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Bobby M. Bragg

About Bobby M. Bragg

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So far Bobby M. Bragg has created 554 blog entries.

It’s time to implement the new lease standards

By |2021-08-27T13:35:28+00:00August 27th, 2021|Accounting & Auditing, News & Events, Press Releases|

The Financial Accounting Standards (FASB) announced in January 2016 that new Accounting Standard Codification (ASC) 842 will fundamentally change the prior leasing standard implemented 40 years ago.  This new standard applies to any entity that enters into a contract that allows a second entity to take control of agreed upon property, plant or equipment. The [...]

Explore the Benefits of SERPs

By |2021-08-18T18:03:29+00:00August 19th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases|

A SERP may sound like a creature from a science fiction movie, but it is actually a popular retirement savings vehicle for the top brass. Typically, the SERP—an acronym for Supplemental Executive Retirement Plan—is used to complement a 401(k) or other qualified plan. It offers generous benefits to a chosen few and enables an employer [...]

Getting A Head Start On Business Deductions

By |2021-08-05T21:07:05+00:00August 5th, 2021|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

If you are starting up a new business venture as the pandemic abates, or buying an existing business, you may have to answer this question: When is the operation officially opening for business? This may be significant from a tax perspective. Reason: While “ordinary and necessary” business expenses are generally deductible, start-up expenses must be [...]

USDA Announces Pandemic Assistance for Timber Harvesters and Haulers

By |2021-07-22T21:47:17+00:00July 22nd, 2021|News & Events, Press Releases, Timber|

The U.S. Department of Agriculture (USDA) is providing up to $200 million to provide relief to timber harvesting and timber hauling businesses that have experienced losses due to COVID-19 as part of USDA’s Pandemic Assistance for Producers initiative. Loggers and truckers can apply for assistance through USDA’s Farm Service Agency (FSA) July 22 through Oct. 15, [...]

Two Senate Proposals That Could Drastically Affect Estate Planning

By |2021-07-20T15:23:17+00:00July 20th, 2021|Estate & Trust, Individual Tax, News & Events, Press Releases|

This spring, two Senate proposals were introduced that contain significant changes to federal estate, gift, generation-skipping transfer (GST) taxes, and, the concept of "stepped-up basis" for inherited and gifted wealth. It should be emphasized here that these are just proposals and it is unknown what, if any, of these acts will become law. The two [...]

Do you have questions about the Advance Payments of the Child Tax Credit?

By |2021-06-21T16:41:43+00:00June 21st, 2021|Individual Tax, News & Events, Press Releases|

Like many Americans who have child dependents on your tax return, you may have recently received a letter from the IRS regarding advance payments of the Child Tax Credit.  If you are wondering how this will affect you, we have compiled some FAQs below that will hopefully answer the questions you may have. What has [...]

Alabama Pass Through Entities Can Now Pay State Tax at Entity Level

By |2021-06-14T17:55:15+00:00June 14th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, SALT|

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 issues. On [...]