Is This The End of Stretch IRAs and Profit Sharing Plans? Understanding the SECURE Act.

In a landslide vote late last month, the House of Representatives voted to approve the SECURE (Setting Every Community Up for Retirement Enhancement) Act.  If…

Passage of Craft Beer Bill Eases Production, Distribution Limits in NC

North Carolina beer lovers, rejoice. The passage of a bill late last month, the Craft Beer Distribution and Modernization Act, allows your favorite NC brewer…

What Your Tax Return Is Secretly Telling You

Tax season officially ended on April 15th. Celebrate we did, and the office is admittedly quiet this week and last as our team regroups 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…

Income Taxation of Out-Of-State Trusts

The U.S. Supreme Court will soon hear the case of North Carolina Department of Revenue v. the Kimberley Rice Kaestner 1992 Family Trust. The question…

New Obamacare Penalties Surprise Employers

While the ACA lost some of its teeth this year as the individual mandate was removed via tax reform, employers who assume that enforcement against…

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…

Tax Season Opens Along With Federal Government

The partial government shutdown ended Friday evening, just in time for the start of the tax filing season for individuals. The full IRS workforce thus…