Payroll Tax Deferral Option

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

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

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

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

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

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

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

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...

Handling qualified charitable distributions

After the initial rush of filing for 2018 returns, many people will learn that they’re no longer itemizing deductions. The TCJA placed limits on some deductions and increased the standard deduction significantly, so most taxpayers are taking the standard deduction,...