Small Businesses Rejoice! IRS ups expensing threshold to $2,500

Today the Internal Revenue Service simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. It applies to amounts spent to acquire, produce or improve tangible property that would normally qualify as a capital item. The new $2,500 threshold applies to [...]

By |November 24th, 2015|Accounting & Auditing, News & Events|0 Comments

SB 24 Signed into Law: New Requirements for Alabama Tax – Exempt Entities

On Wednesday, August 19th, Governor Bentley signed Senate Bill 24 into law. SB 24 requires all persons or companies exempt from the payment of sales, use and lodging taxes, excluding certain government entities and public universities, to annually obtain a certificate of exemption (COE) and file annual information reports. This law primarily affects Alabama's non-profit [...]

By |August 21st, 2015|Nonprofit, SALT|0 Comments

Alabama Passes Bill to Establish New Nexus Standards for 2015

On August 10, the Alabama Legislature passed a bill (H.B. 49) to establish a factor presence nexus standard in the state of Alabama for income tax purposes. This type of standard is also sometimes referred to as “bright-line” nexus. The new rule, which was signed into law by the Governor on August 11, will apply [...]

By |August 21st, 2015|SALT|0 Comments

Updates on Alabama Accountability Act

Happening now: Contributions for the 2014 tax year can still be made up to the extended due date of the tax return, October 15, 2015, or until the designated limit is reached, whichever comes first. You’re not out of luck if you have already filed. You can amend to take the credit as long as [...]

By |July 21st, 2015|Uncategorized|0 Comments

Alabama Timberland Acreage Is Up to 23 Million Acres

A 2014 study by the Forest Inventory & Analysis (FIA) shows that the amount of timberland in Alabama has increased to an all-time high of 23 million acres, or 69% of Alabama’s total area. That's an increase of 360,000 acres since the year 2000. The only states in the nation having more timberland than Alabama [...]

By |July 20th, 2015|Estate & Trust, News & Events, Timber|0 Comments

Congratulations are in order!

Congratulations to Andrea Armstrong who has been selected to serve on the Alabama Society of Certified Public Accountants (ASCPA) Young CPA cabinet!

By |July 15th, 2015|News & Events|0 Comments

ADOR considering changes to the existing rules for sales tax on photography

On Wednesday, June 10th, the Alabama Department of Revenue (ADOR) will be considering changes to the existing rules for sales tax on photographs, photostats and blueprints (the current rules are found in Rule 810-6-1-.119).  A summary of the proposed changes is provided below:   ADOR proposes to revise and clarify the definition of gross proceeds [...]

By |July 14th, 2015|SALT|0 Comments

Controversial Ruling Withdrawn

In March 2015, the Alabama Department of Revenue released a proposal to change Rule 810-6-5-.09 related to the Leasing and Rental of Tangible Personal Property.  The proposal sought to expand the existing rule by re-defining tangible personal property to include digital transmissions, such as “on demand” movies, television programs, streaming video or audio and similar [...]

By |July 13th, 2015|SALT|0 Comments

Birmingham Office Ribbon Cutting & Open House

Title: Birmingham Office Ribbon Cutting & Open House Location: Wells Fargo Tower Link out: Click here Start Time: 4:00 Date: 2015-06-18 End Time: 6:00

By |June 4th, 2015|News & Events|0 Comments

JMF among twelve international firms that met for third annual US German Accounting and Tax Summit

ATLANTA, Georgia – One of Alabama's largest and respected accounting, tax and advisory firms, JamisonMoneyFarmer PC, met with six other US-based CPA firms from California, Georgia, Illinois, Massachusetts, Michigan, Oregon, and Wisconsin, and five firms from Germany for the US German Accounting and Tax Summit. Perry Barnett of Rushton and Company, LLC of Gainesville, Georgia [...]