“Opportunity Zones” are included in the new tax law known as Tax Cuts and Jobs Act of 2017. These zones encourage private sector investment in low-income community businesses which are inside defined census tract lines throughout the United States. The new tax code allows any taxpayer to defer gains until the earlier of the [...]
Is your small business adequately protected from cyber attacks? Obviously, you are not at the same risk as certain government or military targets, but you should still adopt security measures and update those already in place. Your very livelihood could be at stake. Many businesses are taking notice of the problem. According to a [...]
The Tax Cuts and Jobs Act (TCJA) eliminates personal exemptions on your tax return, including dependency exemptions for children. But another TCJA provision may cushion the blow. The Child Tax Credit (CTC) for each qualified child under age 17 is doubled from $1,000 to $2,000. Of this amount, $1,400 is “refundable” (i.e., it is available [...]
If you are like many Americans, you may have visions of an early retirement. Although there are usually hurdles to overcome, the dream may become a reality, depending on your answers to the following questions. Q. Are you financially ready to retire? Some people begin planning for retirement when they are young, intending to call [...]
Although Congress threatened to reduce the benefits of the home sale exclusion, the final version of the new Tax Cuts and Jobs Act (TCJA) did not include a crackdown. As a result, if you sell your home at a huge profit and qualify under the existing rules, you can still exclude up to $250,000 [...]
UPDATED WayFair post from January 2018 for new information: Wayfair: We’ve Got Just What You Need (to Know) By: Jennifer Stripling, Tax Manager Jennifer is a tax manager, a member of the JMF Tax Department and in an integral part of the JMF State and Local Tax (SALT) group. With over 11 years of experience, she assists clients [...]
The new revenue standard was issued in 2014, and the 2019 application date once seemed a long way off. Now, as 2018 comes to a midpoint, the reality of applying the new standard is at the forefront of all of our thinking. The FASB’s Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic [...]
The new Tax Cuts and Jobs Act (TCJA) of 2017 is designed to stimulate business growth by cutting corporate tax rates and enhancing tax benefits for acquiring business property. Under the TCJA, your company may be able to deduct the full cost of property placed in service in 2018 through a combination of rules relating [...]
The Alabama Department of Revenue (ADOR) has launched alabamataxamnesty.com, a website dedicated to the Alabama Tax Delinquency Amnesty Program of 2018. The program begins July 1st and runs through September 30, 2018. Please note that to be eligible, the taxpayer may not have been previously contacted by ADOR (within the last two years) to file returns. Most [...]
The new tax law enacted at the end of last year—the Tax Cuts and Jobs Act (TCJA)—provides numerous tax changes for individuals, including tax rate cuts and a higher standard deduction. Significantly, the TCJA also eliminates or modifies certain deductions, including the majority of itemized deductions, beginning in 2018. As a result, fewer taxpayers are [...]