November 14, 2025/Tax, Business Planning
2025 Form 1099 Filing Season: Key Deadlines and Updates
Client Deadline: Friday, January 16, 2026 To ensure timely filing with the IRS by the January 31st deadline, all 1099 information must be submitted to our office no later than Friday, January 16, 2026. As we approach year-end, now is the time to begin preparing for 1099 reporting. We encourage clients to review their books […]
November 10, 2025/Tax, Business Planning
2025 Annual Reminder – Taxable Fringe Benefits
As the end of 2025 quickly approaches, we would like to remind you of the importance of reporting the proper inclusion of common fringe benefits in an employee’s, officer’s, and/or shareholder’s taxable wages. We recommend the value of the taxable fringe benefits be determined prior to year-end to allow for the timely withholding and depositing of payroll […]
October 10, 2025/Tax, Business Planning, Manufacturing
New Trade Deals, Section 232 Investigations, and More
A flurry of tariff-related developments cascaded down in recent weeks, including the following: A final U.S.-EU trade deal; A trade deal between the U.S. and Korea; Massive tariffs on Switzerland and India; Further Section 232 investigations on wind turbines and polysilicon; Termination of the de minimis exemption; Canada’s removal of its retaliatory tariffs on U.S. […]
October 10, 2025/Business Planning, Manufacturing, Tax
How to Prepare for Increased Tariff Compliance Enforcement
Are You Prepared for a New Enforcement Regime? With the Trump Administration’s extensive use of tariffs under its “America First Trade Policy,” the U.S. Department of Justice (DOJ), supported by U.S. Customs and Border Protection (CBP), has shifted its enforcement focus to trade fraud and tariff evasion. Criminal investigations into import-related fraud and attempts […]
August 25, 2025/Business Planning, Manufacturing, Tax
What the OBBBA Means for Manufacturing
Incentivizing Production: What the OBBBA Means for Manufacturing No sector is poised to feel a bigger impact from the One Big Beautiful Bill Act (OBBBA) than the manufacturing industry. Many of the most important provisions in the $4.5 trillion tax package were designed specifically to encourage domestic production. Although it remains unclear how the evolving tax and […]
August 14, 2025/Business Planning
QuickBooks Online Updates Coming October 1
Here’s what’s changing and how it impacts you. QuickBooks Online (QBO) is getting an upgrade this fall with a new look, smarter tools, and AI-powered features, but the fundamentals you already know and rely on aren’t changing. The most immediate updates you’ll notice are in Bank Feeds, where many of you spend the most time. […]
July 16, 2025/Tax, Business Planning, Financial Planning
Breaking Down R&D Deductions in the One Big Beautiful Bill: What Businesses Need to Know
On July 4th President Trump signed the reconciliation tax bill into law that had been passed earlier in the week by the House and Senate. One of the more significant components of the bill for businesses is the permanent restoration of immediate deductibility for domestic research and development costs effective for tax years beginning after […]
July 10, 2025/Tax, Business Planning, Accounting and Auditing
What you need to know about the upcoming IRS E-Payment Mandate
Prepared by SL’s Tax Partners On March 25, 2025, President Trump signed the Modernizing Payments To and From America’s Bank Account Executive Order. Its goal is to phase out all paper-based federal payments and receipts—including tax refunds, payments, Social Security benefits, vendor payments, and lockbox receipts—in favor of electronic funds transfers (EFT) such as direct […]
May 6, 2025/Tax, Business Planning
Smith Leonard Honors the Retirement of Assurance and Advisory Partner James Mitchell
Smith Leonard PLLC is both honored and humbled to announce the retirement of James Mitchell, Assurance and Advisory Partner. Since Smith Leonard’s inception in 2007, James has been a cornerstone of our Assurance and Advisory practice. His leadership, integrity, and unwavering commitment to his clients and colleagues have helped shape who we are today not […]
April 22, 2025/Tax, Business Planning
IRS Further Postpones Various Tax Deadlines to Sept. 25 for North Carolina Storm Victims
On April 17, the IRS announced additional Hurricane Helene tax relief for residents of North Carolina. Per prior relief announced on October 1, tax return filings and payments due between September 25, 2025 and May 1, 2025 (the postponement period) were not due until May 1, 2025, again, for North Carolina residents. Per the latest […]
