2017 Tax Update
View the “Tax Cuts and Jobs Act” (the “Act”) conference report with the latest 2017 tax updates. The conference report was agreed to by the House and Senate conferees last week and reflects the resolved differences between the House bill and the Senate amendment. While the final compromise looks more like the Senate bill, it reflects many compromises, some additions, deletions, and other modifications that are in step with Congressional priorities.
Have You Amended Your Partnership Agreement Yet?
If your first reaction is “Why would I need to?”, then we need to chat. New partnership audit rules go into effect for the 2018 tax year and will make it more attractive for IRS audits.
Charitable Deduction Reminders for #GivingTuesday
In honor of #GivingTuesday, here are a few reminders regarding when your charitable donations will also qualify for a tax deduction: Only donations to qualified charities are deductible: If in doubt, you can check the organization’s status on using the EO Select Check tool on the IRS website. Contributions to synagogues, mosques, churches, mosques, and […]
House Tax Bill Released
On November 2, 2017, the House of Representatives released a draft tax reform bill titled the “Tax Cuts and Jobs Act.” The bill would reduce individual and business tax rates, would modify or eliminate a variety of itemized deductions as well as repeal the estate and alternative minimum taxes, and would change the taxation of foreign income. The Ways & Means Committee intends to formally markup the bill the week of November 6 with full House floor consideration planned before Thanksgiving. Most of the provisions would be effective starting in 2018.
October 25, 2017/Tax, Family Wealth
Inflation Adjustments for Some Tax Provisions for 2018
On October 19, 2017, the IRS released Revenue Procedure (Rev Proc) 2017-58 that details the annual inflation adjustments for over 50 of the sections of the Internal Revenue Code for tax years beginning in 2018. Key highlights include changes in estate and gifts as well as individual income taxes.
CPAs Wanted
CPAs Wanted: For difficult and complex tax work. Overtime, accountability, commitment to serving clients, and ability to work well under pressure required. Excellent opportunity to work with a team of highly-skilled tax professionals in a learning environment. Career advancement and partnership potential for those up for the challenge.
NC Tax Rates Lowered
On June 28, 2017, the North Carolina General Assembly voted to override North Carolina Governor Roy Cooper’s veto of the budget bill for fiscal years 2017-2019, and enacted legislation that reduces various tax rates.
Sales and Use Tax for Real Property
In March of 2017, the North Carolina Sales and Use Tax Division published a notice on its website containing general guidance on the taxability of real property contracts and retail sales of repair, maintenance, and installation services. More recently, a second notice has been published and mass distributed by the North Carolina Department of Revenue, alluding to and simplifying the original Sales and Use Tax notice.
Hiring New Workers? Think Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a long-standing income tax benefit that encourages employers to hire designated categories of workers who face significant barriers to employment. The credit, usually claimed on Form 5884, is generally based on wages paid to eligible workers during the first two years of employment.
February 27, 2017/Accounting and Auditing, Tax
Should You Challenge Your Property Tax Value?
2017 is a big valuation year for property taxes in North Carolina, with several Triad counties up for revaluation. There is a window of opportunity for businesses that own real property in the counties mentioned below to appeal their 2017 value and realize potentially significant savings. The optimum time to appeal is within thirty days of receiving your 2017 valuation.
