The Consolidated Appropriations Act passed December 27, 2020 included an expansion of the 2020 Employee Retention Credit (ERC). The credit is now retroactive to the enactment of the CARES Act, March 21, 2020, and is available to employers who received PPP loan funding. Employers, including tax-exempt organizations, are eligible for the credit if they [...]
For a lot of our clients who are in the process of renewing their City of Tuscaloosa business licenses, we are getting many questions about whether to include those in the gross receipts amounts. For City of Tuscaloosa business license purposes, PPP loans (whether they are forgiven or not) are not included in gross receipts [...]
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. The [...]
If your C corporation overpaid its estimated tax in 2020 due to the pandemic or some other reason, you may be in line for some quick tax relief. When you file Form 4466 with the IRS, you will receive a faster-than-usual refund. It may arrive within a matter of weeks. The fast corporate refund is [...]
The massive law enacted by Congress last year in response to the COVID-19 outbreak—the Coronavirus Aid, Relief, and Economic Security (CARES) Act—authorized the distribution of Economic Impact Payments (EIPs) to qualified individuals. (Late in December, Congress authorized another round of payments.) But some eligible taxpayers were shorted or did not receive any payment at all. [...]
Last week the SBA and Treasury released the new application for Second Draw PPP loans (SBA Form 2483-SD), along with additional guidance for eligible borrowers. In order to be eligible for a Second Draw PPP loan, borrowers must meet the following criteria: Was eligible for and received a First Draw PPP loan Has used, or [...]
We’re really excited to announce the launch of our new website for our JMF Technologies group! Go to JMFTechnologies.com to check it out and let us know what you think! One of our goals was to improve customer experience by making it extremely easy to get in touch with us and submit support requests. [...]
Are you planning to sell securities at the end of the year to “harvest” a long-term capital gain? Generally, the maximum tax rate on long-term capital gains is 15% (20% for certain upper-income taxpayers). To qualify as long-term gain, you must have owned the securities for more than one year. For these purposes, the controlling [...]
On Monday, December 21, Congress passed the Consolidated Appropriations Act, 2021, which is expected to be signed by President Trump in the next several days. This Act provides various forms of COVID-19 related relief, among which are modifications to the Paycheck Protection Program (PPP) loan program, as well as a second round of PPP [...]
Photo Credit: Forbes Magazine For the second year in a row, 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. JMF was on the initial list as well, which was published last year. JamisonMoneyFarmer PC is proud to be [...]