If you are an employer, you've probably heard that there are new laws about who qualifies for overtime pay. It's been about two years in the making. The most important items to understand are: The 2016 salary threshold is $913 per week or $47,476 annually for a full-year worker. That's adjusted down slightly from earlier reports. [...]
If you have been reading the tax press or even this blog, you will know plenty about the problems taxpayers are having with phone and email scams posing as the IRS. Well, now the IRS has announced that they will stop initiating field audits by telephone. So, the examiner will send a letter and then [...]
Like Arnold Schwarzenegger’s character in The Terminator, the research credit is back. This valuable tax break, which had officially expired and been restored more than a dozen times in the past, was extended again by the Protecting Americans from Tax Hikes (PATH) Act, retroactive to the beginning of 2015. What’s more, the credit has been [...]
The Bipartisan Budget Act of 2015 ended two popular Social Security retirement benefit claiming strategies, “File-and-Suspend” and “Restricted Application.” Many married couples use the file-and-suspend strategy by having the higher wage earner file for benefits and then immediately suspend them so that the lower earning spouse can claim spousal benefits while letting their own Social [...]
The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses. The new rates, which have decreased or stayed the same, are as follows: For business driving, the rate is 54 cents per business mile (it was 57.5 cents in 2015). For medical and moving expenses, the [...]
1) Set up a file (or box) for your 2015 taxes. Put a label on it and drop in your Form W-2 and 1099s as they come in the mail. 2) Open the envelope with your JMF organizer. Please use the organizer as a guide to make sure you have everything that you had last [...]
By: Rachel Taylor, CGMA, CPA, Tax Manager Rachel is a member of the JMF Tax Department. With more than seven years of experience in public accounting, she assists clients with corporate, partnership, and individual income tax return reporting as well as complex issues regarding multiple state filing and other state tax issues. Late on Tuesday, December [...]
JamisonMoneyFarmer (JMF) sent five delegates to the CPAmerica International’s 2015 International Group Meeting in Atlanta, Ga., on Dec. 2-3, 2015. Those delegates were Bobby Ingram, Janet Moore, Kim Smith, Lauren Roberts, and Bobby Bragg. The meeting is an annual event sponsored by CPAmerica, which brings together accounting professionals within the association membership to discuss international business [...]
A 2014 study by the Forest Inventory & Analysis (FIA) shows that the amount of timberland in Alabama has increased to an all-time high of 23 million acres, or 69% of Alabama’s total area. That's an increase of 360,000 acres since the year 2000. The only states in the nation having more timberland than Alabama [...]
Title: Birmingham Office Ribbon Cutting & Open House Location: Wells Fargo Tower Link out: Click here Start Time: 4:00 Date: 2015-06-18 End Time: 6:00 JamisonMoneyFarmer PC (JMF) has leased office space in the Wells Fargo Tower, located at 420 20th Street North, Suite 2250, in the central business district downtown, which will serve as [...]