If you are an employer, you've probably heard that there are new laws about who qualifies for overtime pay. It's been about two years in the making. The most important items to understand are: The 2016 salary threshold is $913 per week or $47,476 annually for a full-year worker. That's adjusted down slightly from earlier reports. [...]
If you have been reading the tax press or even this blog, you will know plenty about the problems taxpayers are having with phone and email scams posing as the IRS. Well, now the IRS has announced that they will stop initiating field audits by telephone. So, the examiner will send a letter and then [...]
By: Betsy Jarnigan, CPA Tax Supervisor Betsy is a member of the JMF Tax Department and an integral part of the JMF State and Local Tax (SALT) group. She is also a recipient of the ASCPA Outstanding Young CPA Award. About a year ago, we blogged (ADOR considering changes to existing rules for sales tax on photography) [...]
Like Arnold Schwarzenegger’s character in The Terminator, the research credit is back. This valuable tax break, which had officially expired and been restored more than a dozen times in the past, was extended again by the Protecting Americans from Tax Hikes (PATH) Act, retroactive to the beginning of 2015. What’s more, the credit has been [...]
The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses. The new rates, which have decreased or stayed the same, are as follows: For business driving, the rate is 54 cents per business mile (it was 57.5 cents in 2015). For medical and moving expenses, the [...]
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 [...]