New Ruling on Deductibility of PPP Loan Related Expenses

by | Nov 20, 2020 | Blog

With Revenue Ruling 2020-27 issued earlier this week, the Department of the Treasury provided further guidance on possible forgiveness of PPP loans issued earlier this year. This ruling states that if a taxpayer pays approved expenses covered by the PPP loan over the...

Payroll Tax Deferral Option

by | Sep 1, 2020 | Blog

On August 8, 2020, President Trump issued a presidential memorandum, authorizing employers to defer collecting and paying the employee portion of federal payroll taxes (only the 6.2% for Social Security) from September 1, 2020 until December 31, 2020.  On Friday,...

C.A.R.E.S. Act and Retirement Plans

by | Aug 17, 2020 | Blog

Employees may want to know whether they can receive distributions or loans from their §401(k) plan to confront financial challenges resulting from the COVID-19 virus. The CARES Act includes several provisions affecting §401(k) distributions and loans potentially...

Depreciation Recapture

by | Aug 17, 2020 | Blog

Our firm often deals with the proper treatment of certain dispositions of property on which businesses claimed depreciation deductions. Under the depreciation recapture rules, when a taxpayer disposes of property for which depreciation deductions were claimed, some or...

Limitations on Pass-Through Losses from S-Corporations

by | Aug 17, 2020 | Blog

An S corporation’s tax items generally pass through to shareholders on a pro rata basis and are reportable by S corporation shareholders in the shareholder’s taxable year in which the S corporation’s year ends. These items are subject to the various...

The New Math of Municipal Bonds

by | Oct 7, 2019 | Blog

Stock market volatility has some investors thinking about putting some money into bonds, which historically have offered relatively stable prices. One key decision facing bond market investors is whether to choose regular, taxable bonds or tax- exempt municipal bonds....

New Rules for Business Travel Deductions

by | Oct 7, 2019 | Blog

Business travel is still tax-deductible, under the Tax Cuts and Jobs Act of 2017 (TCJA), but there is a major difference now. Relatively few individuals will be able to claim such deductions; for the most part, deductions can be taken only at the company level. How is...

Home Builder Property Tax Exclusion

by | Oct 7, 2019 | Blog

North Carolina Governor Cooper recently signed into law a bill which should help homebuilders with some of their property tax burden. House Bill 492, known as the Simplify Builder Inventory Exclusion, will eliminate the need for a builder to file annually in order to...

Making stock sales less taxing

by | Jul 2, 2019 | Blog

Patient investors generally have prospered over the long term. Nevertheless, there are many reasons for selling stocks. Knowing the basics can help improve your tax position. Selling shares held in a taxable account will trigger taxable capital gains or losses, unless...