The new stimulus bill that was signed on Friday, March 27, 2020, known as the CARES Act is a massive and far ranging $2+ TRILLION bill, so it is probably best for us to break it down by sections or likely impacted group. This Act may be cited as the “Coronavirus Aid, Relief, and Economic Security [...]
Dear JMF Clients and Friends: As we mentioned in our communication on March 14th, we are in unprecedented times. We wanted to share another update of what JMF is continuing to do to serve our clients while maintaining a safe work environment. This remains a fluid situation and we will continue to communicate with you. [...]
Many employers are facing possible lay-offs due to the COVID-19 crisis. The Alabama Department of Labor (ADOL) has provided FAQs related to COVID-19 unemployment questions. According to the Press Release on 3/20/20, Alabama will waive experience rating charges for COVID-19 related claims (your future rates will not increase as a result of these claims). [...]
In response to many questions about the filing and payment deadline extension announced Friday in Notice 2020-18, the IRS posted 24 questions and answers on its website Tuesday. Does this relief provided in the Notice apply to estate and gift taxes? A: No, normal filing and payment due dates continue to apply to estate and gift [...]
This morning, Friday March 20, 2020, the US Treasury officially changed the filing due date for tax returns from April 15, 2020 until July 15, 2020. Tax returns and tax payments are now both officially due on or before July 15, 2020. This is a welcome change from our communication to you yesterday. The Alabama [...]
MARCH 20 UPDATE: This morning, Friday March 20, 2020, the US Treasury officially changed the filing due date for tax returns from April 15, 2020 until July 15, 2020. Tax returns and tax payments are now both officially due on or before July 15, 2020. ******************* Things are moving very quickly, and there is a lot [...]
The Alabama Department of Revenue (ADOR) is extending relief to small retail businesses that are unable to timely pay their February, March, and April 2020 sales tax liabilities. Small businesses whose monthly retail sales during the previous calendar year averaged $62,500 or less may file their monthly sales tax returns for the February, March, and [...]
Alabama Department of Labor Secretary Fitzgerald Washington announced today that Alabama workers who are not able to work due to COVID-19 will be eligible to file for unemployment benefits. Based on current guidance from the U.S. Department of Labor, the Alabama Department of Labor is modifying existing unemployment compensation rules to allow workers to file [...]
Dear JMF Clients and Friends: The coronavirus will have an impact on our clients, employees, and the firm. We wanted to share with our clients and friends what JMF is doing to continue to serve our clients in a professional manner and at the same time, maintaining a safe work environment. As we continue [...]
Most of us lead hectic lives, but it is important to take time to designate or update beneficiaries for all your assets as part of an estate plan. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are seven [...]