Construction

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Are you familiar with the Alabama Historic Rehabilitation Tax Credit?

By | 2017-05-18T22:55:07+00:00 May 27th, 2014|Construction, Corporate & Partnership Tax, Individual Tax, Press Releases|

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 [...]

Seminar on New 2014 Construction Law

By | 2015-06-05T18:38:46+00:00 February 4th, 2014|Construction, News & Events, Press Releases|

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 Issues New SIFL Rates

By | 2015-06-05T19:11:35+00:00 February 21st, 2012|Construction, Corporate & Partnership Tax, International, Manufacturing, Oil & Gas, Payroll & Bookkeeping|

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 [...]

Bonus Depreciation

By | 2017-05-18T22:55:14+00:00 December 28th, 2011|Accounting & Auditing, Construction, Corporate & Partnership Tax, Health Care, Hospitality, Individual Tax, Manufacturing, Oil & Gas, Payroll & Bookkeeping, Timber|

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 [...]

Section 179 Depreciation Deduction

By | 2017-05-18T22:55:14+00:00 December 28th, 2011|Accounting & Auditing, Construction, Corporate & Partnership Tax, Health Care, Hospitality, Individual Tax, Manufacturing, Oil & Gas, Payroll & Bookkeeping|

   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 [...]

Our 10 most viewed blog posts of 2011

By | 2017-05-18T22:55:14+00:00 December 28th, 2011|Accounting & Auditing, Construction, Corporate & Partnership Tax, Estate & Trust, Financial Institutions, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Technology, Timber|

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 [...]

Government contractors facing interesting potential changes

By | 2015-06-05T19:13:33+00:00 November 2nd, 2011|Accounting & Auditing, Construction, Individual Tax, News & Events|

On October 26, the House of Representatives passed a bill to repeal a law that beginning in 2013 requires tax withholding of 3% of payments to vendors and contractors providing services to federal, state and local governments and their agencies. Think of the 3% as a discount or retainage for working with the government. The [...]

Construction Seminar “Surviving and Thriving in our Current Economy”

By | 2015-06-05T19:29:02+00:00 October 4th, 2011|Construction, News & Events|

Title: Construction Seminar, "Surviving and Thriving in our Current Economy"Location: JamisonMoneyFarmer PC, Tuscaloosa, AL Link out: Click here to view invitationDescription: 7:30 a.m. until 10:30 a.m. join the JMF Construction Practice Group for a free seminar addressing financial issues and solutions relating to the construction industry in today's economy. A continental breakfast will be served [...]

New Home Builder Ad Valorem Tax Reduction Opportunity

By | 2017-05-18T22:55:17+00:00 September 22nd, 2011|Construction, Corporate & Partnership Tax, News & Events|

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 [...]