Are You Ready for the Corporate Transparency Act?
Executive Summary A new federal law will require small business entities to submit their beneficial owners’ identification documents to a federal database in 2024. Aimed at combatting global financial crime,…
New Bill Pending in Congress Could Improve the R&D Credit and Make Other Tax Code Changes
Businesses are able to take advantage of numerous tax credits that incentivize certain activities. The research and development (R&D) credit, for example, allows companies to claim a tax credit for…
Proposed Small Business Jobs Act Offers Incentives for Investments in Businesses, Opportunity Zones
On June 13, 2023, the Ways and Means Committee of the U.S. House of Representatives voted favorably on H.R.3937, the Small Business Jobs Act (SBJA). Supporters say the bill would…
Avoid These 8 Common Accounting Mistakes for Small Businesses
Running a small business presents many challenges, which can draw one’s attention in multiple directions at once. Keeping track of a company’s finances is essential to its long-term success and…
IRS Unveils 2023 Dirty Dozen
Every year, the IRS compiles a list of 12 tax scams that could target or affect taxpayers, known as the “Dirty Dozen” list. It advises tax professionals and taxpayers, both…
HSAs – The Tax Planning Tool for Your Future
Health savings accounts (HSAs) are an often overlooked tax planning tool that can not only save you taxes now but can also be used for wealth-building and retirement planning. If…
IRS Reminds Retirees: April 1 is last day to start taking money out of IRAs and 401(k)
The IRS has released a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income…
Tax Filing Tips for 2022
Filing deadlines for the 2022 tax year are fast approaching. Several changes have occurred in the Internal Revenue Code (IRC) and IRS procedures that could affect many partnerships and other…
5 Items to Consider Before Making Your Next State and Local Tax Payment
In many cases, businesses simply pay state and local income taxes without giving them much thought. These taxes are often far less than federal tax obligations, so they are not…
Tax Time Guide: Using electronic payment and agreement options for taxpayers who owe can help avoid penalties and interest
The IRS has released a series called the Tax Time Guide, a resource to help taxpayers file an accurate tax return. Additional help is available in Publication 17, Your Federal Income…
What are the Rules for Filing a Tax Return Extension?
You may generally request an additional 6 month extension to file your personal or business tax return. Filing this extension allows more time to gather all the required information to…
North Carolina Withholding from Nonresident Contractors and ITIN Holder
As a new year begins, we want to remind those doing business in North Carolina of a commonly overlooked withholding requirement. General Requirements: Businesses are required to withhold North Carolina…