A federal appeals court affirmed a popular gift tax strategy that is available for taxpayers to help lessen the blow when IRS does not accept valuation discounts on gifts. This technique is intended to discourage the IRS from challenging valuation discounts. By making gifts default to charity if the valuation discounts are adjusted by the IRS, it effectively takes those [...]
JamisonMoneyFarmer continues to take a leadership role in the business and CPA world in the state of Alabama. After we shared Carl Jamison's work with the Alabama Business Council last week, we are pleased to announce that another JMF shareholder, Leighanne Faught, has been appointed by Governor Robert Bentley, upon confirmation of the Senate, to serve on [...]
These are some of our favorite websites for getting information about saving for college and also about 529 Plans. The most important thing about saving for college is to get started early and also to use a combination of more than one investment – custodial accounts, Roth IRAs, 529 plans, etc. http://www.sec.gov/investor/pubs/intro529.htm An overview of [...]
The Internal Revenue Service announced an increase in the standard mileage rates for the final six months of 2011. The rate will increase to 55.5 cents a mile for all business miles driven from July 1, 2011, through December 31, 2011. This is an increase of 4.5 cents from the 51 cent rate in effect for [...]
ALABAMA TORNADO ASSISTANCE AND RELIEF - ISSUE II May 24, 2011 This is the second in our series of newsletters covering tax and relief issues to help with the recovery effort in Alabama. Please let us know if you need a copy of our previous newsletter. Read more... This issue will cover: Casualty Gains [...]
ALABAMA TORNADO ASSISTANCE AND RELIEF May 5, 2011 On April 28th the President declared a major disaster exists in the State of Alabama and ordered Federal aid to supplement State and local recovery efforts in the area struck by severe storms, tornadoes, straight-line winds, and flooding beginning on April 15, 2011, and continuing. The [...]