Carl and Bobby are joined by guest Alex Flachsbart of OPAL or Opportunity Alabama.

“Opportunity Zones” were created in the Tax Cuts and Jobs Act of 2017.  Tax nerds call that the TCJA.

It’s hard to believe that we are now almost five full years from their creation. These zones encourage

private sector investment in low-income community businesses and real estate which are inside defined

census tract lines throughout the United States.

This tax code allows any taxpayer to defer capital gains until the earlier of the date on which the

opportunity zone investment is sold or December 31, 2026 on the sale of any property to unrelated

taxpayers by investing the gain in a qualified Opportunity Fund. That fund then must invest at least 90%

of its assets, directly or indirectly, in businesses located in certain low-income communities designated

as Opportunity Zones. If the OZ investment is held for 10 or more years, there will be no tax on the

appreciation of the OZ investment.

There have been plenty of rule updates and guidance since 2017, so please check out the JMF blog for

specific guidance and links to other resources.

Hosts: JamisonMoneyFarmer PC CPAs Bobby Bragg and Carl Jamison

Guest: Alex Flachsbart is the Founder and CEO of Opportunity Alabama, Inc., a 501(c)(3) organization

dedicated to creating an impact-based Opportunity Zones ecosystem to provide access to capital to

Alabama’s low-income communities. Prior to founding OPAL, Alex was a corporate attorney for several

years with Balch & Bingham LLP in Birmingham, Alabama, specializing in tax credit and economic

development-related work. 

We are having a general business conversation and we are human so not every detail, example, or

exception might be an exact match to your circumstances or understanding, so please don’t hesitate to

reach out for help or clarification.

Connect with Us:

Web: www.JMF.com

Email: [email protected]

Twitter: https://twitter.com/JMFCPAs

Phone: 205-345-8440

The Research and Development (R&D) tax credit continues to provide one of the best opportunities for

US businesses to reduce their tax liability substantially. Companies from various industries can qualify

for this government-sponsored tax benefit just by performing their day-to-day activities.

Many businesses are still unaware that R&D credit eligibility extends beyond product development to

include activities such as the latest manufacturing methods, software development, and quality

improvements. Even start-ups may be able to utilize the R&D credit against their payroll tax for up to 5

years.

So, if your company does any of the following, your business likely qualifies for the research and

development credit:

 Develops or designs new products or processes

 Enhances existing products or processes

 Improves upon existing prototypes and software

Hosts: JamisonMoneyFarmer PC CPAs Carl Jamison and Rachel Taylor

Guest: Tyler Noesser of alliantgroup, whose mission is to help industry organizations, U.S. businesses

and the CPA firms that advise them, take full advantage of all federal and state tax credits,

incentives and deductions available to them.

We are having a general business conversation and we are human so not every detail, example, or

exception might be an exact match to your circumstances or understanding, so please don’t hesitate to

reach out for help or clarification.

Connect with Us:

Web: www.JMF.com

Email: [email protected]

Twitter: https://twitter.com/JMFCPAs

Phone: 205-345-8440

Lauren and Kim discuss IRS notices and the best ways to avoid them! These two tax accountants

share war stories on IRS notices, including some of the most common reasons notices are triggered

and how to create an IRS online account. And of course, IRS scams - beware!

Hosts: JamisonMoneyFarmer PC CPAs Lauren Roberts and Kim Smith

We are having a general business conversation and we are human so not every detail, example, or

exception might be an exact match to your circumstances or understanding, so please don’t hesitate to

reach out for help or clarification.

Connect with Us:

Web: www.JMF.com

Email: [email protected]

Twitter: https://twitter.com/JMFCPAs

Phone: 205-345-8440

Kim and Bobby discuss starting a new business, whether entrepreneurs go from a side hustle to a full-

blown new company. We touch on The Edge, one of West Alabama’s business incubators, and touch on

the pros and cons of sole proprietorships, LLCs or Limited Liability Corporations, S corporations, and C

corporations.

After figuring out the correct entity formation for your business, we walk you through getting a Federal

EIN (employer identification number), the Secretary of State filings, the Alabama initial business

privilege tax return, and business licenses.

Hosts: JamisonMoneyFarmer PC CPAs Kim Smith and Bobby Bragg

We are having a general business conversation and we are human so not every detail, example, or

exception might be an exact match to your circumstances or understanding, so please don’t hesitate to

reach out for help or clarification.

Connect with Us:

Web: www.JMF.com

Email: [email protected]

Twitter: https://twitter.com/JMFCPAs

Phone: 205-345-8440

Lauren and Jennifer discuss all things related to the 1099, including the news rules for getting paid

through Venmo and PayPal (actually all third-party processors). The most common 1099s are the 1099-

NEC, 1099-MISC, and 1099-K.

Hosts: JamisonMoneyFarmer PC CPAs Lauren Roberts and Jennifer Stripling

We are having a general business conversation and we are human so not every detail, example, or

exception might be an exact match to your circumstances or understanding, so please don’t hesitate to

reach out for help or clarification.

Connect with Us:

Web: www.JMF.com

Email: [email protected]

Twitter: https://twitter.com/JMFCPAs

Phone: 205-345-8440

Carl and Kristi discuss the Employee Retention Tax Credit (ERC) with guest Shannon Scott of OnCentive.

The ERC is a refundable tax credit designed to reward business owners for retaining employees

throughout the COVID-19 pandemic. The Employee Retention Credit is available to both small- and mid-

sized businesses. It was a part of the CARES Act in 2020, and was significantly expanded in 2021.

Business owners impacted by COVID-19 can claim up to $5,000 in refundable tax credits for each

employee on their payroll in 2020 and up to a $7,000 credit per quarter (excluding Q4) for each

employee in 2021, for a potential maximum credit of $26,000 per employee.

Hosts: JamisonMoneyFarmer PC CPAs Carl Jamison and Kristi Moore

Guest: Shannon Scott is the Chief Executive Officer of OnCentive. Shannon is considered one of the

premier experts in the tax credit industry with over 20 years’ experience and consults the House Ways

and Means and Senate Finance Committee’s on business incentive and tax credit programs.

We are having a general business conversation and we are human so not every detail, example, or

exception might be an exact match to your circumstances or understanding, so please don’t hesitate to

reach out for help or clarification.

Connect with Us:

Web: www.JMF.com

Email: [email protected]

Twitter: https://twitter.com/JMFCPAs

Phone: 205-345-8440

The JMF Advisors Show is a podcast for business owners, c-suite executives, and entrepreneurs who

are looking to build, grow, or even exit a business.  We bring in some of our best financial advisors to

interview experts on business best practices, hot topics, and sprinkle in some tax and accounting

help. If you are a business owner, start-up founder, CFO, or just starting your side hustle, this

podcast is for you.

JamisonMoneyFarmer PC has been helping closely held businesses and successful individuals for over

100 years.  The firm was started in downtown Tuscaloosa, Alabama in 1920, and we offer business

planning, tax, accounting, wealth management, and technology services to clients like you.  If you

would like us to help your business, simply send an email to [email protected].

Rotating Hosts: Bobby Bragg, Carl Jamison, Kim Smith

Connect with Us:

Web: www.JMF.com

Email: [email protected]

Twitter: https://twitter.com/JMFCPAs

Phone: 205-345-8440