Entrepreneurs

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Big Tax Payoff for Bonus Depreciation

By |2020-07-31T13:25:43+00:00July 31st, 2020|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

If your business is starting to emerge from this year’s slumber, you may be inclined to acquire new equipment or other assets to help generate more income. In addition to the Section 179 allowance, which allows your business to expense up to $1.04 million of the cost of assets placed in service in 2020 (subject [...]

REVIVE ALABAMA: COVID-19 Cash Grants for Alabama Small Businesses

By |2020-07-13T20:59:54+00:00July 13th, 2020|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

Last week, Governor Ivey announced a $100 million small business grant program for AL small businesses known as Revive Alabama. The program will reimburse small businesses up to a combined $100 million for expenses they have incurred due to operational interruptions caused by the pandemic and related business closures. These grants are being funded with [...]

Tax Ramifications in the Gig Economy

By |2020-07-02T19:06:56+00:00July 7th, 2020|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Do you pick up riders in your car, rent out a spare room in your summer home or perform various other services for customers? If so, you are likely participating in the “gig economy” that is rapidly growing in popularity around the country. For many people, this is a good way to earn extra money [...]

The PPP Loan Forgiveness Application

By |2020-05-27T17:30:53+00:00May 20th, 2020|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases|

Last Friday, May 15th, the SBA and Treasury released the PPP Loan Forgiveness Application. This application provides new elections and exemptions available to borrowers, as well as clarifies certain questions regarding PPP loan forgiveness. These elections/exemptions/clarifications include: Payroll Costs – Provides borrowers with a weekly or biweekly payroll schedule the option to elect to use [...]

JMF Office and Recent Legislative Updates

By |2020-03-25T23:20:18+00:00March 25th, 2020|Accounting & Auditing, Construction, Corporate & Partnership Tax, Creative, Design, Entrepreneurs, Estate & Trust, Financial Institutions, Fraud, Health Care, Hospitality, Individual Tax, Internal Control Evaluation, International, Manufacturing, News & Events, Nonprofit, Oil & Gas, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases, SALT, Social Security, Technology, Timber|

Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment.  This remains a fluid situation and we will continue to communicate with you. [...]

Opportunity Zone Regulations Finalized – What You Need To Know

By |2020-02-18T17:18:23+00:00February 18th, 2020|Entrepreneurs, Individual Tax, News & Events, Press Releases|

The IRS released its third and final Opportunity Zone regulations at the end of 2019.  Here is what you need to know.  As I hope you are aware by now, Opportunity Zones were included in the new tax law known as Tax Cuts and Jobs Act of 2017.  These zones encourage private sector investment in [...]

2019 Year-End Tax Planning Letter

By |2019-11-26T20:41:34+00:00November 26th, 2019|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

FOR PRINT FILE AND PDF Dear Clients and Friends: Year-end tax planning in 2019 remains as complicated as ever. Notably, we are still coping with the massive changes included in the biggest tax law in decades—the Tax Cuts and Jobs Act (TCJA) of 2017—and pinpointing the optimal strategies. This monumental tax legislation includes a myriad [...]

Count on a Cutting-Edge Tax Break

By |2019-10-08T15:57:07+00:00October 9th, 2019|Corporate & Partnership Tax, Entrepreneurs, News & Events|

The Tax Cuts and Jobs Act (TCJA) created some new tax breaks for businesses while taking certain others away. But the TCJA did not touch the research credit for qualified expenses. What’s more, under another recent law, the Protecting Americans from Tax Hikes (PATH) Act, the benefits have been enhanced. Background: The research credit, also [...]