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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 [...]

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 [...]

Will You Miss These Tax Deductions?

By |2019-02-05T19:06:35+00:00February 5th, 2019|Entrepreneurs, Individual Tax, News & Events, SALT|

Form 1040 has a different look this year. Thanks to the Tax Cuts and Jobs Act (TCJA), the standard deduction has essentially been doubled while certain deductions have been modified or eliminated. Due to these changes, which are generally effective for 2018 through 2025, you may be better off claiming the standard deduction on your [...]

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 [...]