Press Releases

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Shaking Up Your SALT Deductions

By |2021-03-08T17:17:39+00:00March 8th, 2021|News & Events, Press Releases, SALT|

The deduction for state and local tax (SALT) payments may have been one of the biggest tax deductions on your personal tax return—if not THE biggest—for many years. But the massive Tax Cuts and Jobs Act (TCJA), enacted at the end of 2017, caps the SALT deduction for 2018 through 2025. Nevertheless, this still [...]

Ten Top Above-the-Line Deductions

By |2021-02-26T15:28:52+00:00February 26th, 2021|Individual Tax, News & Events, Press Releases|

Frequently, taxpayers pay close attention to itemized deductions, but forget about “above-the-line” deductions that could be even more valuable. These deductions reduce your adjusted gross income (AGI) for various tax purposes. Following is a list of ten key items available on 2020 returns. Charitable donations: Usually, charitable deductions are limited to itemizers. However, under the [...]

Have you filed your 2019 tax return but the IRS sent a notice saying you didn’t?

By |2021-02-19T22:06:57+00:00February 19th, 2021|Individual Tax, News & Events, Press Releases|

You are not alone.  Some 260,000 taxpayers also did.  These notices are called CP59 notices. The IRS has not finished processing 2019 returns due to COVID-19 delays and many of these notices were sent in error. The IRS has issued a news release saying these notices can be disregarded if you did in fact file [...]

Doubling Up on the Employee Retention Credit and PPP Loan Forgiveness

By |2021-02-04T18:08:26+00:00February 4th, 2021|Corporate & Partnership Tax, News & Events, Press Releases|

The Consolidated Appropriations Act passed December 27, 2020 included an expansion of the 2020 Employee Retention Credit (ERC). The credit is now retroactive to the enactment of the CARES Act, March 21, 2020, and is available to employers who received PPP loan funding. Employers, including tax-exempt organizations, are eligible for the credit if they [...]

How do I account for PPP loans and other grants for City of Tuscaloosa Business Licenses?

By |2021-01-21T19:13:28+00:00January 21st, 2021|News & Events, Press Releases, SALT|

For a lot of our clients who are in the process of renewing their City of Tuscaloosa business licenses, we are getting many questions about whether to include those in the gross receipts amounts. For City of Tuscaloosa business license purposes, PPP loans (whether they are forgiven or not) are not included in gross receipts [...]

Impact of Deferred Payroll Taxes on Income Tax Deductions

By |2021-01-21T14:05:22+00:00January 21st, 2021|Corporate & Partnership Tax, News & Events, Press Releases, Social Security|

By: Kim Smith, CPA, Tax Shareholder Kim is a shareholder, a member of the JMF Tax Department and in charge of the JMF State and Local Tax (SALT) group. With over 20 years of experience, she assists clients with corporate, partnership, and individual income tax reporting as well as complex multi-state income and sales tax issues.   The [...]