The Tax Advisor recently published an article about properly reporting partner compensation. Here is an excerpt from the Executive Summary of that article by Noel P. Brock, CPA. As partnerships increasingly offer equity interest to retain valued employees, these employees may be unaware of the employment tax consequences of receiving a partnership interest. Many partnerships [...]
The Safe Harbor plan is a popular 401(k) retirement plan for businesses with employees. Safe Harbor plans make it easy for business owners to maximize contributions to their own accounts while reducing some of the limitations associated with adhering to the non-discrimination testing required by the Internal Revenue Service (IRS) and ERISA (Employee Retirement Income Security Act). To [...]
Leighanne Faught, Shareholder, was elected Chair of the Alabama State Board of Public Accountancy (ASBPA) for the 2013-2014 term. The ASBPA Board supervises the practice of public accountancy by Certified Public Accountants and Public Accountants in Alabama. Leighanne was appointed by Governor Robert Bentley, and confirmed by the Senate, to the Alabama State Board of Public [...]
Bryan Chandler, Managing Shareholder, was elected 2014 Chairman of CPAmerica International at the 2013 Leading Partners Retreat recently held in Philadelphia, Pennsylvania, on Sept. 25-27, 2013. The annual event sponsored by CPAmerica brings together partners from member firms across the United States for networking, member sharing and continuing professional education. The agenda had a general [...]
JamisonMoneyFarmer shareholders Cathy Rice and Janet Moore have been asked to serve on the University of Alabama at Birmingham Professional Advisory Board. Sponsored by the UAB Office of Planned Giving, the UAB Professional Advisory Council (PAC) is a group of professionals in fields allied with estate and gift planning. The mission of the UAB Professional [...]
The IRS has published the plan limits for 2014 in IR-2013-86. JMF Consulting has updated our Plan Limit Table to reflect the changes. To view the changes, click: 2014 Pension Plan Limits If you have any questions, please contact JMF Consulting at 205.345.8440.
Despite the fact that the IRS initially said they would not attempt revenue matching from Form 1099-K, notices have gone out to some taxpayers assessing thousands of dollars in penalties! Form 1099-K requires credit card processors to report gross receipts to recipients as well as to the IRS. The IRS has begun a matching program [...]
The IRS created Form 8822-B for businesses to inform them of a change of address or change of the identity of a responsible party. This form becomes effective January 1, 2014 and must be filed within 60 days of a change. The updated form can be found on the IRS website at http://www.irs.gov/pub/irs-pdf/f8822b.pdf. Please note that there [...]
Join us in welcoming the following new hires to the JMF team! Katie Eagan accepts position at JMF as a staff accountant.Katie Eagan began full time at JMF in November as a staff accountant in tax and accounting. Miss Eagan worked as an intern for JMF during the 2012 and 2013 tax seasons. She graduated [...]