Entrepreneurs

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IRS Offers Tax Treat on Business Meals

By | 2018-11-08T17:20:10+00:00 November 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+00:00 October 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 | 2018-10-31T18:39:32+00:00 September 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 [...]

Can You Afford to Retire Early?

By | 2018-08-09T21:19:07+00:00 August 9th, 2018|Entrepreneurs, News & Events, Pension Admin & Consulting, Social Security|

If you are like many Americans, you may have visions of an early retirement. Although there are usually hurdles to overcome, the dream may become a reality, depending on your answers to the following questions. Q. Are you financially ready to retire? Some people begin planning for retirement when they are young, intending to call [...]

What does the Wayfair Supreme Court decision mean for Alabama?

By | 2018-07-12T14:51:58+00:00 July 12th, 2018|Corporate & Partnership Tax, Entrepreneurs, News & Events, Press Releases, SALT|

By:  Jennifer Stripling, Tax Manager Jennifer is a tax manager, a member of the JMF Tax Department and in an integral part of the JMF State and Local Tax (SALT) group.  With over 11 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]

Four Key Changes for Depreciation Deductions

By | 2018-05-23T15:57:35+00:00 May 29th, 2018|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

The new Tax Cuts and Jobs Act (TCJA) of 2017 is designed to stimulate business growth by cutting corporate tax rates and enhancing tax benefits for acquiring business property. Under the TCJA, your company may be able to deduct the full cost of property placed in service in 2018 through a combination of rules relating [...]

Using Alabama Accountability Act to Maximize Your State and Local Tax Deduction

By | 2018-04-26T19:26:10+00:00 February 28th, 2018|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

As we mentioned in this blog in December, certain Alabama AMT taxpayers should consider donating to the Alabama Opportunity Scholarship Fund. The same process can be used to maximize your State and Local Tax Deduction. Alabama has allocated $30,000,000 to this program for 2018. Currently, there is just over $6.5M remaining for 2018 and [...]

New Travel, Meals and Entertainment Expense Rules for 2018

By | 2018-02-23T17:20:21+00:00 February 22nd, 2018|Corporate & Partnership Tax, Entrepreneurs, News & Events|

By:  Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group.  With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues. [...]

2017 Year-End Tax Planning Letter

By | 2018-01-11T20:46:25+00:00 December 5th, 2017|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

 Dear Clients and Friends: Tax planning is rarely easy, but this year it is especially difficult due to the potential for sweeping tax reforms. At this writing, Congress has yet to agree on a comprehensive plan that can be expected to pass both houses and be signed by the president. We will continue to [...]