IRS Scams: Don’t Fall Victim
Given the employees at Smith Leonard have received multiple calls this week from IRS scammers, we wanted to be sure our clients and community friends are aware of the prevalence of these types of scams and what red flags exist within these types of calls or emails. Commonly, these individuals are reaching out with threats of jail time and arrest warrants if money or information is not immediately provided. Read our article for tips on how to protect yourself.
January 10, 2018/Tax, Press Release
Jennifer Casper Promoted to Partner
Smith Leonard PLLC has announced the election of Jennifer Casper as its newest Partner/Member. Jennifer’s appointment coincides with her 8th year at Smith Leonard. She has over 20 years of public accounting experience and has spent her career serving both privately-held and public companies.
How Tax Reform Will Impact Manufacturing
How will the new tax legislation impact the manufacturing industry? With most of the Tax Cuts and Jobs Act provisions taking effect in the new year, review this quick reference guide that highlights the most relevant changes for manufacturers.
Should You Prepay Your 2018 Real Property Taxes?
The IRS issued an Advisory on December 27, 2017 that stated pre-payment of your 2018 real estate taxes in 2017 may be deductible in certain circumstances. In short, an “assessment” by your county must be made in order for the pre-payment to be deductible. Certain counties in North Carolina (including Guilford and, we believe, Forsyth) are issuing “bills” for 2018 if you go to the property tax office and request one.
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.
