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January 3, 2022/Tax

January Tax Filing Information

As we ring in the new year, SL would like to remind you that January tax filings are just around the corner. In addition to annual W-2’s, this alert highlights several of the upcoming filing requirements for payroll and other informational reporting and compliance matters.

December 15, 2021/Tax, Press Release

Announcing Patrick Willis as Partner

Smith Leonard is pleased to announce Patrick Willis as its newest Tax Partner/Member. He is a key technical resource for the firm, a mentor to many staff members, and an integral part of the tax leadership team.

December 8, 2021/Tax

2021 Reminder Regarding Common Taxable Fringe Benefits

As 2021 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.

November 23, 2021/Tax

Tax Implications from 2021 North Carolina Budget Bill

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.

October 29, 2021/Tax

Build Back Better Revisions Released

On October 28, 2021, the House of Representatives released a revised text of their Build Back Better Bill to reflect the updated reconciliation framework President Biden conveyed to the nation in a televised press conference.

September 24, 2021/Tax

Proposed Tax Law Changes

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.

April 26, 2021/Tax

Paper Filing? Expect IRS Delays

If you find yourself engaging with the IRS manually via paper – through returns, letters, or election forms – you are likely one of the 29 million Americans who are experiencing significant processing delays. As highlighted in a recent CBS News article, these delays are far-reaching and are mostly impacting anyone who does not use […]

March 12, 2021/Tax, Business Planning, COVID-19

American Rescue Plan Act of 2021 Becomes Law

President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) into law on March 11, 2021. Key provisions of this act allow for additional stimulus funds and is the 6th bill enacted by the federal government that focuses on COVID relief. Relief from this bill impacts both businesses and individuals and provides […]

March 2, 2021/Tax, COVID-19

Employee Retention Credit Update

The Employee Retention Credit has become a hot topic for 2020 and into 2021. We provide general information regarding 2020 retroactive changes to the credit, as well as the credit’s extension through 2nd quarter of this year.

January 13, 2021/Tax, Business Planning, COVID-19

Employee Retention Credit Improvements

The Consolidated Appropriations Act of 2021 (Act), signed into law on December 27, 2020, contains significant enhancements and improvements to the Employee Retention Credit (ERC). Learn more about how these updates may impact your business.

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