As a general rule, your deduction for business entertainment expenses is limited to 50% of the cost, no matter what the occasion. But there is an important exception for holiday parties or other corporate events. In this case, you may be able to write off 100% of the cost for a gathering held on the [...]
With a new administration taking shape in our nation’s capital after the elections, you can expect that significant tax reforms will be debated, and perhaps enacted, in the near future. But the greatest impact on year-end tax planning in 2016 will likely derive from what happened late last year, not what will happen next year. [...]
Alabama Tax Tribunal Rejects Regulation Limiting Credit for Taxes Paid to Other State Taxpayers with multi-state income have refund potential for prior years 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 [...]
Click here to read, download, or print the complete JMF Post Election Tax update 2016. Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number [...]
JamisonMoneyFarmer is proud to announce that shareholder Bobby Ingram has been elected as Secretary for the AlabamaGermany Partnership ("AGP"). The new role was voted on at the AGP Board of Directors meeting in Birmingham, Alabama yesterday. AGP is the organization for facilitating collaboration between businesses and individuals with ties to Alabama and Germany. Bobby is in his second year [...]
JamisonMoneyFarmer PC (“JMF”), one of Alabama's top ranked CPA firms with offices in Tuscaloosa, Birmingham and Selma, is pleased to announce that Jennifer Stripling, CPA has joined the Firm as Tax Manager. Stripling brings over eleven years of experience in a global accounting firm in Birmingham with specific focus on manufacturing and timber related clients. [...]
Undoubtedly, the national elections will have an impact on personal taxes for years to come. But it is unlikely that a lame-duck Congress will enact changes that will significantly affect tax planning for 2016. Accordingly, here are seven tax moves for individuals to consider at the end of this year. Harvest capital gains or losses. [...]
A Tale of Two Business Structures / Comparing C corporations with S corporations If you are organizing a new business structure, you may prefer to set up a small company as a traditional C corporation or an S corporation. Alternatively, you might switch from one to the other for an existing business. Before you make your [...]
Now that your children are back in school, you might consider the available tax breaks for higher education expenses. Following extensions and modifications under the Protecting Americans from Tax Hikes (PATH) Act of 2015, there are three primary tax provisions that may benefit parents: the American Opportunity Tax Credit (AOTC), the Lifetime Learning Credit (LLC) [...]
How to value business interests It is often difficult to put a price tag on a company that is not publicly traded. For instance, the value of a family-owned business will typically exceed the total value of the hard assets such as equipment and inventory. In addition, assigning a value to intangible assets such as [...]