On January 2, 2013, President Obama signed into law the American Taxpayer Relief Act of 2012, allowing the United States to avert the so-called "fiscal cliff," which would have triggered automatic tax increases and spending cuts. Among its provisions, the new law extends credits for the lower and middle class, raises taxes on top earners [...]
The fifth annual Lake Tuscaloosa North River Watershed Festival will take place April 4 through April 6. The festival, hosted by the city of Tuscaloosa, the UA Museum of Natural History and the Clean Water Partnership, will include a public information fair, an education expo and a lake cleanup event. Volunteers with boats are asked [...]
JamisonMoneyFarmer was proud to attend and sponsor the AlabamaGermany Partnership dinner held in Huntsville on March 7. A number of officials, including Governor Robert Bentley, Secretary of Commerce Greg Canfield and German Consol General to the Southeast Christoph Sander, spoke at the event, which was held at the U.S. Space and Rocket Center. The dinner celebrated the [...]
Do you have misclassified workers? Do you have contractors who should be classified as employees? How do you know for sure? First, take a look at JMF's pamphlet about contractors and employees. Ask for one when you pick up your tax return. An interesting article in the Wall Street Journal this morning by Angus Loten [...]
The Fiscal Cliff legislation revived the tax credit for propane use in forklifts. The credit is $0.50 per gallon of propane used to power forklifts. You may be able to obtain a report from your propane supplier that shows the number of gallons purchased (converted from cylinders to gallons). This energy tax credit first expired [...]
The U.S. Citizenship and Immigration Services (USCIS) has published a revised Employment Eligibility Verification Form I-9 for use. The new form is effective March 8th and should be used for all new hires and reverifications. While you may use prior versions until May 7, 2013, the new form is required after that date. The new [...]
If you barter or trade in the course of your business there are some things you should know. Barter and trade income are the same as any other income. For tax reporting you must report the fair market value of the products and services you received; you also may be able to deduct the costs [...]
You may remember in 2010 that the Dodd-Frank Act temporarily increased the FDIC (Federal Deposit Insurance Corporation) insurance limit to an unlimited threshold. As of January 1, 2013 this provision has expired. The current maximum insurance allowed by law is $250,000 per ownership category. Here is a FAQ from the FDIC regarding this change. At [...]
A bill creating tax credits for the families of students in failing schools passed last week. The Alabama Accountability Act of 2013 (HB84) was created to provide more flexibility in the public education system, both for schools and students. The bill does three things: Gives local school districts greater flexibility in complying with state regulations. [...]
The IRS has issued a warning to taxpayers who receive emails claiming to be from the government agency. The emails, which often include the IRS name and logo, are from scammers seeking personal and financial information. The IRS never contacts taxpayers via email or social media to request personal or financial information. The IRS warns [...]