Click here to listen in on the Capital Ideas-Live webcast featuring guest speaker and JMF CPA Chris Williams as he explains 1031 like-kind exchanges and answers questions about the complexities of this tax deferral transaction. Chris' portion begins at Minute 23.
Tax deferred property exchanges must be structured correctly, from the beginning, to realize the benefits of deferred taxes. Click here to learn more about Like-Kind 1031 exchanges
Estate Planning 101 - If you don't have a will or all of your assets properly titled to pass by operation of law, then the assets of your estate will be distributed according to state law. A more shocking fact is that if you have not named a guardian in your will, state law will [...]
Prior to May 28, 2009, pay-as-cut sales proceeds were not required to be reported on 1099 information forms. However, in T.D. 9450, the Treasury Department clarified that both pay-as-cut timber sales and lump-sum timber sales are now required to be reported on Form 1099-S. Please contact our office if you need more information. We would be more than happy [...]
As if it is not enough to have to face the grief of losing a loved one, there are so many other administrative tasks set in motion by someones death that must be taken care of. From collecting the information needed to document the contents of the decedent's estate, all the way through to distribution [...]
The annual gift tax exclusion for 2012 remains at the 2010 and 2011 level of $13,000. If you are married, you can gift up to $26,000 per donee, per year, by using the gift-splitting rules while avoiding any federal gift tax ramifications. Gifting is a good way to reduce your taxable estate. For example, if [...]
On October 14th, the IRS issued Revenue Procedure 2011-48, 2011-42 IRB 527 which provides guidance for filing protective claims for refund under Section 2053 of the Code. Protective claims are needed due to the uncertainty surrounding many of the expenses associated with the administration of an estate. Commonly, legal and accounting fees related to the [...]
In the spirit of wrapping up 2011, we decided to give you our ten most viewed blog posts of 2011. That means you loved them! 10. Bonus Payments are wages from November 30 9. Alabama’s 529 fund could lower your tax bill from December 20 8. New Home Builder Ad Valorem Tax Reduction Opportunity from [...]
Our much anticipated 2011 year-end tax planning letter is now available. This document is chock full of helpful information to help you take advantage of those last minute tax saving strategies and to help you avoid potential pitfalls. 2011 Year End Planning Letter Please call your JMF tax professional today to setup a year-end planning session. We are [...]
Whether from hard work and dedication, inheritance of family wealth, or maybe even both, many individuals are faced with the favorable dilemma of having to deal with the transfer of wealth to the next generation(s). Regardless of whether "wealth" is defined as thousands of dollars, or billions, most taxpayers would certainly rather their heirs receive [...]