Smith Leonard PLLC has announced the election of Jennifer Casper as its newest Partner/Member. Jennifer’s appointment coincides with her 8th year at Smith Leonard. She has over 20 years of public accounting experience and has spent her career serving both privately-held and public companies.
How will the new tax legislation impact the manufacturing industry? With most of the Tax Cuts and Jobs Act provisions taking effect in the new year, review this quick reference guide that highlights the most relevant changes for manufacturers.
After falling 10 percent in September 2017 compared to September 2016, new orders increased 8 percent over October 2016, according to our latest survey of residential furniture manufacturers and distributors. Remember that the 10 percent decline in September was a bit misleading as the September 2016 orders were up 14 percent over September 2015. The 8 percent increase followed the September decline but also followed increases of 1 percent in August, 11 percent in July and 6 percent in June.
The IRS issued an Advisory on December 27, 2017 that stated pre-payment of your 2018 real estate taxes in 2017 may be deductible in certain circumstances. In short, an “assessment” by your county must be made in order for the pre-payment to be deductible. Certain counties in North Carolina (including Guilford and, we believe, Forsyth) are issuing “bills” for 2018 if you go to the property tax office and request one.
Explore the Winter 2017 Nonprofit Standard. Topics covered will include the use of blockchain for nonprofit organizations, the IRS release of the 2018 work plan for tax-exempt organizations, a year-end accounting update summary, what organizations should do to maintain exemption and public charity status, data privacy considerations, 6 strategies under $6 to exponentially improve organizational performance, priority guidance, and the use of pay.gov.
View the “Tax Cuts and Jobs Act” (the “Act”) conference report with the latest 2017 tax updates. The conference report was agreed to by the House and Senate conferees last week and reflects the resolved differences between the House bill and the Senate amendment. While the final compromise looks more like the Senate bill, it reflects many compromises, some additions, deletions, and other modifications that are in step with Congressional priorities.
After several positive monthly results from our surveys of residential furniture manufacturers and distributors, the September survey showed a 10% drop in new orders, but a 3% increase in total as compared to September 2015 to September 2017. Overall the news is positive heading into the holidays: Consumer confidence is at highest levels in years, unemployment is also at lowest levels in some time, and interest rates are still low.
In honor of #GivingTuesday, here are a few reminders regarding when your charitable donations will also qualify for a tax deduction: Only donations to qualified charities are deductible: If in doubt, you can check the organization’s status on using the EO Select Check tool on the IRS website. Contributions to synagogues, mosques, churches, mosques, and […]