The IRS recently implemented an online function for taxpayers to access their tax information for free. The information within the new system is similar to the old method of calling in and requesting transcripts, but with immediate results. Taxpayers can review balances due to the IRS, see a history of activity including payments made, view […]
Continue Reading →Posted in: Blog
Leave a Comment (0) →The IRS issued highly anticipated proposed regulations on Wednesday, August 8th regarding the new 20-percent Section 199A deduction created by the 2017 Tax Cuts and Jobs Act. Also known as the pass-through or qualified business income deduction, the Section 199A deduction allows business owners to deduct up to 20-percent of qualified business income (QBI) from […]
Continue Reading →Posted in: Blog
Leave a Comment (0) →The North Carolina Department of Revenue recently issued a new directive regarding economic nexus and the collection of sales tax. The DOR’s directive stated that effective November 1, 2018, businesses making annual sales in excess of $100,000 or 200 transactions originating in the state of North Carolina will be required to collect sales tax regardless […]
Continue Reading →Posted in: Blog
Leave a Comment (0) →Last week, the U.S. Supreme Court overturned a 1992 Supreme Court ruling (Quill v North Dakota) which held that businesses were not required to collect sales taxes unless they have a substantial connection to the state such as a physical presence in that state. This will potentially have significant impact on our clients who have […]
Continue Reading →Posted in: Blog
Leave a Comment (0) →The good news is that the TCJA of 2017 lowered C-corporation tax rates from a graduated schedule that reached 35% to a 21% flat rate. The bad news? Many business expenses are no longer tax deductible. That list includes all outlays that might be considered entertainment or recreation. As of 2018, tickets to sports events […]
Continue Reading →Posted in: Blog
Leave a Comment (0) →The pros and cons of Roth IRAs, which were introduced 20 years ago, are well understood. All money flowing into Roth IRAs is after-tax, so there is no upfront tax benefit. As a tradeoff, all qualified Roth IRA distributions can be tax-free, including the parts of the distributions that are payouts of investment earnings. To […]
Continue Reading →Posted in: Blog
Leave a Comment (0) →When couples divorce, financial negotiations often involve alimony. The tax rules regarding alimony were dramatically changed by the Tax Cuts and Jobs Act (TCJA) of 2017, but existing agreements have been grandfathered. In addition, the old rules remain in effect for divorce and separation agreements executed during 2018. Next year, the rules will change, and […]
Continue Reading →Posted in: Blog
Leave a Comment (0) →We have posted links below to the recorded tax reform webinar held on February 19th and the associated power point slides. Please feel free to contact Kristen Hoyle if you have any questions about the material presented. TJT Webinar Series – Tax Reform for Non-Profits – Slides
Continue Reading →Posted in: Blog
Leave a Comment (0) →Please use the link below to download a PDF file containing reference slides from today’s presentation. 2017 Tax Reform Presentation with BBT Authored by Chris Judy, Jim Tiller, and Caroline Abbott.
Continue Reading →Posted in: Blog
Leave a Comment (0) →Please use the link below to download a PDF file containing reference slides from today’s presentation. 2017 Tax Reform Authored by Chris Judy and William Ritter.
Continue Reading →Posted in: Blog
Leave a Comment (0) →