Corporate & Partnership Tax

/Corporate & Partnership Tax

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 [...]

Explore the Benefits of SERPs

By |2021-08-18T18:03:29+00:00August 19th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases|

A SERP may sound like a creature from a science fiction movie, but it is actually a popular retirement savings vehicle for the top brass. Typically, the SERP—an acronym for Supplemental Executive Retirement Plan—is used to complement a 401(k) or other qualified plan. It offers generous benefits to a chosen few and enables an employer [...]

Getting A Head Start On Business Deductions

By |2021-08-05T21:07:05+00:00August 5th, 2021|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

If you are starting up a new business venture as the pandemic abates, or buying an existing business, you may have to answer this question: When is the operation officially opening for business? This may be significant from a tax perspective. Reason: While “ordinary and necessary” business expenses are generally deductible, start-up expenses must be [...]

Alabama Pass Through Entities Can Now Pay State Tax at Entity Level

By |2021-06-14T17:55:15+00:00June 14th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, SALT|

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. On [...]

ARPA Authorizes COBRA Subsidies

By |2021-05-03T14:10:14+00:00May 3rd, 2021|Corporate & Partnership Tax, News & Events, Payroll & Bookkeeping, Press Releases|

The new American Rescue Plan Act (ARPA) includes relief for both individuals and businesses. Case in point: A key provision in the new law provides tax-free COBRA subsidies to ex-employees for a limited period of time. To top things off, employers are entitled to a payroll tax credit for the resulting costs. Background: Under the [...]