If your child is going back to college this fall, you may be in line for either one of two higher-education credits: American Opportunity Tax Credit (AOTC): The maximum $2,500 AOTC may be claimed for each student in the family. It is available for up to four years of study. Lifetime Learning Credit (LLC): [...]
GUEST POST: Today's blog is about an interesting private equity structure called, "Minority Equity Buyout". We asked Dennis Hinton of the North River Group if he would be willing to help explain exactly what it is and how it is used. NRG is based in Birmingham, Alabama but invests in owners throughout the Southeast [...]
The JamisonMoneyFarmer International Practice Group works with many companies that are expanding internationally on a variety of tax and accounting issues. As part of our recent US German Alliance meeting in Tuscaloosa, one of the sessions included a discussion about “Common Mistakes US Investors Make Entering Germany”. We (US German Alliance) have summarized that [...]
The JamisonMoneyFarmer International Practice Group works with many foreign-owned companies on a variety of tax and accounting issues. As part of our recent US German Alliance meeting in Tuscaloosa, one of the sessions included a discussion about “Common Mistakes Foreign Direct Investors Make Entering the United States”. We have summarized that discussion as it [...]
If your young children are going back to school soon (or already returned this month), you may need to pay someone for after-school care, especially if both you and your spouse work. Silver tax lining: You may qualify for the dependent care credit. This credit is available for childcare costs for children under 13 [...]
By: Jennifer Stripling, Tax Manager Jennifer is a tax manager, a member of the JMF Tax Department and in an integral part of the JMF State and Local Tax (SALT) group. With over 11 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax [...]
The US Tax Court recently made changes to long-standing US policy for the taxation of the sale of a non-resident foreign partner’s interest in a US trade or business partnership. Generally, the US taxes non-resident foreign persons only on US sourced capital gains. Consequently, the US has historically only taxed capital gains of non-resident [...]
By: Rachel Aaron, CPA Supervisor & IRS Specialist JMF is always ready and willing to assist you when correspondence from the IRS comes your way. We have highly trained staff that deal with these issues on a regular basis. As tax practitioners representing our clients, we often have the ability to communicate with the [...]
While the climate for tax reform remains uncertain, individual taxpayers and small-business owners are advised to act based on the current laws of the land, unless there is a definite change. Keeping that in mind, here are seven ideas to consider as we head into summer. 1. Harvest capital gains or losses. The maximum tax rate [...]
A 401(k) plan can be a win-win situation for employees and employers. Just take a quick look at the payoff. *For employees: You can defer up to $18,000 of salary to your account in 2017 ($24,000 if you are age 50 or older), before any employer-matched contributions. Contributions may grow without any tax erosion until [...]