Press Releases

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Seven Tax Moves for the Summer

By |2022-06-22T15:23:47+00:00June 22nd, 2022|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events, Press Releases|

Summer is a time for R&R, but also offers tax-saving opportunities for individuals and small business owners. Here are seven ways to reduce tax liability this summer. Host an employee gathering. Prior to 2018, your business could deduct 50% of the cost of qualified business entertainment expenses. But this deduction has generally been eliminated. Key [...]

Requirement to Restate Your Qualified Retirement Plan Document

By |2022-05-11T19:44:45+00:00May 11th, 2022|News & Events, Pension Admin & Consulting, Press Releases|

If you are an employer who sponsors a qualified retirement plan, we want to remind you about the requirement to restate your plan document.  Many retirement plans that use plan documents preapproved by the Internal Revenue Service (IRS) must be restated periodically to reflect recent legislative and regulatory changes, in order to maintain their tax [...]

It’s time to implement the new lease standards

By |2022-03-22T14:00:49+00:00March 22nd, 2022|Accounting & Auditing, News & Events, Press Releases|

UPDATED March 22, 2022: Reminder that this must be implemented this financial reporting year i.e. it is effective for non-public companies (including not-for-profits) with fiscal years beginning after December 15, 2021 and interim periods within fiscal years beginning after December 15, 2022.   The Financial Accounting Standards (FASB) announced in January 2016 that new Accounting [...]

Counting on the QBI Deduction

By |2022-03-22T13:53:11+00:00March 14th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases|

The Tax Cuts and Jobs Act (TCJA) created a major new tax deduction for self-employed individuals and owners of pass-through entities like partnerships, S corporations and limited liability companies (LLCs). Effective for 2018 through 2025, the deduction for “qualified business income” (QBI) can be as high as 20%. However, these deductions are reduced or [...]

Six New Personal Tax Return Items

By |2022-03-07T18:48:51+00:00March 7th, 2022|Individual Tax, News & Events, Press Releases|

There are usually some new twists and turns to the current tax return rules for individuals, but this year is especially tricky due to recent legislation. Following are six potential items to watch out for on 2021 returns. 1 Charitable donations: Normally, you can deduct monetary contributions made to qualified charitable organizations only if you [...]

The Rx for Medical Deductions

By |2022-03-01T16:05:21+00:00March 6th, 2022|Individual Tax, News & Events, Press Releases|

The tax threshold for deducting medical expenses is written in stone…finally. After several years in which the medical deduction threshold jumped back and forth between 7.5% of adjusted gross income (AGI) and 10% of AGI, Congress settled the issue once and for all in the Consolidated Appropriations Act (CAA). Effective as of 2021, the CAA [...]

Your Electronic Filing and Delivery Options from JMF

By |2022-02-04T16:14:24+00:00February 4th, 2022|Corporate & Partnership Tax, Individual Tax, News & Events, Press Releases, Technology|

 Did you know about all of the electronic offerings associated with your tax return filing? Bank account direct deposit for refunds and direct draft for payments What is it?                           The quickest and safest way to receive your refund or make your tax payment associated with most federal and state tax returns How do I [...]