Seven New Tax Extenders Pass House Ways and Means (and what it means to have Paul Ryan at the helm)

Early this month the House Ways and Means Committee approved seven bills to permanently renew some tax provisions.  In no particular order they are: H.R. 629, Permanent S Corporation Built-in Gains Recognition Period Act of 2015,to make permanent the reduced recognition period for built-in gains of S corporations. H.R. 630, Permanent S Corporation Charitable Contributions […]

Where We Stand: 2015 State of the Union, the budget, and your taxes.

The Obama Administration recently released its budget for fiscal year 2016, which begins October 1st. Combined with the State of the Union address in January, I think we now have a fairly good idea of the president’s priorities and the direction the general debate on the economy will take in the coming months.  With Republicans […]

Obamacare and Your Personal Tax Return

We’ve discussed for months the rules and regulations of Obamacare and how to stay in compliance to avoid paying fines.  If you listened to us (and we hope you did), you might think that this year’s tax filing will be smooth sailing.  In some ways, it may be; federal tax filing season kicked off last […]

North Carolina Department of Revenue Tells Us Why We May Want to Wait to File Our NC Tax Returns

On January 15th, the North Carolina Department of Revenue (NCDOR) published a notice that talks about the effects of the Federal extenders tax bill that was passed on North Carolina taxpayers—both individuals and businesses. Because North Carolina income tax uses federal taxable income as the starting point for calculating North Carolina corporate taxable income, and […]

IRS says Get Ready, Get Set, Let’s Go

The IRS has announced that they will be ready to start accepting tax returns electronically on January 20, 2015 and will begin processing paper filed tax returns at the same time. This is a relief to taxpayers since the IRS had previously stated that the filing season might be delayed due to the late passage […]

President Obama signs tax bill. What was not in it and what happens next.

As you may have heard, On December 19th, President Obama signed the tax extenders bill as it was sent to him by the House and the Senate. So, now the provisions that had expired as of December 31, 2013 have been extended until December 31, 2014. But there are other provisions that had expired at […]

Personal Credit Card Fraud

Last week we brought to your attention the issue of credit card fraud and your business. Today, in the second part of this series, we will examine personal credit card fraud — what it is, how you can protect yourself against it, and what to do when it happens. What is credit card fraud? Credit […]

Senate Steps Up and Passes Tax Extender Bill

As we expected they might (and are glad they did), last night, the Senate passed the tax extender bill that the House passed on December 3rd.  Their vote was 76 to 16.  The House vote was 378 to 46 on December 3rd.  The bill now heads to President Obama for signature which is expected to […]

Credit Card Fraud and Your Business

We often think of credit card fraud in the personal sense.  We question, “What would I do if my identity was stolen or someone used my credit card without permission?”  There’s good reason for that.  The FTC estimates that 11.1 million of us will fall victim to personal credit card fraud this year alone.  But […]

House Passes Tax Bill Extending Some Expiring Provisions

On December 3rd, the Tax Increase Prevention Act was passed by the House of Representatives. This bill would extend some of the many expired tax deductions and credits and make them retroactive for the 2014 tax year. This bill would set them to expire again on December 31, 2014. Some of the more common expiring […]