Accrual Accounting Mandate (or how you might owe taxes on money you haven’t yet earned)

Last year at this time we brought to your attention tax reform legislation that would mandate the use of accrual basis (as opposed to cash basis) accounting for small businesses.  Accrual basis accounting means that firms must report income in the calendar year in which the services are delivered, regardless of whether the corresponding cash […]

More Jobs for North Carolina?

North Carolina House lawmakers have introduced a package of tax incentives designed to lure more businesses, particularly large businesses, to the state.  House Bill 117, or the “North Carolina Competes Act”, is the first major jobs bill this session.  Written by a group of House Republicans, including Mecklenburg county’s Charles Jeter, and supported by Gov. […]

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 […]