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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

Get Organized for Tax Time

1) Set up a file (or box) for your 2015 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 you have everything that you had last [...]

By |February 1st, 2016|Individual Tax, News & Events, Press Releases|0 Comments

Three ACA Provisions Put on Hold

The PATH Act includes three significant changes affecting provisions in the Affordable Care Act (ACA). The tax on high-cost Cadillac health insurance plans is delayed for two years, from 2018 to 2020. The 2.3% excise tax paid by manufacturers of medical devices is halted for 2016 and 2017. There’s a moratorium for one year—until 2017—on [...]

By |January 31st, 2016|Corporate & Partnership Tax, Individual Tax|0 Comments

IRS announces inflation adjusted estate tax limits

The IRS announced that the 2016 estate and gift tax exemption is $5.45 million per individual, which is up from $5.43 million in 2015. That means an individual can leave $5.45 million to heirs and pay no federal estate or gift tax. A married couple will be able to shield $10.9 million from federal estate and [...]

By |January 20th, 2016|Corporate & Partnership Tax, Estate & Trust|0 Comments

Understanding the Protecting Americans from Tax Hikes (PATH) Act of 2015

By: Rachel Taylor, CGMA, CPA, Tax Manager Rachel is a member of the JMF Tax Department. With more than seven years of experience in public accounting, she assists clients with corporate, partnership, and individual income tax return reporting as well as complex issues regarding multiple state filing and other state tax issues. Late on Tuesday, December [...]