What you need to know about the new overtime (OT) law

If you are an employer, you've probably heard that there are new laws about who qualifies for overtime pay.  It's been about two years in the making.  The most important items to understand are: The 2016 salary threshold is $913 per week or $47,476 annually for a full-year worker.  That's adjusted down slightly from earlier reports. [...]

IRS will stop initiating field audits by telephone

If you have been reading the tax press or even this blog, you will know plenty about the problems taxpayers are having with phone and email scams posing as the IRS.  Well, now the IRS has announced that they will stop initiating field audits by telephone. So, the examiner will send a letter and then [...]

State of Alabama v. Omni Studio, LLC – A Victory for Photographers

By:  Betsy Jarnigan, CPA Tax Supervisor Betsy is a member of the JMF Tax Department and an integral part of the JMF State and Local Tax (SALT) group.  She is also a recipient of the ASCPA Outstanding Young CPA Award.  About a year ago, we blogged (ADOR considering changes to existing rules for sales tax on photography) [...]

What To Do When a Loved One Passes Away

Contact the decedent’s attorney to determine the date of the last executed Last Will and Testament. Many times the attorney has the document in safe keeping or it is in the decedent’s safe deposit box. The Last Will and Testament of the decedent will name the personal representative of the estate. Make an appointment with [...]

By |May 2nd, 2016|Estate & Trust|0 Comments

The Research Credit Is Back for Good

Like Arnold Schwarzenegger’s character in The Terminator, the research credit is back. This valuable tax break, which had officially expired and been restored more than a dozen times in the past, was extended again by the Protecting Americans from Tax Hikes (PATH) Act, retroactive to the beginning of 2015. What’s more, the credit has been [...]

Deadline for Social Security “File and Suspend”

The Bipartisan Budget Act of 2015 ended two popular Social Security retirement benefit claiming strategies, “File-and-Suspend” and “Restricted Application.”  Many married couples use the file-and-suspend strategy by having the higher wage earner file for benefits and then immediately suspend them so that the lower earning spouse can claim spousal benefits while letting their own Social [...]

By |March 25th, 2016|Individual Tax, News & Events, Social Security|0 Comments

Tax Benefit for Individuals with Disabilities

By: Fernanda Luiken, CPA Fernanda is a Senior Accountant and a member of the JMF Tax and Audit Departments. Fernanda prepares corporate, partnership and individual tax returns and also works on business, not-for-profit and governmental audits. The Stephen Beck Jr. Achieving a Better Life Experience act (ABLE) was enacted on December 19, 2014 as part [...]

IRS Issues 2016 Standard Mileage Rates

The IRS has announced the standard mileage rates that may be used in 2016 instead of deducting actual expenses. The new rates, which have decreased or stayed the same, are as follows: For business driving, the rate is 54 cents per business mile (it was 57.5 cents in 2015). For medical and moving expenses, the [...]

JMF 2016 Promotions

JamisonMoneyFarmer PC is pleased to announce the following promotions: Ashley Johnson, CPA has been promoted to Manager. Ashley, a Certified Estate Planner, is now a manager in our Estate and Gift Tax department.  Ashley began full time at JMF in 2005 as a staff accountant in the tax department. Ashley has a Bachelor of Science [...]

By |February 2nd, 2016|Press Releases|0 Comments

Fighting Identity Theft: Alabama Department of Revenue Employs New Measures

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 [...]

By |February 2nd, 2016|Individual Tax, News & Events, SALT|0 Comments