The BP Settlement Agreement entered into on April 18, 2012, has broad application to most businesses operating anywhere in Alabama, meaning your business may be eligible for a settlement. Eligibility is based upon a gross revenue test with no requirement to prove direct causation. The revenue test is fairly simple but does require analyzing monthly [...]
According to the U.S. Department of Health and Human Services, Administration on Aging: "The older population, persons 65 years or older, numbered 39.6 million in 2009...about one in every eight Americans. By 2030, there will be about 72.1 million older persons, more than twice their number in 2000." With several factors helping us to [...]
JamisonMoneyFarmer CPAs Pasha McAbee and Kristi Moore recently graduated from the Leadership Academy program aimed at developing leadership skills of young and emerging professionals. The program is sponsored by the Alabama Society of CPAs and its Leadership Academy Task Force. Candidates for this program are chosen based on leadership qualities that have already exhibited [...]
Have we reached the point where this bitter cliche has become true? It sure seems like it in this instance. In a recent tax court case, IRS argued that a taxpayer's charitable contribution to their church was not allowable. In this case (TC MEMO 2012-140), the church provided the taxpayer with an annual giving statement before the due [...]
In case you have been under a rock or in a bubble the last few days, Facebook went public last week in what some are calling the “biggest IPO cross in the history of mankind." All hyperbole aside, there are literally thousands of new millionaires and plenty of new billionaires. Two of those billionaires were Mark Zuckerberg and Dustin Moskovitz, co-founders [...]
ORIGINALLY PUBLISHED IN FEBRUARY 2011, BUT STILL VERY APPLICABLE TODAY >>> Many of you have been asking us about the new estate tax laws that passed at the end of 2010. Should I make gifts now to take advantage of the new higher gift tax exemption rates? Do I still need to consider using [...]
Click here to listen in on the Capital Ideas-Live webcast featuring guest speaker and JMF CPA Chris Williams as he explains 1031 like-kind exchanges and answers questions about the complexities of this tax deferral transaction. Chris' portion begins at Minute 23.
JMF has posted a QuickBooks Training video about Bank Reconciliations on You Tube. http://www.youtube.com/watch?v=BfeIonqJfnQ&feature=email This 6 minute video by Linda Forde walks you through the step by step process of completing a bank reconciliation in QuickBooks. Look for more videos - coming soon...
The Alabama Department of Revenue issued a press release regarding the upcoming Sales Tax Holiday for Severe Weather. Local Governments should let the DOR know if they will be participating by June 22, 2012 for the sales tax holiday set for July 6 through July 8. The city and county listing will be available at [...]
Tax deferred property exchanges must be structured correctly, from the beginning, to realize the benefits of deferred taxes. Click here to learn more about Like-Kind 1031 exchanges