Corporate & Partnership Tax

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Video: Best Practices to Avoid IRS Notices

By |2022-10-12T19:02:57+00:00October 12th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, Videos|

Lauren Roberts and Kim Smith discuss IRS notices and the best ways to avoid them! These two tax accountants share war stories on IRS notices, including some of the most common reasons notices are triggered and how to create an IRS online account. And of course, IRS scams - beware! Hosts: JamisonMoneyFarmer PC CPAs Lauren [...]

Misclassifying Workers – Seeking Out Section 530 Relief

By |2022-09-26T14:20:28+00:00September 26th, 2022|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The IRS often contests an employer’s classification of workers as independent contractors as opposed to employees. If a worker is labeled as an independent contactor, the employer does not have to pay its fair share of federal payroll taxes, nor does it have to provide costly fringe benefits available to employees. This can result in [...]

Key Tax Provisions in the New IRA aka Inflation Reduction Act

By |2022-09-26T14:24:06+00:00September 6th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

After numerous twists and turns, the Inflation Reduction Act (the IRA) was finally signed into law by the president on August 16. Among other aspects, the new law addresses climate control, extends health insurance subsidiaries and permits Medicare to negotiate drug prices. But it also includes the following key tax provisions for individuals and [...]

Seven Tax Moves for the Summer

By |2022-06-22T15:23:47+00:00June 22nd, 2022|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Summer is a time for R&R, but also offers tax-saving opportunities for individuals and small business owners. Here are seven ways to reduce tax liability this summer. Host an employee gathering. Prior to 2018, your business could deduct 50% of the cost of qualified business entertainment expenses. But this deduction has generally been eliminated. Key [...]

Counting on the QBI Deduction

By |2022-03-22T13:53:11+00:00March 14th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

The Tax Cuts and Jobs Act (TCJA) created a major new tax deduction for self-employed individuals and owners of pass-through entities like partnerships, S corporations and limited liability companies (LLCs). Effective for 2018 through 2025, the deduction for “qualified business income” (QBI) can be as high as 20%. However, these deductions are reduced or [...]

Your Electronic Filing and Delivery Options from JMF

By |2022-02-04T16:14:24+00:00February 4th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, Technology|

 Did you know about all of the electronic offerings associated with your tax return filing? Bank account direct deposit for refunds and direct draft for payments What is it?                           The quickest and safest way to receive your refund or make your tax payment associated with most federal and state tax returns How do I [...]

2021 Year-End Tax Planning Letter

By |2021-12-09T21:22:19+00:00December 9th, 2021|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events, Press Releases, SALT|

Tax season is right around the corner, so we want you to be prepared.  As we typically do, we have created this year-end tax planning letter to assist you with certain tips that you should consider before December 31st. This is the time to reassess your overall tax picture for 2021 so you can [...]

New Vehicle Depreciation Limits from the IRS

By |2021-10-05T21:42:55+00:00September 25th, 2021|Corporate & Partnership Tax, News & Events, Press Releases|

The IRS has announced the depreciation limits for vehicles placed in service in 2021. For instance, the maximum first-year deduction for a passenger car, including “bonus depreciation,” is $18,200 (up from $18,100 for cars placed in service in 2020). Deductions are then based on the percentage attributable to business use. Note: Comparable rules apply to [...]

Cost Segregation Study: Fast Tax Write-Offs for Building Parts

By |2021-10-05T21:32:45+00:00September 9th, 2021|Construction, Corporate & Partnership Tax, News & Events, Press Releases|

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 [...]