This is a reminder that Alabama’s temporary overtime exemption for non-exempt employees will end on June 30, 2025. Beginning July 1, all overtime pay for non-exempt employees will once again be subject to Alabama state income tax. Here's the link to the AL Department of Revenue announcement. Intuit, the company behind QuickBooks, has been working to ensure its software reflects this change and provides [...]
In October 2024, the IRS announced tax relief for individuals and businesses in Alabama that were affected by Hurricane Helene that began on Sept. 23, 2024. These taxpayers had until May 1, 2025, to file various federal individual and business tax returns and make tax payments. The IRS has started to issue refunds of underpayment [...]
We created a page on our website to help you if you are looking to pay your Alabama state or federal taxes or just want to check on a refund status. You can just come to this blog post or go to the Pay My Taxes tab at the top of each page. IRS [...]
For a PDF of this Year-End Tax Planning Letter, click here. Dear JMF Clients and Friends: As this tumultuous year draws to a close and a new administration begins to take shape in our nation’s capital, both individuals and small business owners may benefit from tax strategies designed to reduce tax liability for 2024. [...]
Alabama House Bill 230, signed into law on May 7, 2024 and became effective on October 1, 2024 (last month) eliminates the requirement for businesses to file annual reports with the Secretary of State. The Business Privilege Tax Return is still a required filing with the Alabama Department of Revenue. The Alabama Business Privilege Tax [...]
IMPORTANT TIME SENSITIVE REQUIREMENTS RE: Corporate Transparency Act — Beneficial Ownership Information Reporting In PDF The Corporate Transparency Act (“CTA”) was enacted January 1, 2021, as part of the National Defense Authorization Act, representing the most significant reformation of the Bank Secrecy Act and related anti–money laundering rules since the U.S. Patriot Act. The CTA [...]
In this week's episode of the JMF Advisors Show, JamisonMoneyFarmer PC CPAs Rachel Taylor and Kristi Moore focus on the sunsetting tax provisions of the Tax Cuts and Jobs Act (#TCJA) of 2017 which are slated to go away at the end of the 2025 tax year. We cover #business #tax topics like bonus depreciation, QBI, [...]
In April 2024, the US Department of Labor announced significant updates to overtime rules which is ushering in changes that impact workers. These changes will redefine how employers compensate their employees for extra hours worked. Understanding the intricacies of these regulations is crucial for both employers and employees alike to navigate the evolving landscape [...]
Time is running out on a tax planning technique that can reduce 2023 tax return liability. If a taxpayer qualifies, they can deduct their contributions to a traditional IRA, but the rules are tricky. Background: The maximum amount you can contribute to a traditional IRA for the 2023 tax year is the lesser of 100% [...]
The popularity of electric vehicles (EVs) continues to grow. According to the Energy Information Administration, it is estimated that EVs will have comprised 16.3% of all U.S. new car purchases in 2023 (up from 12.5% in 2022). Hybrid, plug-in hybrid and battery-electric vehicles reached 17.9% of all new light-duty vehicle sales in the second half [...]