Individual Tax


As an American living overseas, each year you have to gather the information required to file a U.S. return.  Unlike your compatriots, residing across the pond comes with its own process: complicated and with more risk and penalties.  The following article sheds light on the expat, tax forms you will need in order to file your return.

Full Article


Linda Wang of the United States Department of Agriculture has created a summary of the newest tax laws related to timber.

Tax laws on timber transactions are very specialized knowledge that are not commonly known. Yet they are important to timber owners in terms of the ongoing cost of owning and managing timber, forest stewardship and compliance to the tax law. This bulletin reviews the major federal income tax laws to help forest owners in filing their 2014 income tax returns.

While these guides can be very helpful, please feel free to contact anyone on our Timber and Other Natural Resources team to help with any specific tax questions or advice.

Tax Tips for Forest Landowners for the 2014 Tax Year


Six days to go until we move in with Philly Living | Philadelphia ...

Are you retiring and moving to Florida or relocating due to a new job?  If you are moving out of state, the following article will assist you in what you need to consider with regard to documenting and reporting your change in address as well as income tax consequences.


 Click the link to read the full article:  How to Change Residency for Income Tax Purposes


Officials Say the Actual IRS Will Never Make First Contact by Phone

Con artists posing as Internal Revenue Service agents are back in the news. Despite previous warnings from government officials, some taxpayers still haven’t gotten the message.

“There are clear warning signs about these scams, which continue at high levels throughout the nation,” IRS Commissioner John Koskinen said recently. “Taxpayers should remember their first contact with the IRS will not be a call from out of the blue, but through official correspondence sent through the mail. A big red flag for these scams are angry, threatening calls from people who say they are from the IRS and urging immediate payment.”

“This is not how we operate,” he said. “People should hang up immediately” and contact the Treasury Inspector General for Tax Administration (www.tigta. gov) or the IRS. On the TIGTA site, click on “IRS Impersonation Scam Reporting.”

Government officials have received about 90,000 complaints through a telephone hotline since late 2013, says a TIGTA spokesman. About 1,100 victims have lost an estimated $5 million from these scams.

Scamsters may try to claim that you owe money or are entitled to a big refund, officials say. Callers might use phony names and IRS badge numbers. They might even know the last four digits of your Social Security number.

Real IRS representatives “never” ask for credit-card, debit-card or prepaid card information over the phone, the IRS said. They also never insist that you use a specific payment method. And they never demand immediate payment over the phone, the IRS says.

If you get a suspicious call and think you owe taxes, hang up and call the IRS (800-829- 1040). If you have no reason to think you owe anything, call TIGTA (800-366-4484), and tell the Federal Trade Commission using its “FTC Complaint Assistant” ( Include the words “IRS Telephone Scam.”

By: Tom Herman


A new Alabama income tax credit is available for Alabama individuals and businesses that contribute cash to the Alabama Department of Postsecondary Education (ADPE) for qualifying educational expenses directly associated with the state’s Career‐Technical Dual Enrollment Program. The tax credit was created by House Bill 384 (Act No. 2014‐147, the “Act”), which was sponsored by Representatives Buttram, Baker, Collins, and Hubbard. The Bill was signed into law by Governor Robert Bentley on March 11, 2014, and will go into effect for tax years beginning on or after January 1, 2015.

We have had a lot of questions about the particulars about implementing and complying with the law, so we created a handy guide (linked below).

JMF Memo Explaining the Alabama Dual Enrollment Tax Credit

If you have any questions, please feel free to contact any of our CPAs for further explanation.


Beginning at 12:01 a.m. (CST) on Friday August 1, 2014, and ending at twelve midnight on Sunday August 3, 2014, Alabama will hold its 8th annual sales tax holiday giving shoppers in Tuscaloosa County the opportunity to purchase certain school supplies, computers and clothing free of state and local sales tax. Not all cities participate but Tuscaloosa, Northport, Selma, Birmingham do.   Here the list of all participating communities.

Here’s the link to ADOR’s website for the Sales Tax Holiday.


We get this question a lot at this time of the year.    If your tax return is on extension and you are now preparing the return, 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 prior year contribution. Extending the return doesn’t change that.

Generally, there is no extension of time to make the IRA contribution, but as with almost every IRA rule there are exceptions.


If you are in a federally declared disaster areas may qualify for an extension in order to complete transactions for their retirement accounts, including making contributions.  Check out this list to see if you qualify.

Military personnel in combat zones may qualify for extra time to make IRA contributions.  Helpful additional info from the IRS

Here’s the most common exception: SEP IRAs.  The due date for establishing and making a SEP IRA contribution is the due date of the business tax return, including extensions.  So, any business owner who is having the tax return prepared now, in July, could still establish a SEP plan and make a SEP contribution for last year.  Info here & SEP setup forms here


If you have any questions or comments about the information included here, please contact one of our retirement plan specialists (Anita Hayes, Mindy Norton or Sonya Waddell).

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