Individual Tax

/Individual Tax

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 [...]

FAQs on Retirement Plan Loans

By |2020-07-01T14:39:24+00:00July 3rd, 2020|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

During these trying times, employees may be forced to take out loans from their 401(k) plans to meet certain financial obligations. Fortunately, the Coronavirus Aid, Relief and Economic Security (CARES) Act provides some relief for borrowers. Following are the answers to several frequently asked questions (FAQs) about retirement plan loans. What are the limits for [...]

New Law Plays With the Kiddie Tax

By |2020-07-02T18:59:33+00:00July 2nd, 2020|Individual Tax, News & Events, Press Releases|

The new retirement planning law passed by Congress late last year—the Setting Every Community Up for Retirement Enhancement (SECURE) Act—includes a tax provision that has nothing to do with your golden years. Accordingly, the way the “kiddie tax” is calculated reverts to the method used before the Tax Cuts and Jobs Act (TCJA) of 2017 [...]

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. [...]

IRS CHANGE: April 15 Filing and Payment Deadlines Moved to July 15

By |2020-03-20T17:53:06+00:00March 20th, 2020|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

This morning, Friday March 20, 2020, the US Treasury officially changed the filing due date for tax returns from April 15, 2020 until July 15, 2020.  Tax returns and tax payments are now both officially due on or before July 15, 2020. This is a welcome change from our communication to you yesterday. The Alabama [...]

April 15 payments can be deferred to July 15; Returns still must be filed or extended

By |2020-03-20T18:14:18+00:00March 19th, 2020|Individual Tax, News & Events, Press Releases|

MARCH 20 UPDATE: This morning, Friday March 20, 2020, the US Treasury officially changed the filing due date for tax returns from April 15, 2020 until July 15, 2020.  Tax returns and tax payments are now both officially due on or before July 15, 2020. ******************* Things are moving very quickly, and there is a lot [...]