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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 [...]

IRS Offers Tax Treat on Business Meals

By |2018-11-08T17:20:10+00:00November 8th, 2018|Corporate & Partnership Tax, Entrepreneurs, News & Events|

A new Notice issued by the IRS (Notice 2018-76) gives businesses a tax reprieve from a crackdown in the Tax Cuts and Jobs Act (TCJA). Under the Notice, your company can deduct meal expenses incurred in connection with entertainment activities as long as the food and beverage costs are stated separately. Background: Prior to [...]

Five Prime Issues for Business Startups

By |2018-10-30T20:29:52+00:00October 30th, 2018|Entrepreneurs, News & Events|

Are you starting a new business venture or investing in potential opportunities in the marketplace? Before you make any commitments, be aware that there are numerous practical considerations from a business, tax and legal perspective. In other words, there is much more involved than just fronting the cash. Although the “to-do list” is too long [...]

Opportunity Zones Have Great Potential for Tax Payers

By |2019-06-11T15:20:57+00:00September 24th, 2018|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

“Opportunity Zones” are included in the new tax law known as Tax Cuts and Jobs Act of 2017.  These zones encourage private sector investment in low-income community businesses which are inside defined census tract lines throughout the United States. The new tax code allows any taxpayer to defer gains until the earlier of the [...]