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J.D. Farmer & Associates, LLC

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Germantown, MD
J.D. Farmer & Associates, LLC

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The goal of J.D. Farmer & Associates is to provide clients with the highest level of technical expertise with personalized service. J. D.

Farmer & Associates, LLC offer a wide range of accounting and tax services to support startup to growing businesses. These services include: In-house and outsourced monthly accounting services, financial forecasting and budget planning, accounting software consultation, entity selection, policies and procedures development, and management advisory and business consulting services. Specialties: Individual & Busines Tax, Trust, Estate, Gift, IRS and State Tax Representation, Tax Research and Planning, Sales Tax Preparation and Audit representation,Accounting services,Compilations Reports, Controllership Services for small Businesses, Special Projects and Analyses, Bookkeeping, Financial Statement Preparation and Analysis,Budgets and Forecasts, QuickBooks and Peachtree Consulting and Training, Outsourced Accounting, Entity Choice, Corporate Restructuring

10/30/2026

The IRS has released its 2026–2027 per diem rates for certain business travel expenses, effective Oct. 1, 2026. Under the high-low substantiation method, the rate for lodging, meals and incidental expenses for travel to high-cost localities within the continental United States (CONUS) rises to $329 per day, from $319. The rate for other CONUS localities rises to $230, from $225. The portion attributable to meals remains $86 for high-cost areas and $74 for other areas. The incidental-expenses-only rate remains $5. Employers can pay more than the IRS per diem rates, but excess amounts generally must be substantiated or treated as taxable wages. Contact us at (301) 540-1710 to learn about all your options for substantiating business travel expenses.

10/28/2026

If your business receives a significant amount of cash payments, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they increase the risk of underreporting income and attracting IRS scrutiny. The IRS pays close attention to these businesses and may use tools, such as cash flow analysis, bank deposit comparisons and lifestyle audits, to estimate actual income. If discrepancies arise or your records are inadequate, the IRS may reconstruct your income using indirect methods, potentially resulting in higher taxes than necessary. Contact us for help with your business at (301) 540-1710.

10/27/2026

Are you planning to buy a business vehicle, furniture or equipment before year end? The timing of your purchase could affect your 2026 tax bill. Depending on the asset and your circumstances, you may qualify for Section 179 expensing, 100% first-year bonus depreciation or a combination of both. To claim these breaks for 2026, qualifying property must be placed in service by December 31, 2026. Before making a major purchase, consider your projected taxable income, cash flow, financing needs, and any applicable deduction limits and eligibility requirements. Call us at (301) 540-1710 to discuss your options and help determine the right depreciation strategy for your business.

10/26/2026

Accurate financial records are essential for your company’s success. However, many small business owners struggle with accounting and bookkeeping tasks. We can handle these chores for you, so you can focus on running your business. Call us at (301) 540-1710 to schedule a consultation.

10/23/2026

If you’re responsible for collecting, accounting for or remitting federal taxes withheld from employee paychecks, beware of the trust fund recovery penalty (TFRP). As a responsible individual, you may be personally liable for a 100% penalty on income and employment taxes your business either fails to collect or fails to remit to the IRS. Your actions must be “willful,” meaning you’ve been, or should have been, aware of the responsibility and either intentionally disregarded the law or were indifferent to it. According to the IRS, no “evil intent or bad motive” is required. Call us at (301) 540-1710 if you receive a letter from the IRS about the TFRP or for help with tax compliance.

10/21/2026

Eligibility for Achieving a Better Life Experience (ABLE) accounts has expanded to individuals whose blindness or disability began before age 46. Until this year, the blindness or disability had to have begun before age 26. As a result, many people who weren’t previously eligible can benefit from these accounts beginning in 2026. ABLE accounts offer tax-advantaged savings for qualified disability expenses. The 2026 contribution limit is generally $20,000. In some cases, 529 plan funds can be rolled over tax-free to ABLE accounts, counting toward the annual limit. Call us at (301) 540-1710 to learn more.

10/20/2026

You may need to make quarterly estimated tax payments if you own a sole proprietorship or an interest in a pass-through entity, which includes partnerships, S corporations and most limited liability companies. Changes in your business’s taxable income, deductions or overall tax situation may have altered your expected tax liability. A year-end projection can help you determine whether you’ll need to adjust your fourth-quarter estimated tax payment that’s due by January 15, 2027. Call us at (301) 540-1710 to review your situation.

10/19/2026

Buyer beware! If you acquire a business with delinquent tax obligations, you could become liable for those debts. Your exposure primarily depends on how the deal is structured. In an asset purchase, buyers can generally avoid liabilities associated with the business, but certain state laws may allow creditors or tax authorities to pursue transferred assets. When buying ownership interests, liabilities typically remain with the business entity. Due diligence should include reviewing several years of tax returns for unpaid income, payroll, sales and property taxes, uncertain tax positions, and undisclosed liabilities. Call us at (301) 540-1710 for help identifying potential risks before closing.

10/16/2026

Employers: The IRS recently updated its FAQs on the qualified overtime pay tax deduction for employees created in 2025. The guidance provides new details on how you must identify, calculate and report qualified overtime income. For example, it clarifies that only FLSA-mandated overtime premiums qualify, notifies employers that separate reporting on Forms W-2 is required beginning in 2026, and confirms that overtime pay remains subject to federal income tax withholding. These changes may call for payroll system updates and a closer review of employee classifications and overtime practices. Call us for help preparing for the new requirements.

10/14/2026

How much should you budget for retirement expenses? One common guideline says 60% to 70% of your current income. Some expenses might decrease or disappear (commuting costs, mortgage payments), while others are likely to increase (health care, property taxes). Specificity, not to mention incorporating inflation into your calculation, is important. We can help — call us at (301) 540-1710.

Address

12410 Milestone Center Drive #600
Germantown, MD
20876

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://www.jdfcpa.com/, http://U.S/, http://U.S/, http://J.D/

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