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. [...]
Yesterday the Treasury Inspector General for Tax Administration issued a press release (below) concerning what they are calling the "Largest Ever" phone fraud scam targeting taxpayers. BEWARE of phone calls from individuals claiming to represent the Internal Revenue Service (IRS) in an effort to defraud you. These calls have hit taxpayers in nearly every state in [...]
While we are a CPA firm and we complete and we welcome many individual tax returns, for some people it doesn't make sense to pay a CPA to complete their tax return. If you have complex tax issues, it may well be in your best interest to consult a CPA because we specialize in tax planning and tax preparation [...]
It has come to our attention at JamisonMoneyFarmer PC that there is an e-mail scam currently circulating targeting international taxpayers. This scam is in the form of an e-mail purportedly from the Department of Treasury Internal Revenue Service. It suggests that you should complete a W-8 BEN form and fax it to a link in the [...]
In a recent article in the Globe and Mail by Jennifer Warawa, nine reasons to work with an accountant were discussed. While this may seem self serving coming from an accountant, I see so many start up problems that could have been prevented with a short visit that I find this worth sharing. Here is [...]
The IRS announced last week that they have delayed the shared-responsibility requirement for employers who have 50-99 full-time equivalent employees in 2014. These employers will now have until 2016 to offer health care coverage to their employees or be subject to the shared-responsibility payments. These employers will be required to start reporting for health care [...]
From the Small Business Monthly here are 4 signs you need a part-time CFO. 1. You don’t have key data about your cash flow, working capital or a forecast of liquidity. A company lives or dies on its flow of information. Expand your team to include someone who can collect, analyze, interpret and effectively disseminate [...]
The IRS implemented a new Form 8822-B on January 1st. It requires you to update your business' responsible party information. Unless you have the same person responsible for your business taxes, including payroll taxes, since your company was formed, you need to file this form no later than March 1, 2014. While there are no [...]
The Alabama Department of Revenue issued the following press release about the upcoming Sales Tax Holiday for Severe Weather Preparedness Items. If we can assist you with set up of your systems or questions you might have about this tax holiday, please call our experts at JMF. Alabama Department of Revenue 2014 Sales [...]
The Tax Advisor recently published an article about properly reporting partner compensation. Here is an excerpt from the Executive Summary of that article by Noel P. Brock, CPA. As partnerships increasingly offer equity interest to retain valued employees, these employees may be unaware of the employment tax consequences of receiving a partnership interest. Many partnerships [...]