News & Blog


12

Feb 2019

Physical Presence No Longer the Key to Taxing by States

Business owners beware – You do not have to be in a state physically to be taxed by that state, so says the United States Supreme Court.   Overturning a prior decision that required businesses to have a physical presence in a state before the state could tax that business, in South Dakota v. Wayfair (“Wayfair”) the Court ruled states could tax internet commerce where the…

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27

Sep 2018

The Queen of Soul’s Estate Could Be Royal Mess

In her passing, Aretha Franklin joined a list of notable famous people who died without a will. Other famous members of this select group include Jimi Hendrix, Bob Marley, Sonny Bono, Stieg Larson (author of The Girl With the Dragon Tattoo), Pablo Picasso, DJ AM, Michael Jackson, James Brown, and Thomas Kinkade. In each of these cases the administration of the estate dragged on for…

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12

Sep 2018

Tips for Avoiding Problems When Mailing Tax Documents & Payments

With the extended filing deadlines quickly approaching for those who timely filed requests for extensions (September 17, 2018 for entities and October 15, 2018 for individuals), the North Carolina Department of Revenue (NCDOR) just released Directive TA-18-1 regarding the timely mailing of returns, documents, and payments. Though the directive contains no new information, it serves as an important reminder of the availability as well as…

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17

Aug 2018

Now Is The Time To Reorganize Your Business

The Tax Cut and Jobs Act of 2017 provides a 20 percent deduction to non-corporate taxpayers of up to 20 percent of the their qualified business income (QBI) from each of the their qualified trades or businesses. Aside from thresholds and phase outs, there are two conditions a taxpayer must meet. First, the taxpayer must be a “non-corporate taxpayer,” which in simple terms means C-corporations…

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