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So far Bobby M. Bragg has created 610 blog entries.

Salute to Military Spouse Tax Credit

By |2023-06-19T20:40:57+00:00June 26th, 2023|Corporate & Partnership Tax, Entrepreneurs, News & Events, Pension Admin & Consulting, Press Releases, Social Security|

The new SECURE 2.0 law creates a band-new tax credit for small businesses that encourages retirement saving by spouses of military personnel. Call to arms: A qualified employer with 100 or fewer employees last year is eligible for a $200 credit if a military spouse participates in a defined contribution plan such as a 401(k). [...]

Key Provisions of the Secure Act 2.0

By |2023-06-20T15:41:19+00:00June 20th, 2023|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

First, Congress approved the Setting Every Community Up for Retirement Enhancement (SECURE) Act in 2019, affecting qualified retirement plans and IRAs. Now the president has signed into law “SECURE Act 2.0” as part of a spending measure. Following are several key provisions in this new legislation. RMD age threshold: Generally, participants in qualified plans and [...]

How to Cope With the NIIT

By |2023-06-19T20:33:29+00:00June 19th, 2023|Individual Tax, News & Events, Press Releases|

What is the NIIT? It sounds like some sort of federal agency or maybe a new form of artificial intelligence. But actually NIIT stands for “net investment income tax.” This tax generally applies to higher-income taxpayers, but it could easily sneak up on others if they are not careful. Background: The NIIT is equal to [...]

More Flexibility for Section 529 Plans

By |2023-06-15T20:35:20+00:00June 15th, 2023|News & Events, Pension Admin & Consulting, Press Releases|

A Section 529 plan is a tax-favored way to save for a child’s higher education. Now the new law called SECURE 2.0 provides an option for using 529 account funds for retirement savings. Background: Named after the tax code section authorizing its use, Section 529 plans are educational savings plans, generally operated by individual states, [...]

Things You Need to Get You Bonded

By |2023-06-13T16:17:22+00:00June 13th, 2023|Construction, Entrepreneurs, News & Events, Press Releases|

We recently did a podcast with Andrew Hudson, President of Pritchett-Moore, where we discussed a lot of construction/contractor-specific insurance and bonding needs.  As part of that discussion, Andrew provided the following information to help new contractors understand the needs that bonding sureties will require from them.Financial Information:  CPA Audit or Reviewed statements done on a [...]

Dividing up Interest Expenses

By |2023-05-09T15:45:17+00:00May 9th, 2023|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

Interest rates have gone up over the last few years. Saving grace: You may be able to deduct interest expenses depending on the type of expense incurred. Notably, there are four main categories for tax purposes. Mortgage interest: Generally, you can deduct mortgage interest paid during the year. To qualify, you must be legally obligated [...]

VIDEO: International Tax Issues that Individual US Tax Filers Face

By |2023-05-09T13:33:07+00:00April 26th, 2023|Individual Tax, International, Press Releases|

If you have foreign income, foreign financial assets, or own foreign business interests, this is the podcast for you. Lauren and Viki discuss the most widely faced issues for US nationals who work outside the country and foreign nationals who are working in the States for an extended period of time. Those topics include [...]

New Rules for “Large Plan” Form 5500s

By |2023-03-20T13:36:33+00:00March 20th, 2023|News & Events, Pension Admin & Consulting, Press Releases|

The Department of Labor recently finalized changes to the definition of a “large plan” for Form 5500 reporting purposes.  Of course, qualifying as a “large plan” can require the plan to have an audit resulting in additional expenses associated with the plan.  The changes will take effect for the 2023 plan year. A large [...]

VIDEO: ASC 842 – The New Lease Standards

By |2023-03-02T16:12:41+00:00March 2nd, 2023|Accounting & Auditing, News & Events, Press Releases, Videos|

As we have mentioned for the last two years in this blog, it is time to implement the new lease standards.  Our Accounting and Audit heads Lynn Osborn and Dan Johnson take a deep dive into the new lease accounting standards for financial statements. For the standard nerds, that’s ASC 842. Topics include capital leases, which [...]

When should I bring my tax information to you?

By |2023-02-22T19:40:49+00:00February 22nd, 2023|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, Videos|

We get this question a lot this time of year.  Now! is almost always the answer.  See this video response from shareholder Rachel Taylor: When should I bring my #tax information to you? #taxtwitter #loveyourCPA pic.twitter.com/hDoG4qwY6w — JamisonMoneyFarmer (@JMFCPAs) February 22, 2023

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