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…

How To Select The Right Entity Structure

Selecting an entity structure is one of the most important decisions you’ll make for your company. The decision will impact how much you pay in…

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…

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…

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…