North Carolina IRC Conformity Date Update & Technical Changes

The IRC conformity update includes any provisions enacted as of January 1, 2017 that became effective either before of after that date. For corporate tax purposes, federal corrections that must be reported to the North Carolina Secretary of Revenue have been broadened to include federal tax credits that affect the amount of North Carolina [...]

By | 2017-07-06T14:01:52+00:00 June 29th, 2017|Articles|0 Comments

Think Taxes if You Rent Your Vacation Home

Your home will be considered investment property if you limit your personal use of the home to no more than 14 days a year or, if greater, 10% of the total number of days it is rented out. The tax result: Expenses associated with renting the property, such as utilities and maintenance, generally will [...]

By | 2017-06-29T13:07:08+00:00 June 29th, 2017|Articles|0 Comments

Patient-Centered Outcomes Research Trust Fund Fee

The Patient-Centered Outcomes Research Institute was established under the Affordable Care Act and is funded by fees on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans.  These fees are often referred to as PCORI Fees. The PCORI Fee applies to specified health insurance policies and applicable self-insured health [...]

North Carolina Escheats

North Carolina's unclaimed property law requires all companies and institutions operating in the State to examine their books and other accounting records by a specific deadline to determine whether they are in possession of dormant unclaimed property.  All abandoned properties have a dormant period before they are deemed to be “escheatable” and subject to [...]

By | 2017-05-30T11:40:49+00:00 May 30th, 2017|Articles|0 Comments

Traveling for Business and Pleasure — What’s Deductible?

Business owners who travel out of town on business sometimes like to extend their trips and take a little time to relax and see the sights. When a trip is partly for business and partly for pleasure, various expenses may still be deductible. Domestic Travel A self-employed individual whose trip is primarily for business [...]

By | 2017-05-30T11:39:27+00:00 May 30th, 2017|Articles|0 Comments

Time for a Midyear Tax Checkup?

Tax planning is not just a year-end event.  Changes that effect your tax situation happen throughout the year.  In the midst of your summer fun, taking time for a midyear tax checkup could yield rewards long after your vacation photos are buried deep in your Facebook feed. For example, if you experience any of [...]

By | 2017-05-30T11:39:18+00:00 May 30th, 2017|Articles|0 Comments

Who Knows about Your Nonprofit? Social Media and Internet Sites are Watching!

A public charity status brings with it many benefits for your nonprofit. However, you may not realize that your public charity status allows your nonprofit’s information to be available to the public.  Many donors are researching nonprofits before donating to ensure their investment will have the greatest impact. Many social media and internet sites [...]

By | 2017-05-05T14:35:59+00:00 March 10th, 2017|Articles, Not For Profit|0 Comments

Payroll Risks for Nonprofits

Payroll costs, including salaries, benefits, and taxes are often the largest expense incurred by nonprofits. Yet many nonprofits do not see payroll as high risk for fraud, non-compliance, or errors.  Here are a few areas you need to think about as you evaluate your payroll processes and review your payroll.  Personnel files must include [...]

By | 2017-03-17T07:55:06+00:00 March 10th, 2017|Articles, Not For Profit|0 Comments

Role of Board Treasurer in a Nonprofit

The expectations and underrated role of a board treasurer for a nonprofit organization vary widely. The treasurer of a nonprofit is usually appointed by the members of that organization’s board, and the position requires financial expertise as well as dedication, time and patience. The duties of the treasurer normally are spelled out in the [...]

By | 2017-03-10T13:46:23+00:00 March 10th, 2017|Articles, Not For Profit|0 Comments

What’s Taxable to an S Corporation Shareholder?

S corporation shareholders have extra reason to worry about their company’s annual performance: It has a direct impact on their own income taxes. How It Works Unlike a regular C corporation, an S corporation usually doesn’t pay federal income taxes itself. Instead, each shareholder is allocated a portion of the corporate income, loss, deductions, [...]

By | 2017-03-31T11:05:55+00:00 March 9th, 2017|Articles, Business Taxation|0 Comments