January 31, 2019/Business Planning, Financial Planning, Family Wealth, Mergers and Acquisitions
An ESOP Can Benefit a Business Owner’s Retirement and Estate Plans
Did you know that an ESOP can be a powerful estate planning tool? It can help you address several planning challenges, including lack of liquidity and the need to provide for children outside the business.
January 30, 2019/Furniture Insights
January 2019 Furniture Insights
Orders up 6% year to date and 3% year over year in our latest Furniture Insights. Consumer confidence is also down, but most likely due to the temporary shock of the government shutdown. Overall, 2018 appears to have been a good year in the furniture industry.
January 24, 2019/Financial Planning, Family Wealth
Sudden Impact: When a Spouse Unexpectedly Dies
What if the unthinkable happens and your spouse dies unexpectedly? Would you be prepared to cope emotionally and financially? As the surviving spouse, you’ll face several tasks and challenges.
10 Common Property Tax Myths
For many businesses, property tax is the largest state and local tax obligation, and one of the largest regular operating expenses incurred. Unlike other taxes, property tax assessments are based on the estimated value of the property, and thus, are subject to varying opinions. Businesses that fail to take a proactive approach in managing their property tax obligations may be missing an opportunity to reduce their tax liability. Below are 10 common property tax myths, and the truths that counter them.
Could Your Business Have Property Tax Savings?
Quite a few counties in North Carolina are reassessing property tax values in 2019. Does your business have locations in Catawba, Durham, Iredell, Randolph, or Rockingham counties? If so, you may want to have us take a look at your values and see if there could be savings found as a result of your reassessment.
January 18, 2019/Accounting and Auditing
4 Ideas for Fostering a Partnership Between Internal and External Auditors
External audits aren’t required for every business. But whether required or not, they can provide lenders and investors with assurance that your financial statements are free from material misstatement and prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). How can you help facilitate efficient, timely audit fieldwork? The keys are frequent communication and […]
The Government Shutdown Continues: What to Expect from the IRS
Due to the lapse in appropriations that began midnight December 22, 2018, the federal government is in its fourth week of a partial shutdown, which includes much of the Internal Revenue Service (IRS). Indeed, although the IRS is working with a skeleton staff of excepted employees, most employees are not working during the shutdown. While we expect the IRS to be handling some matters and investigations, there are many more visible functions that are generally suspended during the closure.
Parking Costs May No Longer Be Deductible
If you provide parking for your employees, you may be impacted by a provision in the 2017 Tax Cut and Jobs Act that eliminates the deduction for qualified transportation fringe benefits. This change will impact both for-profit and not-for-profit organizations, but each in their own different way.
January 4, 2019/Press Release
2019 Smith Leonard Promotions
Congratulations to our 19 team members who were promoted as of January 1, 2019. We are so proud of their accomplishments and the tremendous value they bring to the firm and to our wonderful clients.
January 4, 2019/Tax, Press Release, Family Wealth, Financial Planning
Jimmy Eggers Promoted to Partner
Jimmy Eggers has been promoted Tax Partner at Smith Leonard PLLC effective January 1, 2019. He specializes in tax planning and compliance for closely-held businesses along with their respective owners and comprehensive financial planning for high net worth families.