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 [...]
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 [...]
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 [...]
This is the time of year when you traditionally step up donations to charities. Generally, you can deduct your contributions in the tax year in which they are made, subject to certain limits. But there are additional complications in 2018. Under the Tax Cuts and Jobs Act (TCJA), the standard deduction is essentially doubled [...]
2018 Year-End Tax Planning Letter (Click here for a PDF/Printable Version of the JMF 2018 Year-End Tax Planning Letter) Dear Clients and Friends: Year-end tax planning in 2018 is probably more complicated than it has ever been before. The new tax law enacted late last year, the Tax Cuts and Jobs Act (TCJA), completely [...]
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 [...]
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 [...]
Benefits for future generations With a traditional IRA, you can build up a nest egg over time without paying any current tax, including an account where you have deposited a rollover from a qualified plan like a 401(k). However, if you do not need to draw heavily on the IRA, assets may be preserved for [...]
A new Notice issued by the IRS (Notice 2018-76) gives businesses a tax reprieve from a crackdown in the Tax Cuts and Jobs Act (TCJA). Under the Notice, your company can deduct meal expenses incurred in connection with entertainment activities as long as the food and beverage costs are stated separately. Background: Prior to [...]
Tax planning is especially complicated this year-end due to the new Tax Cuts and Jobs Act (TCJA). Under the TCJA, tax rates are cut, personal exemptions are eliminated, the standard deduction is increased and certain itemized deductions are modified—just to mention a few of the major changes. The TCJA provisions for individuals are generally [...]