Congratulations to our very own Carl Jamison on being elected as the Chairman of the Business Council of Alabama for 2013! Congratulations to all who were recognized by the Business Council of Alabama. Carl with Peter Reynold of Rheem Manufacturing, winner of the Partnership Award Congratulations to Austal USA on winning Large Manufacturer of the [...]
Hardwood Timber Industry The IRS issued a new Audit Technique Guide (ATG) for the hardwood timber industry to be used by examiners auditing taxpayers associated with the industry, including landowners, loggers, truckers, and sawmills. The ATG covers (1) Form T Forest Activities Schedule, (2) income taxation of timber operations, (3) basis in gifts and inherited [...]
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 [...]
January – Get Organized for Tax Time 1) Set up a file (or box) for your 2012 taxes. Put a label on it and drop in your Form W-2 and 1099s as they come in the mail. 2) Open the envelope with your JMF organizer. Please use the organizer as a guide to make sure [...]
The IRS has issued updated withholding tables however what they have issued is the percentage method table. They have not yet issued Publication 15 (Circular E) for 2013, which is what most employers not using payroll software use to calculate payroll taxes. I am watching for it daily and will post about it once it is [...]
Title: QuickBooks One Day Class for Small and Medium-sized BusinessesLocation: JMF Headquarters in Tuscalooosa, ALLink out: Click hereDescription: This class will help the beginning QuickBooks user as well as the current QuickBooks user. Many topics will be covered from set-up, payroll processing and entering bills and deposits and beyond. Discussions will include modifying invoice formats [...]
Are you still wondering how the new tax changes may affect you and your tax bill? We have linked our Federal Tax Watch alert which summarizes the provisions primarily affecting individuals, the provisions primarily affecting businesses, the new Healthcare taxes taking effect in 2013, and tax planning considerations. Also, if you are interested in more [...]
The American Taxpayer Relief Act passed to avert the "fiscal cliff" addressed many tax issues but, as expected, it did not contain provisions to extend the tax reduction of the employee portion of Social Security. For 2013 the Employee Rate reverts to 6.2%, the same as the employer rate. The IRS will soon publish new 2013 [...]
One of the many worries for doctors related to the new Health Care Act and the Fiscal Cliff was directly related to an almost 30% cut in premiums paid for Medicare services. The bill that passed will block, at least for the next year, a scheduled 27% cut in reimbursements for Medicare physicians. The "Doc Fix", [...]
In case you missed it, the US Senate passed the American Taxpayer Relief Act of 2012 by a margin of 89-8, and the House approved the bill by a vote of 257–167 late yesterday evening (January 1st). It now goes to the White House for President Obama's signature. This was the Bill that averted to Fiscal [...]