The JMF Advisors Show

Today's show is for millennials by millennials! This is a fun planning discussion centered around Generation Y aka Millennials, who are people born between 1981 and 1996, on topics such as the Hierarchy of Savings, debt payoff versus savings, rental real estate, social security planning, and general good housekeeping tops for retirement planning.. Host: JamisonMoneyFarmer PC CPA Katie Grissom...

This episode discusses the ins and outs of changing or re-establishing your state tax domicile. Most of the time those changes are driven by job changes or retirement. And with today's remote work environment, this is issue comes up quite a bit. There are eight states with no income tax - Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming. Domicile is established b...

Rachel hosts Blake Madison about the new Corporate Transparency Act aka "CTA". The discussion covers Beneficial Ownership Information (BOI), management team members that might have substantial control, those filing requirements, and the exemptions criteria. Host: JamisonMoneyFarmer PC CPA Rachel Taylor Guest: Blake Madison of Rosen Harwood practices primarily in the areas of business, co...

Rachel and Kristi focus this week's episode on the sunsetting tax provisions of the Tax Cuts and Jobs Act (#TCJA) of 2017 which are slated to go away at the end of the 2025 tax year. We cover #business #tax topics like bonus depreciation, QBI, and the corporate rate which will not change with the TCJA sunset. On the personal or individual tax side, we cover the child tax credit, income tax bra...

Today's show covers several family legacy issues including the importance of wills, healthcare power of attorney, advanced directives and living wills, and the financial power of attorney. Host: JamisonMoneyFarmer PC CPA Orman Wilson Guest: Emilee Scheeff of Rosen Harwood practices regularly in the areas of business, corporate, and commercial law; state and local taxation; estate planning; wea...

Today's show is a deep dive into preparing your business for sale. Carl and Bobby bring their experiences with businesses that have sold and bring in Zane for the perspective of an investment banker (who has also been a founder who sold his business). The wide ranging discussion touches on the most important items for business owners to work on if they are on a five-year exit time horizon, how...

Carl Jamison hosts two policy advocates for our community to discuss the most impactful legislative wins for Alabama businesses. Much of the discussion is about the "Working for Alabama" bundle of bills which addresses many issues, including education, child care and workforce housing. As a business owner in Alabama, you should be aware of these economic development changes as they are m...

Thornton Jamison hosts labor law specialist David Hughes to discuss the latest changes with some employment labor laws affecting businesses and their owners. The podcast covers topics such as the FSLA, new overtime regulations, the differences between exempt and non-exempt employees, the EEO data collection, and employee handouts. Related Overtime "OT" blog post: https://jmf.com/2024/05/...

This week's episode focuses on maximizing #tax deductions, which can potentially lower your tax bill. The topics include recent rule changes for meals and entertainment, dues, and automobile deductions. We also explore employing your children as a business owner, pass through entity taxes, and #costsegregation studies. Hosts: JamisonMoneyFarmer PC CPAs Bobby Bragg and Kim Smith We are having a...

Our tax accountants discuss tracking using Schedule Cs on Form 1040 to report income or loss from a business you operated or a profession you practiced as a sole proprietor. We cover using bank accounts and credit cards to track income and expenses; Excel or #QuickBooks options, and reconciling accounts. We also talk about 1099-NEC and W-9 income, grouping expenses by type, and then other hot topi...

Forty percent of all US small businesses are owned by Baby Boomers, and about 10,000 of them are retiring daily. That translates into a lot of businesses being bought and sold. If you are thinking about potentially selling your business, this is the podcast for you. Topics include Asset Sales vs. Stock sales, purchase prices allocations, seller financing, installment sales, and even how companies...

If you have questions about the Form 1040 aka the US Individual Income #tax return, then we have answers. We touch on the 2 year rule for #houseflippers, mortgage interest rules, and #energyefficient improvements. In addition, we talk about #rentalproperty investments, passive activity losses, and even #homeoffice and commuting rules. Hosts: JamisonMoneyFarmer PC CPAs Lauren Roberts and Rachel Tay...

Our hosts discuss the common law factors that drive the the answer to whether someone is an employee or an independent contractor. Show Notes: From Alabama Department of Labor list of Common Law Factors: https://labor.alabama.gov/uc/COMMON_LAW_FACTORS_WITH_EXAMPLES.pdf Prior relevant podcast mentioned: Who gets a 1099 and why? https://youtu.be/0ufUAt6B_6U Hosts: JamisonMoneyFarmer PC CPAs Rachel T...

Host: JamisonMoneyFarmer PC CPAs Rachel Taylor Guest: Marland Hayes of HayesIngram LLC focuses on commercial financing, bond finance, acquisitions, commercial real estate, industrial incentives, environmental and corporate issues, and represents multifamily-housing and mixed-use developers in acquisitions, financings and operations. We are having a general business conversation and we are human so...

Kim and Andrew go over the nuts and bolts of insurance and bonding needs for contractors and subcontractors. Andrew covers general business liability coverage, worker's compensation plans, commercial auto, and excess liability or umbrella policies. There are construction-specific insurance needs like builder's risk policies, equipment policies, and contractor's E&O (errors and omis...

Our hosts discuss the emergence of side hustles and even full-time careers as social media influencers and gig workers, and the tax considerations for those taxpayers. We cover 1099s - who gets them and why, self employment taxes, and if free gifts for influencers are taxable. We also cover what's deductible from 1099 income. In addition, there is a discussion sales tax remittance requirements...

If you have foreign income, foreign financial assets, or own foreign business interests, this is the podcast for you. Lauren and Viki discuss the most widely faced issues for US nationals who work outside the country and foreign nationals who are working in the States for an extended period of time. Those topics include worldwide income, substantial presence tests, non-resident returns, FBAR repor...

Our hosts discuss Identity Theft and business Cyber threats and the best practices businesses and individuals can do to protect themselves. Josh Angel mentions multi-factor authentication (MFA), password management, the balance of security and usability for business owners, phishing attempts, spam filters, “human firewalls”, and patch management. Hosts: JamisonMoneyFarmer PC CPAs Bobby Bragg and J...

Our Timber and Natural Resources practice group leader Orman Wilson talks with Rachel Taylor about most of the basics for owning timber land and how it is taxed. They touch on the most common ways to calculate your tax basis of land and timber, timber farming, a forestry management plan, and estate and inheritance strategies around timber. Orman has spoken to many Alabama land owner groups and for...

Lauren and Kim share some war stories about unfortunate tax situations that we like our clients to avoid, or in other words, Tax Bloopers! We touch on income tax withholding issues, self- employment taxes, like kind exchanges, cashing out 401(k)s, and QCDS (qualified charitable distributions). Other topics include initial business tax returns, closing entities and the related final tax return, unu...

Our Accounting and Audit heads Lynn Osborn and Dan Johnson take a deep dive into the new lease accounting standards for financial statements. For the standard nerds, that’s ASC 842. Topics include capital leases, which are now called financing leases, operating leases, right of use assets, and the potential to restructure leases. Hosts: JamisonMoneyFarmer PC CPAs Lynn Osborn and Dan Johnson W...

Kim and Blake discuss many of the hot topics related to state and local tax issues for business owners. They cover the Wayfair case, sales tax thresholds, and nexus questionnaires. Did you know many new remote workers who are out of state can create SALT issues for the employer? Our crew also discusses potential strategies in tax controversy cases, the Alabama Tax Tribunal, and audit focus for mun...

Viki Gryska, a tax manager from our International practice group, and Bobby Bragg talk to Sean King about the opportunities and issues related to companies coming into the US (inbound) and companies going out to new foreign markets (outbound). We tackle myths for structuring options for inbound companies investing in the US, also known as Foreign Direct Investors, and capitalization options for th...

Over the course of our first several months of podcasting, we got a lot of common questions so we put them all in a viewer mailbag show. Bobby Bragg asks Rachel Taylor and Lauren Roberts your questions: What these Tax Organizers are that you send us every year? What are all of the things you can do electronically with JMF? When should we plan to get your JMF CPA our tax information? What is a busi...

JMF tax shareholders Carl Jamison and Rachel Taylor look forward to discuss some of the potential new tax legislation items in the 2023 year which may affect many taxpayers. In addition, they focus on the new tax items that we know will change in 2023, like inflation adjustments for tax brackets, standard deductions, maximum unearned income limits, and estate tax limits. Other 2023 tax changes inc...