North Carolina IRC Conformity Update: What Taxpayers Should Know Now
Executive Summary Until the General Assembly updates North Carolina’s conformity statute, taxpayers should anticipate additional adjustments, added compliance complexity, and potential filing delays. Proactive planning now can help you avoid…
Guidance for Employers on 2025 Tip and Overtime Income
Under the OBBBA (One Big Beautiful Bill Act) of 2025, employees can now get a deduction for some of their tips and overtime for the years 2025 to 2028. While…
2025 Year-End Tax Planning
Tuesday, November 4 | 2 – 3 PM Presented by R. Milton Howell III, CPA, CSEP and Rollin Groseclose, CPA, CGMA
Prepare Now: IRS to Require Electronic Refunds Starting September 30, 2025
Update: On September 25, 2025, Denise Davis, Director of the IRS Taxpayer Services Division, provided additional details regarding the IRS’ transition to electronic payments for tax year 2025 filings. Key…
IRS Clarifies 2024 R&D Expensing Rules for Businesses
The 2025 Tax Act, commonly known as the One Big Beautiful Bill (OBBB), reinstated expensing of research and experimentation or development (R&D) costs. For the last three years, all taxpayers…
Public Markets and Private Values
Key Takeaways Public market trends shape private valuations — not directly, but by influencing perceived risk, buyer behavior, and discount rates. Economic uncertainty drives caution — investors, lenders, and buyers…
IRS Extends Tax Deadlines for North Carolina Storm Victims: What You Need to Know
The IRS has extended federal tax filing and payment deadlines to September 25, 2025, for taxpayers in FEMA-designated disaster areas. Specifically, this relief is granted due to the lingering effects…
How to Choose Between Standard Mileage and Actual Expenses for Tax Deduction Purposes
As a small business owner, handling your own business taxes probably isn’t your favorite pastime. Still, when it comes time to prepare your tax return, you’ll want to take advantage…
The Latest Developments in Treasury Department Beneficial Ownership Information (BOI) Reporting
The Treasury Department’s approach to Beneficial Ownership Information (BOI) has seen significant updates recently, including new guidance. Beneficial Ownership Information (BOI) refers to the details about the individuals who ultimately…
Hurricane Helene Tax Relief
In September 2024, Hurricane Helene brought unimaginable destruction to our neighbors, friends, and clients in western North Carolina, South Carolina, and eastern Tennessee. In the past month alone, our state…
Qualified Charitable Distributions – A Powerful Tool for Those Who Qualify
In today’s world of higher standard deductions and fewer itemized deductions, the Qualified Charitable Distribution (“QCD”) is a powerful tool that should be considered. For eligible taxpayers who have charitable…
Tax Reporting: 1099 Forms and Their Significance in Recording Financial Transactions
There are several types of 1099 forms, such as 1099-NEC (Nonemployee Compensation payments to independent contractors) and 1099-Misc (Miscellaneous Income payments), used for reporting transactions that occurred during the previous…