JMF will be sending reminders to clients that sponsor SIMPLE IRA plans, along with a check-the-box notice for them to use.  If you want more information, please contact us.  We’re here to help you.

For answers, click here to read JMF’s Client Advisor Sept Oct 2011 issue.

Click here for the Forest Owner’s Timber Damage Guide 2011

This year, the Alabama legislature passed Act 2011-544, the “Homeowners and Storm Victims Protection Act of 2011”.  The act became effective on September 1, 2011.  A provision in the act reduces ad valorem taxes you pay on your inventoried houses and underlying lots by 50% for a period of 24 months.  This reduction is accomplished in the act by re-classifying inventoried houses from Class II property to Class III property.  However, in order to benefit from this reduction in ad valorem tax you are required to act no later than September 30, 2011.  You must file an application with your county tax assessor’s office to request the reclassification of your inventoried properties from Class II to Class III.  There is not yet a formal application to use to request the reclassification.  The Home Builders Association of Alabama recommends that you use their checklist to apply for the property reclassification (attached).  After assembling each item on the checklist for each property you want to reclassify, you should submit the materials to your respective county tax office no later than September 30, 2011.

Please be aware that the Alabama Department of Revenue believes Act 2011-544 applies only to tax years 2011 and 2012.  The Home Builders Association of Alabama (HBAA) disagrees, stating that the act should apply to the current tax year, too.  It is the opinion of the HBAA that home builders should apply by 9/30/11 for the re-classification of any house that was under construction prior to September 1, 2011 in order to argue for the reclassification of your properties for the current year (which runs from October 1, 2010 to September 30, 2011).  The HBAA believes that, by the time the differences of opinion are resolved, it will be too late for you to apply for the reclassification of property for the current year.  As a result, you would miss the opportunity to pay the lower ad valorem rate for this tax year.

Please see the letter mailed by the Home Builders Association of Alabama to its members and the checklist they recommend using for the reclassification request.  Please contact us if we can assist you in this process.  We are here to help.

To read more about the events taking place in the lives of JMF employees, click here .

Leighanne is the first JMF shareholder to be appointed to the Board, and only the third woman ever to be named to the Board.  One of our firm’s namesakes, James E. Money, was also a  past president of the Alabama Society of CPAs.  Leighanne manages the firm’s Accounting and Auditing practice and assists with the research and implementation of new accounting standards, including international standards.  She started at the firm in 1986 and made shareholder in 1998.  She holds a BS in Accounting, cum laude,  from the University of Alabama, is a member of the American Institute of Certified Public Accountants, the Alabama Society of Certified Public Accountants, and is the A&A Liaison for CPAmerica International, Inc.

Congrats Leighanne!  We are very proud of you!

Please note that the changes are likely to delay tax planning information such as the 2012 Social Security Wage Limit, Federal and State withholding tables and 2012 forms such as the 941 and 940 Forms.

If you need payroll or payroll tax assistance, please contact us and we will be happy to review your individual situation.