IRS Provides Extra Estate Tax Protection

The IRS has provided some estate planning comfort for well-to-do individuals. Under the Tax Cuts and Jobs Act (TCJA), the estate tax exclusion was raised to $10 million, indexed for inflation. That provides plenty of leeway for most families. However, like many other TCJA changes for individuals, this provision is scheduled to “sunset” after 2025. [...]

By | 2019-02-05T19:22:42+00:00 February 5th, 2019|Estate & Trust, News & Events|0 Comments

Will You Miss These Tax Deductions?

Form 1040 has a different look this year. Thanks to the Tax Cuts and Jobs Act (TCJA), the standard deduction has essentially been doubled while certain deductions have been modified or eliminated. Due to these changes, which are generally effective for 2018 through 2025, you may be better off claiming the standard deduction on your [...]

By | 2019-02-05T19:06:35+00:00 February 5th, 2019|Entrepreneurs, Individual Tax, News & Events, SALT|0 Comments

Make This a “Record” Tax Year

The IRS generally requires taxpayers to shoulder recordkeeping burdens. If you have not kept the necessary tax records in the past— or if your methods have been inadequate— make it a New Year's resolution to improve in 2019. The process will undoubtedly go smoother if you organize your records in a logical fashion. Also, [...]

Wayfair: We’ve Got Just What You Need (to Know)

The following article was written by JMF Shareholder Kim Smith for the Alabama Retail Association's February issue of Alabama Retailer magazine.  We are re-posting it here with their permission. Wayfair Printable Story AL Retailer February 2019 By:  Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of [...]

Seven Reasons to Have a Will

Many music lovers were dismayed by the recent death of Aretha Franklin, the famous recording artist. Also dismaying: The “Queen of Soul” passed away without a legally enforceable will. This could lead to serious complications. What about you? If you do not have a will in place, do not wait any longer. There are numerous [...]

By | 2018-12-20T15:57:03+00:00 January 3rd, 2019|Estate & Trust, News & Events|0 Comments

Retirement Plan Limits Going Up

The IRS recently announced annual cost-of-living adjustments for certain retirement plans for 2019. See the chart below for several key changes.     Limit for 2018 Limit for 2019 Maximum annual dollar benefit for a defined benefit plan $220,000 $225,000 Maximum dollar limit on additions to a defined contribution plan $55,000 $56,000 Maximum amount of [...]

By | 2018-12-20T14:49:50+00:00 December 26th, 2018|News & Events, Pension Admin & Consulting|0 Comments

2018 Year-End Tax Planning Letter

2018 Year-End Tax Planning Letter (Click here for a PDF/Printable Version of the JMF 2018 Year-End Tax Planning Letter) Dear Clients and Friends: Year-end tax planning in 2018 is probably more complicated than it has ever been before. The new tax law enacted late last year, the Tax Cuts and Jobs Act (TCJA), completely [...]

JMF’s Bobby Ingram to Lead AlabamaGermany Partnership

TUSCALOOSA – Last month, at the AlabamaGermany Partnership (“AGP’) board meeting in Birmingham, the board of directors approved JMF shareholder Bobby Ingram as its new Chairman. Bobby will chair the group for the next two years, after years of board service to the organization. The AGP supports relationships and friendships between organizations and individuals with [...]

By | 2018-12-19T16:29:53+00:00 December 5th, 2018|International, News & Events, Press Releases|0 Comments