IRS Ramping Up Enforcement of ACA

A caution to business owners to not rest too easy on the Affordable Care Act (ACA/Obamacare): The IRS seems to be suddenly intensifying efforts to…

Investing in Opportunity Zones: The Top 5 Incentives

I came across a great article this week (subscription required) in the Charlotte Business Journal that discussed the different ways the City of Charlotte is…

Supreme Court Issues Ruling on Taxation of Trusts

The Supreme Court issued a huge win for trusts last month, ruling that a trust beneficiary’s residence is not sufficient on its own for a…

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…

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…

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…