The IRS is actively reviewing worker classifications looking for cases where an employer has treated a worker as an independent contractor when they are, in fact, an employee. They have increased enforcement efforts using the 1099 Matching Program where they look at people who file only one 1099-MISC with their personal return or look at [...]
With the recent tornado disasters, we've had many clients who have suffered timber damage. The IRS has recently updated their guidance on how to claim timber casualty losses. Casualty losses are limited to your basis in the property. If you have timber casualty losses that occurred in 2011, you may claim those losses on a 2010 amended or extended [...]
If you lost shade trees or had other storm or tornado related damage to landscaping on your personal property, you may qualify for a casualty loss deduction on your Form 1040. However, under current law, your deduction is limited to the lesser of your basis in the trees or landscaping damaged or destroyed or the [...]
The 2011 Sales Tax Holiday is scheduled for August 5th-7th. Municipalities have until July 6th to notify the Alabama Department of Revenue regarding participation. Currently, the Cities of Tuscaloosa, Northport and Birmingham are participating as well as Tuscaloosa County. For a list of exempt items please visit www.revenue.alabama.gov/salestax/salestaxhol.htm and click on the quick reference sheet of exempt [...]
If you have any storm damaged timber, you may want to check into whether funds are available through the Emergency Forest Restoration Program. You should check with our local USDA Farm Service Agency regarding sign-up periods which may vary by county. USDA FSA Offices: Tuscaloosa and Pickens County - 205-553-1733 Hale County - 334-624-3856 Greene [...]
Quarterly Payroll Tax Returns, Federal Form 941 and State form A-1 have been extended until June 30, 2011 for counties declared Federal Disaster Areas after the April tornadoes. State Unemployment forms should be submitted as soon as possible. Our experts are ready to assist you with these forms and answer any questions you may have [...]
JamisonMoneyFarmer PC, Certified Public Accountants, is pleased to announce the following: [readMore] [readMoreContent] Pasha G. McAbee, CPA, has been promoted to manager. She joined the Accounting and Auditing Department in 2003. Pasha received her Bachelor of Science in Commerce and Business Administration - graduating Magna Cum Laude - and a Master of Accountancy with [...]
Volunteer Efforts & In-Kind Donations Can Count as $ for T-Town [readMore] [readMoreContent] The rebuilding of our City is going to be costly, despite the insurance and FEMA reimbursements. One way to help is to register when volunteering or donating in-kind items (use of equipment or providing materials/supplies) because your hours of labor and [...]
ALABAMA TORNADO ASSISTANCE AND RELIEF - ISSUE II May 24, 2011 This is the second in our series of newsletters covering tax and relief issues to help with the recovery effort in Alabama. Please let us know if you need a copy of our previous newsletter. Read more... This issue will cover: Casualty Gains [...]
ALABAMA TORNADO ASSISTANCE AND RELIEF May 5, 2011 On April 28th the President declared a major disaster exists in the State of Alabama and ordered Federal aid to supplement State and local recovery efforts in the area struck by severe storms, tornadoes, straight-line winds, and flooding beginning on April 15, 2011, and continuing. The [...]