JMF Client Advisor-September/October 2011
TITLES: Why are they still important in business today? Is your company knowledgeable about all HR requirements? For answers, click here to read JMF's Client Advisor Sept Oct 2011 issue.
Timber Damage & Tax Rules
In light of the widespread storm damage from the recent Alabama Tornados, forest owners need to be aware of the tax rules related to deducting losses from storm damage and deferring taxable income that may have arisen from insurance proceeds and/or salvaged timber. If you are a forest owner, the attached document contains an informative [...]
New Home Builder Ad Valorem Tax Reduction Opportunity
Attention, Alabama home builders: This year, the Alabama legislature passed Act 2011-544, the “Homeowners and Storm Victims Protection Act of 2011”. The act became effective on September 1, 2011. A provision in the act reduces ad valorem taxes you pay on your inventoried houses and underlying lots by 50% for a period of 24 [...]
JMF September|October Inside Report & Newsletter
Rachel Taylor, CPA at JMF recently received the Defining Woman of the Year award…six baby girls have been born into the firm...employees respond to call with help for tornado survivors…and more. To read more about the events taking place in the lives of JMF employees, click here .
Shareholder Leighanne Faught appointed to Alabama State Board of Accountancy
JamisonMoneyFarmer continues to take a leadership role in the business and CPA world in the state of Alabama. After we shared Carl Jamison's work with the Alabama Business Council last week, we are pleased to announce that another JMF shareholder, Leighanne Faught, has been appointed by Governor Robert Bentley, upon confirmation of the Senate, to serve on [...]
Jobs Creation Bill and Payroll Taxes
We are monitoring the new jobs creation bill and the proposed changes to payroll taxes closely. We will continue to watch the changes proposed to the legislation and we will post about the new requirements as soon as congress acts. Please note that the changes are likely to delay tax planning information such as the [...]
Carl Jamison adds to 2012 Legislative Agenda with Business Council of Alabama
The Business Council of Alabama took its first step toward finalizing its 2012 state legislative agenda with BCA committee members and legislative leaders during a two-day conference in Prattville last week. JMF shareholder Carl Jamison, who is also second vice chairman of the BCA board of directors, attended the session.Known as “Committee Leadership Days,” the [...]
2010 Estate Tax and GST Guidance Finally Arrives!
Substance, yes, but…where's the Form? On August 5, 2011, IRS released the much anticipated Notice 2011-66 clarifying, for decedents dying in 2010, the time and manner in which an executor may elect out of the $5 million estate tax exemption and opt in to the carryover basis rules under Section 1022 of the code. Form [...]
New SIFL Rates Released
The U.S. Department of Transportation has released the Standard Industry Fare Level (SIFL) rates for the second half of 2011. SIFL rates and terminal charges are used for income tax purposes in a special formula for valuing imputed income from employer-provided noncommercial flights. These rates are calculated by the Department of Transportation and revised semi-annually. The most recent amounts [...]
Alabama Unclaimed Property Reports
Alabama Unclaimed Property Reports are due by November 1, 2011. These reports will cover items that became dormant from July 1, 2010 to June 30, 2011. Unclaimed Property refers to assets held by businesses and financial institutions that have somehow lost contact with the property owner. It can be bank accounts, payroll checks, vendor payments, [...]