On November 18, after months of political negotiation (and four and half months into the new fiscal year), Governor Cooper signed the state’s 2021 budget bill into law. Smith Leonard provides a brief summary of the more impactful tax provisions, including state treatment of Paycheck Protection Program loan forgiveness, as well as future state tax rates.
The below article was originally published on 11/5/21 in the Triad Business Journal with contributions by Smith Leonard partner Darlene Leonard and Lee Lloyd, founder of J. Lee Lloyd LLC, an M&A and corporate finance consulting firm based in Greensboro. If you were trying to buy, sell or invest in a company in March 2020, you could […]
Once again, as has been the case since the beginning of the pandemic, the raw numbers have to be explained. The results of our survey of residential furniture manufacturers and distributors showed some interesting comparisons. For instance, new orders in August were down 14% from August 2020.
July furniture order numbers have to be tempered comparatively with the results from the same time period in 2020, as July 2020 was the beginning of a big recovery in the furniture industry. For the first time since June 2020, new orders in July 2021 were down 11% compared to the same month of 2020. But growth still continues overall, as July 2021 orders were up 24% compared to July 2019 in our latest Furniture Insights®.
Much anticipated details have emerged from the House Ways and Means Committee’s draft legislation. We detail many of these tax provisions in question below, and encourage clients to begin planning now for these significant potential changes, particularly from an estate planning perspective.
Positive news in our latest Furniture Insights®, with new orders were up 7% in June 2021 over the 30% increase reported in the comparisons of June 2020 vs June 2019. Year to date, new orders were up 51% over the first half of 2020 and up for 94% of the participants.
Our latest Furniture Insights continues to show growth in the furniture industry, with positive reports from the June market. But the good news is dampened by concerns about pricing, backlogs, and availability of key materials.