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Claiming Casualty Losses After Tax Reform

The southeast coast is no stranger to hurricanes, and this year was no different. Cat-5 Hurricane Dorian made landfall in the Bahamas and eventually made…

Tax Benefits of Rental Property

Over the past few years, we’ve seen a huge uptick in the number of clients renting out their homes (or second homes) as vacation rentals.…

Moving From a High-Tax State To a Low-Tax State

If you’re planning on moving from a high-tax state to a low-tax state, you’re not alone. Data on interstate migration shows Americans are moving away…

10 Tax Issues To Address Before End of 2019

It hit me like a ton of bricks the other day: 2019 is almost over. With just over 100 days left in the year, it’s…

Section 1202: The little-known tax rule that could save you big money when you sell your business.

A little-known tax provision dubbed Section 1202, which we’ve covered before, is getting a lot of attention these days thanks to the Tax Cuts and…

IRS Relieves Underpayment Penalty For Tax Year 2018

Good news during tax season is welcome news, and the IRS just gave good news to taxpayers who underpaid last year. The IRS announced Friday that…

Breweries and Tax Reform

North Carolina, like many states, teems with breweries — as well as brewpubs, distilleries, and other manufacturers. It’s a booming industry nationwide and one that…

Bonus Depreciation, safe-harbor rules issued for vehicles (and 4 other tax provisions business owners need to know about using their cars for work)

The IRS has recently provided a safe-harbor method to determine depreciation deductions for passenger automobiles that qualify for the 100% additional first-year depreciation deduction and…

New Lease Accounting Standard – Answers to the most FAQs

We’ve been talking for some time (since 2013 to be exact) about the changes in lease accounting that were coming this year, and now we…

Final Regulations Released on 20% Deduction for Pass-Through Businesses

Business owners got a bit of good news last week when the IRS released long-anticipated word on how businesses can claim one of the biggest…