It’s fourth and long and time is running out! What’s your game plan? In 1990, Congress passed code Section 2704 intending to limit the aggressive use of valuation discounts utilized by family owned entities. Many years and several court losses later, the IRS, in August, issued Proposed Regulations to §2704 that are intended to severely [...]
By: Janet Moore, Shareholder, CPA Janet is the co-manager of the JMF Tax Department, runs the Birmingham office, and serves on the Executive Board. With more than 30 years of experience in public accounting, she assists closely-held businesses and owners with corporate, partnership, and individual income tax planning and reporting, as well as complex issues [...]
JamisonMoneyFarmer PC (“JMF”) Executive Board Chairman, Carl T. Jamison, announced today that Scott Goldsmith has been elected President and Managing Shareholder of the CPA firm and will assume the position on September 1, 2016. In making the announcement Jamison said, “This is the culmination of a leadership succession process we began two years ago and [...]
Employers who do not already sponsor a SIMPLE Plan may start one for 2016 no later than three months before the end of the calendar year*. October 1st is the last day to start a SIMPLE Plan and begin making deferrals for 2016. If you have a client interested in establishing a SIMPLE Plan for [...]
Tax rules may affect your donations Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on the donation, make sure that you give away the “right kind” of securities instead of the “wrong kind.” It can make a big difference on your tax return. The conventional [...]
By: Kasey Powell, CPA, CPE Kasey is a senior accountant, certified fraud examiner, and a member of the JMF Timber Practice Group. Kasey Powell Vcard Kasey Powell LinkedIn Profile This year represents the 20th anniversary of the inaugural Association of Certified Fraud Examiner's (ACFE) Report to the Nation on Occupational Fraud and Abuse: 2016 Global Fraud Study. [...]
Under the American Taxpayer Relief Act of 2012 (ATRA), the federal estate-tax exemption is permanently set at $5 million with a top 40% rate. ATRA also provides for inflation indexing of the exemption, beginning in 2013. The figures for the past four years, which show a modest increase for 2016, are as follows: Year Exemption [...]
Do you own investment real estate—say, an apartment building—that you rent out to tenants? Real estate can be a valuable and reliable source of income. Of course, the rental income is subject to tax, but the resulting tax liability may be offset by deductible expenses. In some cases, you might even qualify for a loss. [...]
It’s that time of year and you want to know. Your tax return was extended and you are now preparing the return. The question is, can you still make an IRA contribution? Maybe, but generally the short answer is No. The deadline for making most IRA or Roth IRA contributions is April 15th for the [...]
What is your greatest financial fear? For some people, it is outliving their retirement savings. Besides the inherent volatility of economic markets and concerns about the viability of Social Security in the future, you may not have been able to save enough to secure a comfortable retirement. As things stand now, you may be afraid [...]