Archive for November, 2014

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November 28, 2014/Press Release

Smith Leonard Named Exclusive Sponsor of Wake Forest University Family Business Center

Smith Leonard PLLC announces a new partnership with the Wake Forest University Family Business Center as their exclusive accounting sponsor for both the Triad and Charlotte markets.

November 28, 2014/Tax

Fringe Benefit Items to Include on 2014 Forms W-2

As 2014 draws to a close, we would like to remind you about the proper inclusion of fringe benefits in an employee’s and/or shareholder’s taxable wages. Fringe benefits are defined as a form of pay for performance of services given by a company to its employees and/or shareholders as a benefit. Fringe benefits must be included in an employee’s pay unless specifically excluded by law. Please note that the actual value of the fringe benefits provided must be determined prior to December 31 in order to allow for the timely withholding and depositing of payroll taxes. Below you will find important information regarding the identification and accounting for several customarily provided fringe benefits.

November 28, 2014/Tax

Year-End Tax Planning for Individuals

With the end of the year rapidly approaching, it’s time to consider planning moves that could reduce your 2014 taxes. Year-end planning is particularly challenging this year because a host of popular individual tax breaks expired at the end of 2013. Congress has traditionally retroactively extended the vast majority of these temporary tax breaks after they expired. However, as we complete this letter, Congress has not yet extended these tax provisions.

November 24, 2014/Real Estate and Construction

Real Estate Monitor – Winter 2014

Capital flow, both equity and debt, continues to find superior returns in the self storage sector. Based on total returns by property sector published by NAREIT, self storage outperforms other core sectors such as apartment, office, retail, industrial and office with five-, 10- and 15-year returns of 18.85 percent, 20.48 percent and 16.54 percent, respectively.

November 24, 2014/Not-For-Profit

Nonprofit Standard – Winter 2014

After attending the Eastern Association of College and University Business Officers (EACUBO) 2014 Annual Meeting, we’ve been reflecting on the most pressing trends currently challenging the higher education community. Overall, what remains constant in this rapidly transforming landscape is the mission of higher education institutions: preparing students with the right tools, knowledge and problem-solving capabilities to make productive and beneficial contributions to society

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