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… Read More…

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… Read More…

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… Read More…

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… Read More…

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… Read More…

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… Read More…

Construction, Contractor Guide to Revenue Recognition

Since 2016, we’ve written with frequency on the changes coming to all industries due to the new revenue recognition standard. The changes, a result of… Read More…

UPDATE: 2019 Tax Season to Open January 28th

Last week, we announced we’d be operating on a “business as usual” schedule regarding tax season. The federal government may have shut down, but we’d… Read More…

Section 199A Proposed Regulations

One of the most talked about and widely misunderstood provisions of the Tax Cuts and Jobs Act of 2017 is Section 199A, a section which… Read More…

Individual Cash Free Tax Benefit – 20% Qualified Business Income Deduction

Most income tax deductions for individuals require that you spend cash for the deduction – pay your property tax, write a check to charity, etc…. Read More…