Tax-free IRA rollovers to eligible charities have been extended! IRA owners, age 70 ½ or older, can transfer tax-free up to $100,000 for both 2012 (by February 1, 2013) and 2013 to eligible charities. A QCD can be used to satisfy any IRA required minimum distributions (RMDs) for the year. Several special transition rules were [...]
This summer, sponsors of retirement plans will have no time to relax because they will be complying with the Department of Labor’s final fee disclosure regulations. The upcoming effective dates require plan sponsors to embark on an exploration designed to uncover fees and costs associated with plan services and investments. At the end of the [...]
Many taxpayers have recently received e-mail messages claiming to be from the IRS. In many instances these e-mails are referencing tax refunds or other entitlements urging the recipient to provide information, click on a link in the message, or to open an attachment. If you receive a similar message, DO NOT OPEN IT. Do not reply to [...]
This blog post is probably more timely if it were 2009, given the recent positive news on the job front, but it some ways, this question is timeless. If you lose your job, there are multiple considerations that you have to address almost immediately. Quick action can save you considerable money and headaches. First [...]
In the spirit of wrapping up 2011, we decided to give you our ten most viewed blog posts of 2011. That means you loved them! 10. Bonus Payments are wages from November 30 9. Alabama’s 529 fund could lower your tax bill from December 20 8. New Home Builder Ad Valorem Tax Reduction Opportunity from [...]
You can avoid penalties and excise taxes if you make deposits of deferrals and loan payments that are received by the retirement plan within seven (7) business days of the payroll date. [expand title="Read More..."] Many plan sponsors mistakenly believe that deferrals and loan payments which are remitted by the middle of the next month [...]
December is always a busy month so we've taken the liberty to alert you of the changes in plan limits for 2012 and to identify new plan participants for entry on January 1st. Click here to see the 2012 Plan Limits
Sponsors of SIMPLE plans must make an annual notification to eligible employees regarding their opportunity to participate in the plan, and the contribution option the employer elects for the coming year (either the match or the non-elective). This year the notice must be provided to eligible employees no later than Wednesday, November 2, 2011. JMF will be sending [...]
JamisonMoneyFarmer continues to take a leadership role in the business and CPA world in the state of Alabama. After we shared Carl Jamison's work with the Alabama Business Council last week, we are pleased to announce that another JMF shareholder, Leighanne Faught, has been appointed by Governor Robert Bentley, upon confirmation of the Senate, to serve on [...]
An employer who sponsors a pension or welfare benefit plan generally must file Form 5500 on the last day of the seventh month following the end of the plan year. For calendar-year plans that means the due date is usually July 31st. In 2011, July 31st falls on a Sunday, so the deadline is moved to the [...]