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by john.broadfoot@tjtpa.com | Jul 1, 2016 | Blog
As 2016 began, people were lining up to buy tickets for the Powerball lottery, which eventually reached a total prize of $1.58 billion. Many states have lotteries, and countless participants win prizes, albeit usually much smaller than the Powerball jackpot. Are such...
by john.broadfoot@tjtpa.com | Jun 15, 2016 | Blog
This article was written by TJT senior manager Diane J. Dennis, CPA and originally appeared in the AICPA’s CGMA Magazine. Most CEOs and CFOs do not have such a high level of trust across the table that they can close a deal after a brief conversation and a...
by john.broadfoot@tjtpa.com | Jun 14, 2016 | Blog
The North Carolina General Assembly recently passed Session Law 2016-6 which stated that the North Carolina corporate and individual income tax laws generally follow the federal PATH Act of 2015. However, the NC law “decouples” from the federal tax law in several...
by john.broadfoot@tjtpa.com | Jun 12, 2016 | Blog
The recently-signed Protecting Americans from Tax Hikes Act of 2015 reinstates some expired tax benefits retroactively and makes them permanent. On the list is the 100% tax exclusion of the gain from sales of qualified small business stock (QSBS). Example 1: Nick...
by john.broadfoot@tjtpa.com | May 5, 2016 | Blog
The tax code includes Section 179, which permits first-year deduction (expensing) of amounts spent for business equipment. This provision formerly allowed annual deductions up to $25,000. After $200,000 of equipment outlays, the allowance phased out,...
by john.broadfoot@tjtpa.com | May 4, 2016 | Blog
Many people save for retirement by putting pretax dollars into an employer sponsored retirement plan, such as a 401(k). Those dollars may be rolled into an IRA, perhaps at retirement or after a change in jobs. An IRA rollover can maintain the tax deferral. Ultimately,...
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