Individual Tax

/Individual Tax

Due Date for FBARs Automatically Extended to October 15 Each Year

By | January 17th, 2017|Corporate & Partnership Tax, Individual Tax, International|

The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 changed the due date for filing FinCEN Form 114 (Report of Foreign Bank and Financial Accounts; commonly known as FBARs) to April 15 of the following calendar year, with a six-month extension to October 15 allowed. (Previously, the due date was June 30 [...]

Should You Join in Crowdfunding?

By | January 4th, 2017|Corporate & Partnership Tax, Entrepreneurs, Individual Tax, News & Events|

Do you need an influx of cash to launch a business venture devoted to your personal passion? You can do things the old-fashioned way and issue an initial public offering (IPO) for review by prospective investors. Although IPOs remain viable for some types of businesses, especially larger ones, they can cost time and money, not [...]

Important! New Tax Filing Deadlines for 2017

By | December 19th, 2016|Corporate & Partnership Tax, Estate & Trust, Individual Tax, News & Events|

For years that begin after December 31, 2015, taxpayers will have new filing deadlines for many tax returns.  The most significant changes are as follows: 2017 Tax Deadlines There are penalties for Form 1099 for incorrect filings, late filings and failure to file.  If Form 1099 is filed within 30 days of the [...]

Let Us Help You Make Some Tax Moves Before Year End

By | November 21st, 2016|Corporate & Partnership Tax, Entrepreneurs, Estate & Trust, Individual Tax, News & Events, Pension Admin & Consulting, SALT|

With a new administration taking shape in our nation’s capital after the elections, you can expect that significant tax reforms will be debated, and perhaps enacted, in the near future. But the greatest impact on year-end tax planning in 2016 will likely derive from what happened late last year, not what will happen next year. [...]

Alabama Tax Tribunal Rejects Regulation Limiting Credit for Taxes Paid to Other State

By | November 16th, 2016|Entrepreneurs, Individual Tax, News & Events, SALT|

Alabama Tax Tribunal Rejects Regulation Limiting Credit for Taxes Paid to Other State Taxpayers with multi-state income have refund potential for prior years 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 [...]

Post Election Tax Update 2016

By | November 15th, 2016|Corporate & Partnership Tax, Individual Tax, News & Events|

Click here to read, download, or print the complete JMF Post Election Tax update 2016. Any change in Presidential Administration brings the possibility, indeed the likelihood, of tax law changes and the election of Donald Trump as the 45th President of the United States is no exception. During the campaign, President-elect Trump outlined a number [...]

Seven Timely Tax Moves in 2016 for Individual Taxpayers

By | October 24th, 2016|Individual Tax, News & Events|

Undoubtedly, the national elections will have an impact on personal taxes for years to come. But it is unlikely that a lame-duck Congress will enact changes that will significantly affect tax planning for 2016. Accordingly, here are seven tax moves for individuals to consider at the end of this year. Harvest capital gains or losses. [...]

Crash Course on Education Tax Breaks

By | October 10th, 2016|Individual Tax, News & Events|

Now that your children are back in school, you might consider the available tax breaks for higher education expenses. Following extensions and modifications under the Protecting Americans from Tax Hikes (PATH) Act of 2015, there are three primary tax provisions that may benefit parents: the American Opportunity Tax Credit (AOTC), the Lifetime Learning Credit (LLC) [...]