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Weighing the Costs: Converting from C Corporation to S Corporation Status

Converting from C corporation status to S corporation is a common change in business due the beneficial tax attributes afforded to shareholders. C corporations are “double taxed” in that they are subject to corporate-level income taxes at the entity level, and its shareholders are additionally subject to income taxes on both dividends and equity capital […]

Managing Unclaimed Property: A Primer for Your Business

Rarely a day goes by that I don’t come across some sort of pop-up or radio ad encouraging me to go online and search for abandoned property in my name. It’s an alluring proposition. The thought that I might have some forgotten money lying around, perhaps funds from an old savings account or a forgotten […]

Avoiding Net Investment Income Tax: 5 Tips for Business Owners

We first brought the concept of Net Investment Income Tax (NIIT) to your attention in 2013.  It was new then, part of a slew of higher income tax burdens tied to Obamacare.  Over the past few years we’ve had the chance to see the NIIT, a.k.a. Medicare Contribution Tax, in action and how it impacts […]

Potential Changes in R&D Tax Credit Law Could Mean More Money For Your Business

The Research and Development (R&D) credit is a business tax credit that generates substantial savings for companies of all sizes and industries, yet is one of the most underutilized tax saving strategies in business today. Entrepreneurs are constantly seeking to increase cash flow to build and scale their businesses, but too often forget that this […]

10 Tips for End-of-Year Tax Planning

We constantly emphasize to our clients the importance of tax planning throughout the year.  Smart planning can greatly reduce a person’s (and business’) tax burden, which is something we all want.  Sometimes that’s easier said than done, however, as important tax legislation that becomes retroactive to the beginning of the year is often not finalized […]

Private Insurance Rates Set to Increase

There’s a been a lot of buzz in the news lately about Obamacare premiums significantly spiking next year.  What’s flying under the radar, however, is that rates on commercial health plans (plans not sold on Obamacare exchanges) will also rise.  As we make our plans for health care next year, both for ourselves and our […]

Estimated Tax Payments After Divorce

Divorce, unfortunately, is an issue we deal with from time to time.  When a couple has filed joint returns for years, and now seeks to file separately, several issues can arise, particularly around estimated tax payments.   When a couple files a joint return, estimated tax payments for the current year are typically credited to […]

New Obamacare Regulations Proposed for Businesses with 51-100 Employees

The House and Senate passed legislation this week that gives mid-sized businesses a bit of hope.  If signed by the president, companies with 51-100 employees will no longer be considered “small businesses” under the Affordable Care Act.   The news is a (possible) welcome reprieve for many businesses in the 51-100 employee range.  Under previous […]

Is Obamacare’s Cadillac Tax In Trouble?

An excise tax provision in Obamacare, which is meant to contain health spending and generate revenue — approximately $80 billion between 2018 and 2023, according to the Congressional Budget Office — will likely affect the health benefit packages that employers offer.   The “Cadillac Tax”, set to take effect in 2018, is a 40% tax […]

New NC Budget: Higher Sales Tax, Lower Income Tax

North Carolina governor Pat McCrory signed a new budget into law Friday, marking the end of a near two month delay.  Infighting over Medicaid, economic development, and taxes stalled the passing of the budget, and lawmakers published a compromise bill just hours before McCrory signed it.  Included in the new budget are about $400 million […]