 2013 signed into law earlier this year, provides Alabama state income tax credits for both: Families (individuals) with children at failing schools, that can be used to offset the cost of tuition to send their children to a qualifying private school (approximately $3,500 per year in tax credits per child), [...]
Title: Establish a New SIMPLE Plan - October 1st DeadlineDate: 2013-10-01Location: 2200 Jack Warner Pkwy, Suite 300, Tuscaloosa AL 35401Description: Employers who do not have a SIMPLE plan may start one for 2013 no later than three months before the end of the year. October 1 is the last day to start a SIMPLE and [...]
JMF Shareholder Janet Moore of Birmingham was selected co-chair of the American Institute on Federal Taxation (AIFT). She and fellow co-chair Bradley J. Sklar of Sirote & Permutt in Birmingham officially assumed their new positions at the 37th Annual American Institute on Federal Taxation. To read complete release, click here.
JamisonMoneyFarmer PC has been helpful to many clients in the filing process for the Deepwater Horizon oil settlement since the spring of 2012. In highlighting collaborations between law firms and accounting firms throughout the state, Business Alabama published an article featuring Mobile-based Cunningham Bounds and Tuscaloosa-based JamisonMoneyFarmer. To read the complete article, click here.
In a recently released memorandum, the IRS found that fees to fund the Patient-Centered Outcomes Research Trust Fund (PCORI) were ordinary and necessary business expenses, and, thus, deductible business expenses. Use the link to view the memorandum: http://www.irs.gov/pub/irs-utl/AM2013-002.pdf
NOTICE To all persons dispensing or transferring ophthalmic materials, to include but not limited to lenses, frames, eyeglasses, contact lenses, and other therapeutic devices to patients: Legislative Act No. 2013-333 amends Section 40-23-1, Code of Alabama 1975, to provide that the dispensing or transferring of ophthalmic materials, including lenses, frames, eyeglasses, contact lenses, and [...]
As schools let out across the country many students are looking for summer work. As their potential employer there are six things the IRS would like you to know to stay compliant with payroll tax laws. 1. You need to have ALL new employees complete a Form W-4. Don't assume that because they are a [...]