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/Business Planning, Accounting and Auditing, Tax
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 […]
July 8, 2025/Tax, Family Wealth, Financial Planning
What you need to know about the Big Beautiful Bill
Prepared by SL’s Tax Partners With expiration of most of the individual tax provisions included in the 2017 tax law commonly known as The Tax Cuts and Jobs Act passed during President Trump’s first term slated to sunset at the end of 2025, as well as unpopular provisions such as a requirement to capitalize research […]
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 […]
February 13, 2025/Tax, Business Planning
House Republicans Float Long List of Potential Tax Measures
Republicans in the U.S. House of Representatives Budget Committee recently circulated a draft list of policy options, some of which would help pay for the extension of the expiring provisions of the Tax Cuts and Jobs Act of 2017 and set President Donald Trump’s tax policy agenda. The document has not been officially published by […]
December 4, 2024/Business Planning, Tax, Financial Planning
SALT 2024 Year-End Planning Guide
As 2019 comes to a close, we encourage you to consider year-end planning to take advantage of opportunities to reduce your tax bill and prepare for the year ahead. View our business and individual tax planning guides.
2024 Taxable Fringe Benefits Reminder
As the end of 2023 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.
IRS Helene Relief News
On October 1, the IRS announced tax relief for Hurricane Helene victims. The provided relief covers the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as portions of Florida, Tennessee, and Virginia. Pursuant to the provided relief, Affected Taxpayers now have until May 1, 2025 to file various tax returns and make […]
July 29, 2024/Tax, Business Planning, Manufacturing
Navigating the Intersection of Customs and VAT/GST
Companies engaged in the global trade of tangible goods crossing physical borders must navigate a complex indirect tax environment. A critical aspect of managing global trade transactions is understanding customs duties and Value Added Taxes or Goods and Services Taxes (VAT/GST) that apply in each jurisdiction. These indirect tax obligations can create significant cost and […]
