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JMF announces Scott Goldsmith as President and Managing Shareholder

JamisonMoneyFarmer PC (“JMF”) Executive Board Chairman, Carl T. Jamison, announced today that Scott Goldsmith has been elected President and Managing Shareholder of the CPA firm and will assume the position on September 1, 2016. In making the announcement Jamison said, “This is the culmination of a leadership succession process we began two years ago and [...]

By |August 24th, 2016|News & Events, Press Releases|0 Comments

Establish a New SIMPLE Plan for 2016 before the October 1st Deadline

Employers who do not already sponsor a SIMPLE Plan may start one for 2016 no later than three months before the end of the calendar year*. October 1st is the last day to start a SIMPLE Plan and begin making deferrals for 2016. If you have a client interested in establishing a SIMPLE Plan for [...]

By |August 23rd, 2016|News & Events, Pension Admin & Consulting|0 Comments

Giving the “Right Stock” to Charity

Tax rules may affect your donations Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on the donation, make sure that you give away the “right kind” of securities instead of the “wrong kind.” It can make a big difference on your tax return. The conventional [...]

By |August 22nd, 2016|Individual Tax, News & Events|0 Comments

No Applause for Fraud: An Update on Popular Fraud Trends and How to Prevent and Detect Them

By: Kasey Powell, CPA, CPE Kasey is a senior accountant, certified fraud examiner, and a member of the JMF Timber Practice Group.   Kasey Powell Vcard  Kasey Powell LinkedIn Profile This year represents the 20th anniversary of the inaugural Association of Certified Fraud Examiner's (ACFE) Report to the Nation on Occupational Fraud and Abuse: 2016 Global Fraud Study. [...]

Bump Up in Estate Tax Exemption

Under the American Taxpayer Relief Act of 2012 (ATRA), the federal estate-tax exemption is permanently set at $5 million with a top 40% rate. ATRA also provides for inflation indexing of the exemption, beginning in 2013. The figures for the past four years, which show a modest increase for 2016, are as follows: Year                Exemption [...]

By |August 2nd, 2016|Estate & Trust, News & Events|0 Comments

The Rules for Passive Activity Losses (PALs) Are Not Friendly

Do you own investment real estate—say, an apartment building—that you rent out to tenants? Real estate can be a valuable and reliable source of income. Of course, the rental income is subject to tax, but the resulting tax liability may be offset by deductible expenses. In some cases, you might even qualify for a loss. [...]

Can I still make my IRA contribution for 2015?

It’s that time of year and you want to know. Your tax return was extended and you are now preparing the return. The question is, can you still make an IRA contribution? Maybe, but generally the short answer is No. The deadline for making most IRA or Roth IRA contributions is April 15th for the [...]

By |July 12th, 2016|Pension Admin & Consulting|0 Comments

How to Bridge the Retirement Gap

What is your greatest financial fear? For some people, it is outliving their retirement savings. Besides the inherent volatility of economic markets and concerns about the viability of Social Security in the future, you may not have been able to save enough to secure a comfortable retirement. As things stand now, you may be afraid [...]

Alabama Amnesty Program to Begin June 30th

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 [...]

Five Big Tax Penalties to Avoid

Paying income tax is bad enough, but insult is added to injury if you are assessed any tax penalties. There are numerous no-nos for individuals and small-business owners to avoid, but here are five of the major offenses in the tax code. 1. Payroll taxes: If a business willfully fails to deposit payroll taxes, the “responsible [...]

By |June 24th, 2016|Entrepreneurs, Individual Tax|0 Comments