Congress agreed on, and the President signed, a temporary extension of the payroll tax cut from 2011. This extension expires on February 29, 2012, unless extended again. This is still only for the employee portion of Social Security and it continues to be 4.2% of wages. The law also includes a recapture provision that will [...]
As you may know not all states repaid interest due to the federal government related to unemployment borrowings. As a result the IRS has listed the states that are required to reduce their FUTA credit on Form 940 for 2011. An employer in a credit reduction state must complete Schedule A and include it with [...]
Employee news, promotions, new hires and accomplishments are highlighted in the attached newsletter. The "Inside Report" is published quarterly by JMF. Email us if you would like to receive these through emails on a regular basis. Click here to read a copy.
Congratulations to one of our newest staff accountants, Kim Christian. She has passed all parts of her CPA exam. After working for one year as an accountant, she will have met the qualifications to become a certified public accountant. Kim is a University of Alabama graduate and received a $1000 bonus from JMF for her [...]
The CollegeCounts 529 Fund offers tremendous tax advantages including tax-deferred growth and tax-free withdrawals for qualified college expenses. In addition, Alabama taxpayers are eligible for a state income tax deduction of up to $5,000 per individual ($10,000 if married filing jointly). Over time, these tax advantages, along with your investment dollars, can help provide additional savings [...]
No one likes to pay taxes any sooner than required. Therefore year-end strategies typically focus on deferring income from this year into future years and accelerating deductions from future years into this year. Following are some basic principles that can help guide your overall thinking: If you expect your tax rate to be higher next year, [...]
As we approach the last days of the year, remember to make tax deposits for any taxable fringe benefits you provide to your employees. I have attached a chart from IRS Publication 15b listing the treatment of certain benefits. Items like personal use of an auto are taxable and should be included in wages. Special [...]
In a joint announcement today, accounting firms, PKF Germany, Frazier & Deeter and Alabama-based JamisonMoneyFarmer PC announced a strategic initiative to address the needs of the growing Southeastern based automobile manufacturing and supply industry. “JamisonMoneyFarmer is a third-generation accounting firm strategically based in Tuscaloosa, Alabama, and already serves the needs of many of Alabama’s best [...]
The IRS has announced the 2012 optional standard mileage rates. Beginning on January 1, 2012 the standard mileage rates will be: 55.5 cents per mile for business miles driven (no change) 23 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
Our much anticipated 2011 year-end tax planning letter is now available. This document is chock full of helpful information to help you take advantage of those last minute tax saving strategies and to help you avoid potential pitfalls. 2011 Year End Planning Letter Please call your JMF tax professional today to setup a year-end planning session. We are [...]