Interest rates have gone up over the last few years. Saving grace: You may be able to deduct interest expenses depending on the type of expense incurred. Notably, there are four main categories for tax purposes. Mortgage interest: Generally, you can deduct mortgage interest paid during the year. To qualify, you must be legally obligated [...]
The Department of Labor recently finalized changes to the definition of a “large plan” for Form 5500 reporting purposes. Of course, qualifying as a “large plan” can require the plan to have an audit resulting in additional expenses associated with the plan. The changes will take effect for the 2023 plan year. A large [...]
As we have mentioned for the last two years in this blog, it is time to implement the new lease standards. Our Accounting and Audit heads Lynn Osborn and Dan Johnson take a deep dive into the new lease accounting standards for financial statements. For the standard nerds, that’s ASC 842. Topics include capital leases, which [...]
We get this question a lot this time of year. Now! is almost always the answer. See this video response from shareholder Rachel Taylor: When should I bring my #tax information to you? #taxtwitter #loveyourCPA pic.twitter.com/hDoG4qwY6w — JamisonMoneyFarmer (@JMFCPAs) February 22, 2023
Viki Gryska, a tax manager from our International Practice Group, and Bobby Bragg talk to Sean King about the opportunities and issues related to companies coming into the US (inbound) and companies going out to new foreign markets (outbound). We tackle myths for structuring options for inbound companies investing in the US, also known as [...]
Scott Goldsmith, the Managing Shareholder of JamisonMoneyFarmer PC (“JMF”) is pleased to announce the addition of Dan Johnson and Jennifer Stripling as new shareholders in the CPA firm. Both Mr. Johnson and Mrs. Stripling bring a wealth of experience and expertise to the team and will play a vital role in helping clients navigate the [...]
Naturally, corporations can claim large business expense deductions, but that does not mean that small business owners, including self-employed individuals, are left out in the cold. Following are seven common write-offs available to self-employeds. Health and dental insurance: Yes, a self-employed individual can currently deduct the full cost of health and dental insurance, just like [...]
The Alabama Department of Labor has released its 2023 Tax Rate Notices in the last few weeks. Since paper copies of these notices are no longer mailed, employers should log into their Alabama Department of Labor eGov account to access the 2023 rate notice. We have seen significant changes in the rates for 2023, so it [...]
Tax season is right around the corner, so we want you to be prepared. As we typically do, we have created this year-end tax planning letter to assist you with certain tips that you should consider before December 31st. This is the time to reassess your overall tax picture for 2022 so you can maximize the tax [...]
On October 18, the IRS announced a number of inflation adjustments for the 2023 tax year. The tax year 2023 adjustments described below generally apply to tax returns filed in 2024, and two key changes affect estate and gift taxes. The annual gift tax exclusion is increasing from $16,000 per recipient to $17,000 per recipient. [...]