The PATH Act includes three significant changes affecting provisions in the Affordable Care Act (ACA). The tax on high-cost Cadillac health insurance plans is delayed for two years, from 2018 to 2020. The 2.3% excise tax paid by manufacturers of medical devices is halted for 2016 and 2017. There’s a moratorium for one year—until 2017—on [...]
The IRS announced that the 2016 estate and gift tax exemption is $5.45 million per individual, which is up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and [...]
By: Rachel Taylor, CGMA, CPA, Tax Manager Rachel is a member of the JMF Tax Department. With more than seven years of experience in public accounting, she assists clients with corporate, partnership, and individual income tax return reporting as well as complex issues regarding multiple state filing and other state tax issues. Late on Tuesday, December [...]
ATLANTA, Georgia – One of Alabama's largest and respected accounting, tax and advisory firms, JamisonMoneyFarmer PC, met with six other US-based CPA firms from California, Georgia, Illinois, Massachusetts, Michigan, Oregon, and Wisconsin, and five firms from Germany for the US German Accounting and Tax Summit. Perry Barnett of Rushton and Company, LLC of Gainesville, Georgia [...]
The Birmingham City Council approved a $6 million city tax break which will lower the cost of business licenses in 2016 for several professions, with the exclusion of restaurants and dealerships. Under the direction of Mayor Larry Langford, business license costs were doubled back in 2007, which resulted in the collection of $243 million. While [...]
Linda Wang of the United States Department of Agriculture has created a summary of the newest tax laws related to timber. Tax laws on timber transactions are very specialized knowledge that are not commonly known. Yet they are important to timber owners in terms of the ongoing cost of owning and managing timber, forest stewardship [...]
Are you retiring and moving to Florida or relocating due to a new job? If you are moving out of state, the following article will assist you in what you need to consider with regard to documenting and reporting your change in address as well as income tax consequences. Click the link to read the full [...]
As we begin to wrap up 2014, tax season is right around the corner. We have created this letter to assist you with certain items you should consider such as estimating your income for 2014 to funding your retirement plan. Click here to download and read your 2014 Year-End Tax Planning Letter
If you're a photographer, you may believe you're providing a service to your customers and aren't required to collect sales tax from them. You may be wrong. Here's a snapshot of what is developing in the sales tax darkroom in Alabama. Alabama sales tax must be collected on all gross proceeds from the retail [...]
Officials Say the Actual IRS Will Never Make First Contact by Phone Con artists posing as Internal Revenue Service agents are back in the news. Despite previous warnings from government officials, some taxpayers still haven't gotten the message. "There are clear warning signs about these scams, which continue at high levels throughout the nation," IRS [...]