News & Events

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IRS Provides Extra Estate Tax Protection

By | 2019-02-05T19:22:42+00:00 February 5th, 2019|Estate & Trust, News & Events|

The IRS has provided some estate planning comfort for well-to-do individuals. Under the Tax Cuts and Jobs Act (TCJA), the estate tax exclusion was raised to $10 million, indexed for inflation. That provides plenty of leeway for most families. However, like many other TCJA changes for individuals, this provision is scheduled to “sunset” after 2025. [...]

Will You Miss These Tax Deductions?

By | 2019-02-05T19:06:35+00:00 February 5th, 2019|Entrepreneurs, Individual Tax, News & Events, SALT|

Form 1040 has a different look this year. Thanks to the Tax Cuts and Jobs Act (TCJA), the standard deduction has essentially been doubled while certain deductions have been modified or eliminated. Due to these changes, which are generally effective for 2018 through 2025, you may be better off claiming the standard deduction on your [...]

Make This a “Record” Tax Year

By | 2019-02-05T18:59:26+00:00 January 20th, 2019|Corporate & Partnership Tax, Individual Tax, News & Events|

The IRS generally requires taxpayers to shoulder recordkeeping burdens. If you have not kept the necessary tax records in the past— or if your methods have been inadequate— make it a New Year's resolution to improve in 2019. The process will undoubtedly go smoother if you organize your records in a logical fashion. Also, [...]

Wayfair: We’ve Got Just What You Need (to Know)

By | 2019-01-10T15:34:01+00:00 January 10th, 2019|Corporate & Partnership Tax, Entrepreneurs, News & Events, SALT|

The following article was written by JMF Shareholder Kim Smith for the Alabama Retail Association's February issue of Alabama Retailer magazine.  We are re-posting it here with their permission. Wayfair Printable Story AL Retailer February 2019 By:  Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of [...]

Seven Reasons to Have a Will

By | 2018-12-20T15:57:03+00:00 January 3rd, 2019|Estate & Trust, News & Events|

Many music lovers were dismayed by the recent death of Aretha Franklin, the famous recording artist. Also dismaying: The “Queen of Soul” passed away without a legally enforceable will. This could lead to serious complications. What about you? If you do not have a will in place, do not wait any longer. There are numerous [...]

Retirement Plan Limits Going Up

By | 2018-12-20T14:49:50+00:00 December 26th, 2018|News & Events, Pension Admin & Consulting|

The IRS recently announced annual cost-of-living adjustments for certain retirement plans for 2019. See the chart below for several key changes.     Limit for 2018 Limit for 2019 Maximum annual dollar benefit for a defined benefit plan $220,000 $225,000 Maximum dollar limit on additions to a defined contribution plan $55,000 $56,000 Maximum amount of [...]

Last Call for Alimony Deductions?

By | 2018-12-12T23:22:59+00:00 December 12th, 2018|Individual Tax, News & Events|

If you are in the process of getting divorced or separated, or are about to embark on proceedings, you might want to resolve matters before the end of the year. What’s the rush? Under the Tax Cuts and Jobs Act (TCJA), alimony expenses paid pursuant to agreements executed after 2018 are no longer deductible. Most [...]

JMF’s Bobby Ingram to Lead AlabamaGermany Partnership

By | 2018-12-19T16:29:53+00:00 December 5th, 2018|International, News & Events, Press Releases|

TUSCALOOSA – Last month, at the AlabamaGermany Partnership (“AGP’) board meeting in Birmingham, the board of directors approved JMF shareholder Bobby Ingram as its new Chairman. Bobby will chair the group for the next two years, after years of board service to the organization. The AGP supports relationships and friendships between organizations and individuals with [...]