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So far Bobby M. Bragg has created 620 blog entries.

USDA Announces Pandemic Assistance for Timber Harvesters and Haulers

By |2021-07-22T21:47:17+00:00July 22nd, 2021|News & Events, Press Releases, Timber|

The U.S. Department of Agriculture (USDA) is providing up to $200 million to provide relief to timber harvesting and timber hauling businesses that have experienced losses due to COVID-19 as part of USDA’s Pandemic Assistance for Producers initiative. Loggers and truckers can apply for assistance through USDA’s Farm Service Agency (FSA) July 22 through Oct. 15, [...]

Two Senate Proposals That Could Drastically Affect Estate Planning

By |2021-07-20T15:23:17+00:00July 20th, 2021|Estate & Trust, Individual Tax, News & Events, Press Releases|

This spring, two Senate proposals were introduced that contain significant changes to federal estate, gift, generation-skipping transfer (GST) taxes, and, the concept of "stepped-up basis" for inherited and gifted wealth. It should be emphasized here that these are just proposals and it is unknown what, if any, of these acts will become law. The two [...]

Do you have questions about the Advance Payments of the Child Tax Credit?

By |2021-06-21T16:41:43+00:00June 21st, 2021|Individual Tax, News & Events, Press Releases|

Like many Americans who have child dependents on your tax return, you may have recently received a letter from the IRS regarding advance payments of the Child Tax Credit.  If you are wondering how this will affect you, we have compiled some FAQs below that will hopefully answer the questions you may have. What has [...]

Alabama Pass Through Entities Can Now Pay State Tax at Entity Level

By |2021-06-14T17:55:15+00:00June 14th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, SALT|

By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues. On [...]

Four Major Changes in Flex Spending Rules

By |2021-06-10T18:48:24+00:00June 1st, 2021|Entrepreneurs, Individual Tax, News & Events, Press Releases|

New legislation has enhanced the rules for flexible spending accounts (FSAs). Generally, participants in FSSAs will have more flexibility in managing their accounts, albeit temporarily. Key point: Employers may choose to implement the new law changes, but are not required to do so. Background: There are two types of FSAs that employers may offer to [...]

How Traditional and Roth IRAs Differ

By |2021-06-17T14:19:23+00:00May 12th, 2021|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

As you probably already know, there are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2020 tax year is May 17, 2021 (extended from April 15, 2021). There are no further extensions even if you obtain the regular “automatic extension” for [...]

Big Improvements to Child Tax Credit for 2021 Only

By |2021-05-10T14:21:33+00:00May 10th, 2021|Individual Tax, News & Events, Press Releases|

Congress keeps raising the stakes for the Child Tax Credit (CTC). Following other recent tax law changes, the new American Rescue Plan Act (ARPA) includes several significant enhancements to the CTC for 2021. What’s more, these tax breaks will start paying off in July—not when you file your 2021 tax return. Background: Prior to ARPA, [...]

ARPA Authorizes COBRA Subsidies

By |2021-05-03T14:10:14+00:00May 3rd, 2021|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The new American Rescue Plan Act (ARPA) includes relief for both individuals and businesses. Case in point: A key provision in the new law provides tax-free COBRA subsidies to ex-employees for a limited period of time. To top things off, employers are entitled to a payroll tax credit for the resulting costs. Background: Under the [...]

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