Individual Tax

/Individual Tax

FAQs About Casualty Loss Deductions

By |2021-10-05T21:34:22+00:00October 5th, 2021|Individual Tax, News & Events, Press Releases|

Under current tax law, individual taxpayers are not permitted to deduct casualty losses from catastrophic events like Hurricane Ida, wildfires and floods…right? Wrong. Although recent legislation has tightened the rules, you may still claim deductions, within certain limits, for losses incurred in a federally designated disaster area. Following are the answers to some frequently [...]

Explore the Benefits of SERPs

By |2021-08-18T18:03:29+00:00August 19th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Payroll & Bookkeeping, Pension Admin & Consulting, Press Releases|

A SERP may sound like a creature from a science fiction movie, but it is actually a popular retirement savings vehicle for the top brass. Typically, the SERP—an acronym for Supplemental Executive Retirement Plan—is used to complement a 401(k) or other qualified plan. It offers generous benefits to a chosen few and enables an employer [...]

Two Senate Proposals That Could Drastically Affect Estate Planning

By |2021-07-20T15:23:17+00:00July 20th, 2021|Estate & Trust, Individual Tax, News & Events, Press Releases|

This spring, two Senate proposals were introduced that contain significant changes to federal estate, gift, generation-skipping transfer (GST) taxes, and, the concept of "stepped-up basis" for inherited and gifted wealth. It should be emphasized here that these are just proposals and it is unknown what, if any, of these acts will become law. The two [...]

Do you have questions about the Advance Payments of the Child Tax Credit?

By |2021-06-21T16:41:43+00:00June 21st, 2021|Individual Tax, News & Events, Press Releases|

Like many Americans who have child dependents on your tax return, you may have recently received a letter from the IRS regarding advance payments of the Child Tax Credit.  If you are wondering how this will affect you, we have compiled some FAQs below that will hopefully answer the questions you may have. What has [...]

Alabama Pass Through Entities Can Now Pay State Tax at Entity Level

By |2021-06-14T17:55:15+00:00June 14th, 2021|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, SALT|

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. On [...]

Four Major Changes in Flex Spending Rules

By |2021-06-10T18:48:24+00:00June 1st, 2021|Entrepreneurs, Individual Tax, News & Events, Press Releases|

New legislation has enhanced the rules for flexible spending accounts (FSAs). Generally, participants in FSSAs will have more flexibility in managing their accounts, albeit temporarily. Key point: Employers may choose to implement the new law changes, but are not required to do so. Background: There are two types of FSAs that employers may offer to [...]

How Traditional and Roth IRAs Differ

By |2021-06-17T14:19:23+00:00May 12th, 2021|Individual Tax, News & Events, Pension Admin & Consulting, Press Releases|

As you probably already know, there are two basic types of IRAs: the traditional IRA and the Roth IRA. With either one, the deadline for contributions for the 2020 tax year is May 17, 2021 (extended from April 15, 2021). There are no further extensions even if you obtain the regular “automatic extension” for [...]