Corporate & Partnership Tax

/Corporate & Partnership Tax

Impact of Deferred Payroll Taxes on Income Tax Deductions

By |2021-01-21T14:05:22+00:00January 21st, 2021|Corporate & Partnership Tax, News & Events, Press Releases, Social Security|

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.   The [...]

Are you going to apply for a second draw PPP loan?

By |2021-01-12T16:53:56+00:00January 12th, 2021|Corporate & Partnership Tax, News & Events, Press Releases|

Last week the SBA and Treasury released the new application for Second Draw PPP loans (SBA Form 2483-SD), along with additional guidance for eligible borrowers. In order to be eligible for a Second Draw PPP loan, borrowers must meet the following criteria: Was eligible for and received a First Draw PPP loan Has used, or [...]

Consolidated Appropriations Act – Updates to PPP, FFCRA, and Payroll

By |2020-12-29T18:38:38+00:00December 22nd, 2020|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

On Monday, December 21, Congress passed the Consolidated Appropriations Act, 2021, which is expected to be signed by President Trump in the next several days. This Act provides various forms of COVID-19 related relief, among which are modifications to the Paycheck Protection Program (PPP) loan program, as well as a second round of PPP [...]

JMF Listed on Forbes America’s Top Recommended Tax And Accounting Firms For Second Year in a Row

By |2020-12-16T15:32:42+00:00December 16th, 2020|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Photo Credit: Forbes Magazine For the second year in a row, Forbes Magazine partnered with the independent market research company Statista to create a list of the most recommended firms for tax and accounting services in the United States.  JMF was on the initial list as well, which was published last year. JamisonMoneyFarmer PC is proud to be [...]

2020 Year-End Tax Letter

By |2020-12-11T18:42:40+00:00December 7th, 2020|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

 2020 Year-End Tax Letter YEAR END TAX PLANNING LETTER IN PDF Dear Clients and Friends: This year has been unlike any other in recent memory. Front and center, the COVID-19 pandemic has touched virtually every aspect of daily living and business activity in 2020. In addition to other financial consequences, the resulting fallout is [...]

Let Us Help You with PPP Loan Forgiveness

By |2020-10-23T14:26:54+00:00October 20th, 2020|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

For most PPP loan recipients, the 24-week Covered Period ended during the past several weeks, so now it is time to apply for forgiveness with your lender. The forgiveness application used and amount of documentation required will first depend on the amount of your PPP loan. If you received a PPP loan of $50,000 [...]

IRS Required Retirement Plan Restatements Cycle Opened on August 1

By |2020-08-24T15:14:46+00:00August 24th, 2020|Corporate & Partnership Tax, Pension Admin & Consulting, Press Releases|

Many retirement plans are written using Internal Revenue Service (IRS) pre-approved documents. Pre-approved plans must be restated every six years to update their plan documents to reflect recent legislative and regulatory changes since the previous restatement, to maintain their tax qualified status. The six-year restatement period is known as a “cycle”. The last restatement [...]

Three New Tax Breaks for Charitable Donors

By |2020-08-18T15:01:32+00:00August 18th, 2020|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events, Press Releases|

The Coronavirus Aid, Relief and Economic Security (CARES) Act encourages taxpayers to contribute to worthy charitable causes during this unprecedented health crisis. Accordingly, here are three key tax breaks in the new law for individual and corporate donors in 2020. 1. Deduction for non-itemizers: Normally, you may write off contributions to charitable organizations, subject [...]

Big Tax Payoff for Bonus Depreciation

By |2020-07-31T13:25:43+00:00July 31st, 2020|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

If your business is starting to emerge from this year’s slumber, you may be inclined to acquire new equipment or other assets to help generate more income. In addition to the Section 179 allowance, which allows your business to expense up to $1.04 million of the cost of assets placed in service in 2020 (subject [...]