A new Alabama income tax credit is available for Alabama individuals and businesses that contribute cash to the Alabama Department of Postsecondary Education (ADPE) for qualifying educational expenses directly associated with the state’s Career‐Technical Dual Enrollment Program. The tax credit was created by House Bill 384 (Act No. 2014‐147, the “Act”), which was sponsored by [...]
On April 23, 2014 Mississippi became the 15th state to allow for the creation of a “self-settled asset protection trust”. This new legislation was effective July 1, 2014 and allows the grantor of the trust to transfer assets into trust to protect them against future creditors. This trust is often referred to as a Domestic [...]
Effective January 1st, 2015, and in keeping with the Tax Court's recent decision, the limit of one IRA rollover to another within any 12 month period will now apply on an aggregated basis. The old IRA-by-IRA rollover basis when considering the 12 month period has been withdrawn, even though the IRS Publication 590, Individual Retirement [...]
JamisonMoneyFarmerPC was recently named as one of the Best Companies to Work for in Alabama. This fifth annual program was created by Business Alabama and Best Companies Group. This survey and awards program was designed to identify, recognize and honor the best employers in Alabama, benefiting the county's economy, workforce and businesses. The list is [...]
Beginning at 12:01 a.m. (CST) on Friday August 1, 2014, and ending at twelve midnight on Sunday August 3, 2014, Alabama will hold its 8th annual sales tax holiday giving shoppers in Tuscaloosa County the opportunity to purchase certain school supplies, computers and clothing free of state and local sales tax. Not all cities participate [...]
We get this question a lot at this time of the year. If your tax return is on extension and you are now preparing the return, 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 Alabama Society of Certified Public Accountants (ASCPA) has awarded Betsy Jarnigan, a senior accountant at JamisonMoneyFarmer, its 2014 Outstanding Young CPA Award at its recent annual meeting. The award recognizes exceptional service to the Young CPA board, Young CPA chapters or individual CPA projects. Betsy has been on the board of the ASCPA’s Young [...]
Last week, the Supreme Court unanimously ruled that inherited IRAs are not protected in bankruptcy under federal law. The Court’s decision resolved the bankruptcy question about inherited IRAs in the federal courts, but it does not resolve all questions because state laws also control the bankruptcy protection. Each state’s law is different, here is a [...]
Our own Dan Johnson, a JMF supervisor, was one of the speakers at the Alabama Preservation 2014 Conference in Florence Alabama on April 24th. He had the peculiar task of explaining how to file the new Alabama Historic Rehabilitation Tax Credit on the AL tax forms that do not yet exist. This presentation is a [...]
Due to recent flooding and tornadoes, the Alabama Department of Revenue has offered taxpayer relief in the federally-declared disasters areas of Baldwin, Blount, DeKalb, Etowah, Jefferson, Lee, Limestone, Mobile, and Tuscaloosa counties, or whose business operations are located in those counties, until Oct. 15, 2014, to file certain Alabama tax returns that have a due [...]