Proposed Changes to NC’s Building Code: House Bill 255

Changes may soon be coming to North Carolina’s building code.  House Bill 255, designed to make the inspection process more efficient for homebuilders, passed the NC House in April with bipartisan support.  It now sits in the Senate, under the guidance of the Committee on Rules and Operations. If passed, the legislation would reduce multiple […]

Retirement money—why are you missing out?

I recently read an article that said that one of the 401(k) advisor firms did a study which indicates that US workers are not taking full advantage of company matches for their 401(k) plans resulting in US workers missing out in at least $24 billion in retirement plan contributions.  That is billion with a “B”.  […]

Penalty Relief for Small Business Retirement Plans

On June 2, 2014, the Internal Revenue Service announced that it was launching a one year program to grant penalty relief to small businesses who have not complied with the reporting requirements for retirement plans. The penalties for failing to file the required annual returns can go up to $15,000 per return, so this penalty […]

Solar Energy Bill Makes Headway in North Carolina

House Republicans in North Carolina filed legislation last month that would legalize third-party sales of electricity, thus opening the door for solar companies to deepen their footprints in the state.  House Bill 245, the Energy Freedom Act, would for the first time allow property owners in NC to buy electricity directly from a renewable energy […]

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 […]