November 7, 2018/Business Planning, Tax, Family Wealth
Educate Your Children on Wealth Management
If you’ve worked a lifetime to build a large estate, you undoubtedly would like to leave a lasting legacy to your children and future generations. Educating your children about saving, investing and other money management skills can help keep your legacy alive. Teaching techniques There’s no one right way to teach your children about money. […]
November 4, 2018/Tax, Business Planning
Buy Business Assets Before Year End to Reduce Your 2018 Tax Liability
The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these breaks, you must purchase qualifying assets and place them in service by the end of the tax year. That means there’s still time to reduce your 2018 tax liability […]
November 3, 2018/Tax, Family Wealth, Business Planning
Take Caution When Including Employees in Your Estate Plan
If you’re the owner of a small business, you may think of your tight-knit group of employees as a family. If you wish to include them as beneficiaries in your estate plan, it’s critical to be aware of possible unintended tax consequences. Unraveling the (tax) code Generally, money or other property received by gift or […]
Sales Tax: What to Do in Light of the Wayfair Decision?
With the overturning of 26 years of U.S. Supreme Court precedent, states may now compel taxpayers to collect sales tax from consumers who make purchases within the state. Prior to the Wayfair decision last month, a taxpayer needed to have a “physical presence” in a state before it was subject to the state’s sales tax collection requirements.
Decision Made in Major Sales Tax Ruling
The Supreme Court ruled today, June 21, 2018, in the case of South Dakota v. Wayfair that states may collect sales tax from businesses that do not have a physical presence in their state. This effectively reverses a 40-year-old decision (Quill Corp v. North Dakota) that held that a taxpayer had to have a physical presence in a state in order to be required by a state to collect and remit sales tax. We will provide further updates as more information becomes available.
IRS Exempt Status Revocation Issue
Is Your Organization Showing Exempt and Non-Exempt on the IRS Website? If you use a certain method for searching for your organization on the IRS website, you may see conflicting information regarding your exempt status.
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.
