Inflation-Adjusted 2014 Figures for Estates
Unified Estate and Gift Tax (lifetime) Exclusion: $5,340,000 GST Tax Exemption: $5,340,000 Gift Tax Annual Exclusion: $14,000 (no change)
JMF is Pleased to Announce Growth within JMF Technologies
Josh Angel accepts position as Network and System Analyst with JMF Technologies. Josh Angel began full time employment with JMF Technologies in September 2013. Angel graduated with a Bachelor of Science in Information Technology in July 2006 from Herzing College in Birmingham, AL. He previously worked with DCH as a Certified Analyst. He is married [...]
Tax Treatment of Attorney Fees Paid Under Settlements of Employee Suits
The IRS has explained the tax treatment of legal fees paid under settlement agreements with employees who brought suit against employers. The fees may be taxable and they may actually be subject to employment taxes. How you report those fees to the employees and to the IRS is determined by a four-step process: 1. [...]
Have you heard about the recent IRS ruling on TIPS?
The IRS recently ruled on service charges that restaurnats add to large groups. These are classified as regular wages rather than tips because they are not optional. While this isn't a change from the actual law it is a change for how service changes are handled in practice. What does this mean for you and [...]
September 16, 2013 – Deadline for some Legally Married Same Sex Couples
If you have any clients that are affected by the Defense of Marriage Act (DOMA) please be aware that the IRS now recognizes all same-sex marriages nationwide. If a same-sex couple is legally married in a state that recognizes same-sex marriage, the couple will be treated as married for all federal tax purposes. This is [...]
Is it a hobby or a business? Nine Factors the IRS uses to determine if Hobby Loss Rules apply
Many activities can be scrutinized by the IRS to determine if they are truly a business activity or a hobby. This is important because hobby losses are limited to the amount of income that is generated and are also subject to a floor of 2% of adjusted gross income as a miscellaneous itemized deduction. If [...]
AL Tax Credits for Donations – AL Accountability Act
The Alabama Accountability Act of 2013 signed into law earlier this year, provides Alabama state income tax credits for both: Families (individuals) with children at failing schools, that can be used to offset the cost of tuition to send their children to a qualifying private school (approximately $3,500 per year in tax credits per child), [...]
Establish a New SIMPLE Plan – October 1st Deadline
Title: Establish a New SIMPLE Plan - October 1st DeadlineDate: 2013-10-01Location: 2200 Jack Warner Pkwy, Suite 300, Tuscaloosa AL 35401Description: Employers who do not have a SIMPLE plan may start one for 2013 no later than three months before the end of the year. October 1 is the last day to start a SIMPLE and [...]
Shareholder Janet Moore Selected Co-Chair of American Institute on Federal Taxation
JMF Shareholder Janet Moore of Birmingham was selected co-chair of the American Institute on Federal Taxation (AIFT). She and fellow co-chair Bradley J. Sklar of Sirote & Permutt in Birmingham officially assumed their new positions at the 37th Annual American Institute on Federal Taxation. To read complete release, click here.
JamisonMoneyFarmer PC featured in Business Alabama Magazine
JamisonMoneyFarmer PC has been helpful to many clients in the filing process for the Deepwater Horizon oil settlement since the spring of 2012. In highlighting collaborations between law firms and accounting firms throughout the state, Business Alabama published an article featuring Mobile-based Cunningham Bounds and Tuscaloosa-based JamisonMoneyFarmer. To read the complete article, click here.