We recently did a podcast with Andrew Hudson, President of Pritchett-Moore, where we discussed a lot of construction/contractor-specific insurance and bonding needs. As part of that discussion, Andrew provided the following information to help new contractors understand the needs that bonding sureties will require from them.Financial Information: CPA Audit or Reviewed statements done on a [...]
Generally, it takes a long time—39 years to be exact—to fully recover the cost of a business building through regular depreciation deductions. However, your business may benefit from faster write-offs if it conducts a “cost segregation study.” In effect, the study breaks out certain building components so the costs can be deducted over a shorter [...]
Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment. This remains a fluid situation and we will continue to communicate with you. [...]
Our own Dan Johnson, a JMF supervisor, was one of the speakers at the Alabama Preservation 2014 Conference in Florence Alabama on April 24th. He had the peculiar task of explaining how to file the new Alabama Historic Rehabilitation Tax Credit on the AL tax forms that do not yet exist. This presentation is a [...]
Title: Seminar on New 2014 Construction LawLocation: 2200 Jack Warner Pkwy, Suite 300, Tuscaloosa, ALLink out: Click hereDescription: Is your government project sales & use tax exempt? Act 2013-205 requires the Department of Revenue to grant certificates of exemption from sales and use taxes to contractors and subcontractors licensed by the State Licensing Board for [...]
IRS has made available the new Standard Industry Fare Level (SIFL) rates for the first half of 2012 (January 1 through June 30). The SIFL formula is used in certain instances to determine the value of a noncommercial flight for employment tax purposes. The terminal charge has increased to $44.88 (previously, $43.79). The rate for the first [...]
Property that does not qualify for an immediate tax write-off under Section 179 may qualify for an increased first-year depreciation deduction under bonus depreciation rules. Unlike the Section 179 deduction, there are no restrictions on the amount of qualifying property and there is no taxable income limit. This deduction is equal to 100 percent of [...]
Instead of depreciating an asset over several years, Internal Revenue Code Section 179 allows the expensing of all or a portion of certain qualifying new and used assets in the year placed in service. There are limitations including a business taxable income limit. You cannot claim a Section 179 write-off that would create or [...]
In the spirit of wrapping up 2011, we decided to give you our ten most viewed blog posts of 2011. That means you loved them! 10. Bonus Payments are wages from November 30 9. Alabama’s 529 fund could lower your tax bill from December 20 8. New Home Builder Ad Valorem Tax Reduction Opportunity from [...]
If you are an avid reader of our website and blog, you probably know that on November 2nd, we hosted a great Bankers' Panel as well as a seminar for many of our construction clients and several that soon will be clients! Just to make sure we are keeping our readers informed, here are the [...]