Tax

January Tax Items

As we ring in the new year, Smith Leonard would like to remind you of a few upcoming changes and filing requirements for payroll, personal property taxes, and other compliance issues.

2019 Year-End Tax Planning

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.

October 29, 2019/Tax

Reminder Regarding Common Taxable Fringe Benefits

As 2019 draws to a close, we would like to remind you of the importance of reporting the proper inclusion of common fringe benefits in taxable wages for employees, officers, and shareholders. Fringe benefits are defined as a form of pay-for-performance of services given by a company to its employees as a benefit and must be included in an employee’s pay unless specifically excluded by law.

May 15, 2019/Tax

Smith Leonard Expands Sales and Use Tax Offerings

Smith Leonard is proud to announce expanded team capabilities to serve our clients with their sales and use tax needs. Our Sales and Use Tax Group is able to assist clients with sales tax issues, ERP platform integration and nexus surveys.

January 22, 2019/Tax

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.

January 22, 2019/Tax

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 14, 2019/Tax

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.

January 8, 2019/Tax

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.

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.

December 17, 2018/Tax

Smith Leonard Expands International Capabilities

Did you know Smith Leonard has an in-house resource for communicating in Mandarin Chinese? Meet Hong Chai.

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