Corporate & Partnership Tax

/Corporate & Partnership Tax

Alabama adds state incentives to the federal Opportunity Zone plan

By |2019-06-11T15:18:02+00:00June 11th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

As you are probably aware if you read this blog consistently, we think Opportunity Zones have great potential for taxpayers/investors.  In fact, since last fall, many of the uncertainties around Opportunity Zones have been cleared up through IRS regulations.  Most people are not expecting any more official IRS guidance release so the rules of [...]

IRS Updates Standard Mileage Rates for 2019

By |2019-02-18T18:24:05+00:00February 18th, 2019|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

In lieu of deducting actual expenses, the IRS permits qualified taxpayers to deduct a flat rate based on miles traveled, plus related tolls and parking fees. These standard mileage rates are updated annually. For 2019, the rates are: 58 cents per mile driven for business driving (up 3.5 cents from 2018); 20 cents per mile [...]

Preserve Deductions for Charitable Gifts

By |2019-02-18T20:05:42+00:00February 14th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events|

What’s the biggest tax deduction on your 2018 return? For many itemizers, it is the write-off for charitable donations on Schedule A. But these deductions are not automatic if you do not have the proper records to back up your claims. Here are several important reminders for this year’s tax filing season. Monetary contributions: Deductions [...]

Make This a “Record” Tax Year

By |2019-02-05T18:59:26+00:00January 20th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events|

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)

By |2019-01-10T15:34:01+00:00January 10th, 2019|Corporate & Partnership Tax, Entrepreneurs, News & Events, SALT|

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 [...]

IRS Offers Tax Treat on Business Meals

By |2018-11-08T17:20:10+00:00November 8th, 2018|Corporate & Partnership Tax, Entrepreneurs, News & Events|

A new Notice issued by the IRS (Notice 2018-76) gives businesses a tax reprieve from a crackdown in the Tax Cuts and Jobs Act (TCJA). Under the Notice, your company can deduct meal expenses incurred in connection with entertainment activities as long as the food and beverage costs are stated separately. Background: Prior to [...]

JMF Managing Shareholder Scott Goldsmith Invited to Join alliantgroup’s Strategic Advisory Board

By |2018-09-24T19:41:15+00:00September 24th, 2018|Corporate & Partnership Tax, News & Events, Press Releases|

JamisonMoneyFarmer PC is proud to announce that alliantgroup has added Scott Goldsmith, CPA, to that firm’s Strategic Advisory Board. Goldsmith brings to the board over 29 years of management and public accounting experience as well as an extensive background in tax and business planning. In his new consultative position, Goldsmith will play an important role in [...]

Opportunity Zones Have Great Potential for Tax Payers

By |2019-06-11T15:20:57+00:00September 24th, 2018|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

“Opportunity Zones” are included in the new tax law known as Tax Cuts and Jobs Act of 2017.  These zones encourage private sector investment in low-income community businesses which are inside defined census tract lines throughout the United States. The new tax code allows any taxpayer to defer gains until the earlier of the [...]