NC HB 1105 – The Coronavirus Relief Act 3.0

September 15, 2020 The $2 trillion CARES Act signed into law on March 27, 2020, provided North Carolina with $3.59 billion to be spent by December 30, 2020. With $903 million of these…

Updated: IRS Issues Guidance on Deferral of Employee Tax Withholding

Updated: September 8, 2020Original Post: August 31, 2020 Please note: This article has been updated due to clarity being released by the IRS. The update is identified by this text color. In response to…

Treasury Updates Which Costs Qualify For Loan Forgiveness

August 25, 2020 On August 24, 2020, the Treasury released an interim final rule addressing certain considerations in determining forgiveness of a Paycheck Protection Program (PPP) loan. This rule, issued in a question…

COVID-19 And The Asheville Metro Housing Market

August 21, 2020 Recent anecdotal information indicates that the COVID-19 pandemic is leading people in large urban areas to consider moving to smaller, less dense, communities. Residential home sales data should offer clues…

HEALS Act: Highlights of Stimulus Proposal

July 29, 2020 On July 28, 2020, the Senate passed the Health, Economic Assistance, Liability Protection, and Schools Act (“HEALS Act”). In a way, this is the Senate’s counter to the House of…

Madison and Chatham Counties: Increase Sales & Use Tax

July 24, 2020 Effective October 1, 2020, the local sales and use tax rate for Madison County and Chatham County will increase from 2.0% to 2.5%, taking the combined NC state and local…

NC Decouples From Several CARES Act Tax Laws

July 23, 2020 North Carolina Governor Roy Cooper recently signed into law H.B. 1080 (Session Law 2020-58), a measure widely-supported in the Legislature and designed to stabilize the State’s coffers due to COVID-19’s…

New NC Law Provides Liability Safe Harbor

July 15, 2020 North Carolina Governor Roy Cooper signed into law House Bill 118 Liability Safe Harbor on July 2, 2020. The new law creates a limited legal liability for claims arising from…

Asheville Metro May 2020 Employment Figures

July 10, 2020 Employment figures for May 2020 show the Asheville metro (Buncombe, Henderson, Haywood, and Madison counties) has begun to gain back some of the jobs lost in April. According to a…

PPP Extension Act extension & PPP Loan Recipients

July 8, 2020 Payroll Protection Program Extension Act The Payroll Protection Program (PPP) Extension Act was approved by Congress and subsequently signed into law by President Trump on June 5, 2020. Now, the…

IRS Provides Further Guidance on RMDs

June 29, 2020 The IRS recently issued Notice 2020-51 providing guidance to the CARES Act required minimum distribution (RMD) waiver. Refer to JPS article posted on April 10, 2020, to learn more about…

Revised Loan Forgiveness Application, New EZ Application & More SBA Guidance

June 23, 2020 Last week, the SBA released a revised PPP loan forgiveness application and a new EZ application as well as provided further guidance on employee and owner compensation calculations in the…

Updated: Senate Passes Paycheck Protection Program Flexibility Act

Updated June 11, 2020Original Post- June 4, 2020 Please note: This update reflects recent guidance and clarity by the SBA and Treasury. Updates are identified by this text color.  In a unanimous voice…

How Has The Pandemic Impacted UNemployment In The Asheville Metro?

June 4, 2020 In a previous JPS newsletter, we reported on the pandemic’s impact on job losses in the Asheville metro (Buncombe, Henderson, Haywood, and Madison counties). That information was collected from a…

House Passes Bill Amending Paycheck Protection Program

May 29, 2020 May 28, 2020, the House of Representatives near-unanimously (417-1) passed HR 7010, the Paycheck Protection Program Flexibility Act. It is uncertain if the Senate will pass these measures, though there…

How Much Has The Pandemic Impacted Employment in the Asheville Metro?

May 26, 2020 By mid-March 2020 communities in the four-county Asheville metro (Buncombe, Henderson, Haywood, and Madison) began to experience the early impacts of the lockdown implemented to combat the looming coronavirus pandemic.…

PPP Loan Forgiveness Guidance Finally Issued

May 18, 2020 The Paycheck Protection Program (PPP) was launched with the Coronavirus Aid, Relief and Economic Security (CARES) Act, which was enacted into law on March 27, 2020. The second round of…

Worried About Whether To Repay PPP Loan Under “Good-Faith Certification”?

May 14, 2020 When submitting a PPP loan application, all borrowers were required to certify in good faith “current economic uncertainty makes this loan request necessary to support the ongoing operation of the…

Are Expenses Paid With PPP Loan Funds Deductible?

May 4, 2020 Asking if ‘expenses paid with PPP loan funds are deductible?’ may seem like a silly question since expenses paid by businesses are generally deductible. The issue surfaced in the CPA…

NC Governor Signs Additional COVID Relief & Guidance Package

May 4, 2020 This morning NC Governor Cooper signed into law the COVID-19 crisis funding bill unanimously passed by the North Carolina General Assembly on Saturday, May 2, 2020. The roughly $1.5 billion…

How does Loan Forgiveness Work in a PPP Loan?

April 28, 2020 On March 27, 2020, President Trump signed into law the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Of the $2.2 trillion in stimulus,…

Employers Can Defer Payroll Taxes UNTIL PPP Loan is Forgiven

April 27, 2020 Under the CARES Act, employers of all sizes can defer the remittance of the employer’s Social Security tax due between March 27 and December 31, 2020. Instead of remitting this…

Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act)

April 27, 2020 Congress passed the Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act) last week, and on Friday President Trump signed the fourth COVID-related legislative act into law.…

Senate Approves Additional Small Business and Healthcare Funding

April 22, 2020 Late in the afternoon on Tuesday, April 21, the Senate approved, by unanimous consent, the Paycheck Protection Program and Health Care Enhancement Act (the Act). The legislation totals $484 billion…

How Do Payroll Tax Credits For COVID-19 Payments Work?

April 17, 2020 Payroll tax credits available for paid sick and family medical leave associated with the coronavirus pandemic have been addressed in a previous JPS article. Since then, the Department of Labor…

CARES Act: Relief for Hospitals, Physician Practices & Other Providers

April 14, 2020 The CARES Act includes relief to physician practices who are suffering financial loss due to COVID-19 by designating funding for the Department of Health and Human Services (HHS) Public Health…

CARES Act: Rebates To Individuals

Updated April 15, 2020 Please note: Due to rapidly occurring changes as well as continual issuances of guidance and clarity being released, JPS is regularly updating pertinent, previously-posted articles, as needed.  Updates are…

Additional Tax Deadlines Postponed

Updated April 14, 2020 Please note: Due to rapidly occurring changes as well as continual issuances of guidance and clarity being released, JPS is regularly updating pertinent, previously-posted articles, as needed.  Updates are…

CARES Act: Individual Taxpayer Highlights

April 10, 2020   There are many pages in the CARES Act written about individual taxpayer provisions. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) was signed into law by President…

CARES Act: Business Tax Highlights

April 9, 2020 There are many pages in the CARES Act written about business tax provisions. The Coronavirus Aid, Relief and Economic Security Act (CARES Act or the Act) was signed into law…

Excise Tax Relief For Beer, Wine, Spirits & More

April 7, 2020 Federal Excise TaxThe Treasury Department has announced that it has delayed for 90 days excise tax payment and reporting due dates for wine, beer, distilled spirits, tobacco products, firearms, and…

Payroll and Self-employment Tax Relief in the Wake of COVID-19

April 1, 2020 Recent legislation has provided several forms of payroll tax relief for the self-employed, businesses, and nonprofits due to the impact of the coronavirus. Two key pieces of legislation providing this…

North Carolina Expands Penalty Relief

March 31, 2020 In a notice released by the North Carolina Department of Revenue (Department) on March 31, 2020, penalty relief was significantly broadened due to the impact of the coronavirus. The Department…

CARES Act: Understanding Available SBA Loans

March 31, 2020 The Small Business Act has provided loans to American small businesses for decades. Now, the CARES Act has created a new loan program called the Paycheck Protection Program (PPP) which…

CARES Act – Unemployment Compensation Benefits

March 30, 2020 The CARES Act (the Act) provides expanded unemployment compensation benefits as relief to qualifying taxpayers affected by the coronavirus (COVID-19). On March 27, 2020, President Trump signed the Coronavirus Aid,…

CARES Act: Small Business Loans

March 29, 2020 Friday afternoon, March 27, 2020, President Trump signed H.R. 748, “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act or the Act) following a voice-vote by the US House…

Senate Approved $2 Trillion Bill ~ Highlights

March 26, 2020 In a historic vote, the US Senate has approved the largest U.S. stimulus package in our history. The bill will provide aid for devastating economic effects caused by the coronavirus…

Tax Credits for COVID-19 Related Benefits Paid To Employees

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (FFCRA) into law. The Act provides paid emergency sick leave and expanded family and medical leave benefits for employees for…

Cybersecurity: Coronavirus Isn’t The Only Virus Threatening Businesses

March 23, 2020 Coronavirus has quickly created telecommuting as a new normal for businesses; yet are employees & these organizations aware of how to reduce risks to cybersecurity viruses?  Many small businesses do…

Tax Deadline Update: Fed & NC

March 20, 2020 Today Treasury Secretary Mnuchin announced the tax filing deadline of April 15 will be moved to July 15, 2020. Payments due on April 15 were previously moved to July 15,…

Preserving Cash Flow in the Face of Coronavirus

March 20,2020 As we all continue to process and address the effects of the coronavirus, it’s clear that there has been and will continue to be a widespread and significant financial impact. It…

IRS Formal Announcement: Modifications, Additions, Confirmations

March 19, 2020 Late on March 18, the IRS released Notice 2020-17 containing details about the income tax payment extension previously announced by Treasury Secretary Mnuchin. The Notice clarifies and expands the scope…

JPS Update: IRS 2019 Payment Extension Due to Coronavirus

March 18, 2020 In response to questions and additional information JPS has received, we’re providing this updated information to  yesterday’s blog  regarding the IRS’s extension of payments due April 15, 2020.  The payment…

IRS Grants Automatic Extension For Certain Tax Payments

March17,2020 Individual and certain corporate tax returns are due April 15. In the past, even if an extension was obtained, any projected tax owed had to be paid at that time or late…

Is Working at Home More Likely in Asheville Metro?

According to the US Census Bureau, as of 2018 an estimated 4.9 percent of all workers age 16 and older worked at home. The percentage of home-based workers has been gradually increasing nationally,…

The SECURE Act: more tax changes

The “Setting Every Community Up for Retirement Enhancement” Act (referred to as the SECURE Act), passed in the Senate on December 19, 2019 as part of the Further Consolidated Appropriations Act, 2020 (H.R.…

Is Wayfair’s Impact Expanding?

There are some interesting developments taking place as a result of the 2018 Supreme Court Wayfair ruling. These developments involve states extending the Wayfair sales tax decision to the state income tax arena.…

Are Small Businesses Growing or Disappearing in Asheville Metro?

The four-county Asheville metro economy (Buncombe, Haywood, Henderson and Madison) is dominated by small businesses. According to the North Carolina Department of Commerce, of the 14,323 total Asheville metro business establishments in 2019,…

Business Listing Form Deadline With Buncombe County Tax Assessment

Businesses in Buncombe County are required to file a Business Listing Form between January 1st – January 31st each year to the Buncombe County Tax Assessment office.  A 2018 audit conducted by Buncombe…

Does Your W-2 Need These Items?

Each year-end, companies have to consider various employee benefits that must be reported on employee W-2s. Payroll service providers typically have the majority of the information needed, but there are a few items…

New North Carolina Tax Law Changes

The North Carolina General Assembly recently passed Senate Bill 557, Various Finance Law Changes, and the Governor signed it into law on November 8, 2019. The bill includes several changes affecting NC taxes,…

FASB Delays Effective Date of the New Lease Accounting Standard

On October 16, 2019, the Financial Accounting Standards Board voted to formally delay the effective dates of its new lease accounting standard for privately held companies, not-for-profits and small public companies to give…

Do Exports Play a Significant Role in Asheville Metro’s Economy?

Johnson Price Sprinkle PA (JPS) accounting firm was curious about the significance of exports in the Asheville metropolitan area. Is the four-county Asheville metro (Buncombe, Haywood, Henderson and Madison) a global exporter? Do…

How Strong & Stable Is The Asheville Metro Economy?

The four-county Asheville metro (Buncombe, Haywood, Henderson and Madison counties) is currently experiencing a multi-year employment expansion. Beginning in August 2010, the metro has added employment in every month, as compared to the…

How Strong Is Asheville Metro’s Population Growth?

According to recent data from the U.S. Census Bureau, the four-county Asheville metro (Buncombe, Haywood, Henderson, and Madison) is continuing to add new residents to its population. This shouldn’t come as much of…

Do Rentals Qualify For The New 20% Business Deduction?

The Treasury Department and the IRS just released some more guidance on the new Section 199A qualified business income (20%) deduction. A new option was introduced that provides a safe harbor for real…

Asheville Metro – are wages growing?

The four-county Asheville metro (Buncombe, Haywood, Henderson, and Madison) is currently into its eighth consecutive year of employment growth. While strong employment growth is an outstanding achievement, a closely-related concern is whether wages…

Business Meals & Entertainment

Business meals and entertainment – are they still deductible? Yes and no. The Tax Cuts and Jobs Act (TCJA), which generally kicked in starting with 2018, made significant changes to the deductibility of…

It’s tax time ~ what’s currently going on with tax filing?

It’s tax time; well, not quite yet. There are significant actions yet to happen before 2019’s tax filing season can get underway. So, what’s going on? In late 2017, the Tax Cuts and…

Happy Thanksgiving from all of us at JPS

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How Low Is Asheville Metro’s Unemployment Rate?

The unemployment rate is a common indicator of economic health. In simple terms, the unemployment rate is the percent of people in the labor force who are seeking a job but are currently…

The Supreme Court’s Decision on Wayfair: Will It Affect Your Business?

The news headlines have been filled with references to the Supreme Court’s recent ruling on the South Dakota v. Wayfair case. On June 21, the Court ruled in favor of South Dakota and…

New Business Creation Trends In Asheville Metro

Johnson Price Sprinkle PA accounting firm recognizes that starting a new business is typically acknowledged as a positive sign in the economy. Business creation trends can be good indicators of entrepreneurial optimism and…

A Comparison of Asheville Metro’s Current Population Growth

Johnson Price Sprinkle PA accounting firm with offices in Asheville, Boone and Marion, NC, is pleased to provide the U.S. Census Bureau’s recently released 2017 population numbers for all 382 metros in the…

JPS Named One Of 2018 Best Employers In NC

Johnson Price Sprinkle PA (JPS) is honored to be named one of 2018 Best Employers in North Carolina.  Only twenty-seven small to medium sized companies (15-249 U.S. employees) were chosen based on workplace policies, practices, philosophy,…

IRS Clarifies Home Equity Interest Deduction

February 22, 2018 An Information Release announced yesterday from the IRS provided clarification about a recent law change affecting the deductibility of interest on home equity debt. The Tax Cuts and Jobs Act…

Employers Beware: Companies Experiencing Employee Paycheck Phishing Scams

‘Employers beware: Companies are experiencing a wave of phishing scams that target employee paychecks. Here is the scenario: An employee receives from a company email account e-mail that mimics a familiar and trusted…

Tax Season: Compiling Receipts And Tax Documents

January 16, 2018 As tax season approaches, the rush to compile needed receipts and tax documents can be overwhelming. Taking extra time to organize these documents upfront can save you the trouble of…

Last-Minute Tax Moves

December 28, 2017 In addition to the usual things that can be done by year-end to reduce income tax obligations (e.g. making additional charitable contributions), last week’s Federal tax legislation provides a couple…

Congress Passes New Tax Law Legislation: Business Provisions

December 22, 2017 On December 20, Congress passed the Tax Cuts and Jobs Act, and President Trump signed it into law on December 22. The bill represents the most significant Federal new tax…

Congress Passes Federal Tax Legislation: Individual Provisions

December 22, 2017 On December 20, Congress passed the Tax Cuts and Jobs Act, and President Trump signed it into law on December 22. The bill represents the most significant Federal tax law…

Individual Year-End Tax Planning

December 2017 Johnson Price Sprinkle PA (JPS) accounting firm realizes every year there are subtle changes to our personal lives or to the tax laws that make year-end tax planning a challenge. If…

Where Are We In The Tax Reform Process?

Johnson Price Sprinkle PA (JPS) accounting firm provides a quick update on where we are in the tax reform process. JPS is a sixty-year-old firm serving small to middle market businesses with tax,…

Where Do We Stand On Tax Reform?

November 22, 2017 There has been a lot of activity on tax reform in the past few weeks.  Johnson Price Sprinkle PA, an accounting firm with offices in Asheville, Boone and Marion, NC,…

JPS Summary of Significant Provisions in the New Tax Bill

The much-anticipated tax reform bill was released November 2, 2017 by the House Committee on Ways and Means. The Bill is 429 pages long and referred to as H.R. 1 Tax Cuts and…

Deductions For Charitable Contributions

Throughout the year almost everyone makes some form of charitable donations, whether it is a donation of clothing to Goodwill or a cash donation to an organization. One of the several benefits in…

2018 Expectations for Gift & Estate Tax Exclusions

Gift and Estate Tax Exclusions are Expected to Increase for 2018 Each year a number of tax figures are adjusted for inflation based on the average Consumer Price Index (CPI) for the 12-month…

What To Do Regarding The Equifax Hack

Has your personal information been impacted by the Equifax data breach on September 7, 2017? It is estimated that 143 million U.S. consumers have been potentially affected by this cyber security incident.  According to…

JPS Kellie Kanipe Earns Certified Fraud Examiner (CFE) Credential

Johnson Price Sprinkle PA (JPS) accounting firm is pleased to announce Kellie C. Kanipe has become a Certified Fraud Examiner (CFE).  Kellie passed the Association of Certified Fraud Examiners (ACFE) rigorous exam and…

JPS Update: Tax Provisions in NC’s Budget Bill

  Johnson Price Sprinkle PA (JPS), an accounting firm providing small to middle market businesses with tax, business consulting, and audit services, provides an update on tax provisions in North Carolina’s current budget bill. …

JPS Rollin Groseclose & Scott Hughes Recognized At NCACPA Annual Business & Award Dinner

Johnson Price Sprinkle PA Shareholders Rollin Groseclose and Scott Hughes were recognized at NCACPA Annual Business Meeting & Award Dinner held May 4, 2017 at the Grandover Resort & Conference Center, Greensboro, NC. JPS Scott Hughes Receives 5.0…

JPS Offers Five Business Operation Tips For Healthcare Practices

Johnson Price Sprinkle PA (JPS) offers five business operation tips for healthcare practices. JPS is a CPA firm based in Western North Carolina serving small to middle market businesses, with a specialty in…

JPS Provides Guidance With Healthcare Reform – The Next Phase

Qualified Small Employer Health Reimbursement Arrangements In December, JPS provided guidance to small employers on the ability to offer a qualified small employer health reimbursement arrangement (QSEHRA). To refresh, this a new arrangement…

JPS Provides Medical Practice Insurance Tips

Johnson Price Sprinkle PA (JPS) realizes the importance of healthcare practice insurance and provides tips beyond medical malpractice coverage. JPS is a CPA firm based in Western North Carolina serving small to middle…

JPS Offers Prescription For An Ailing Practice

Johnson Price Sprinkle PA’s (JPS) prescription for an ailing practice recognizes there are many reasons, e.g. managed care, Medicare and Medicaid reimbursements, and the Affordable Care Act (ACA), which present challenges for a…

JPS 2016 Year-End Business Tax Review

Every year we face an array of changes to the tax code. Since 2016 was an election year we can expect changes as we begin transitioning into 2017. Following are some highlights from…

Health Insurance Premium Reimbursements – Relief For Small Employers

Johnson Price Sprinkle PA (JPS) identifies health insurance premium reimbursements which may allow relief for small employers. On December 6, 2016, the Senate followed the House of Representatives and passed the 21st Century Cures…

NC Sales Tax Rules Summary: Repair, Maintenance & Installation (RMI) Services & Real Property Contracts

NC Sales Tax Rules Summary: Repair, Maintenance & Installation (RMI) Services and Real Property Contracts as reported by Johnson Price Sprinkle (JPS), a CPA business accounting firm with offices in Asheville, Boone and Marion,…

JPS Healthcare Practice: 8 Business Insurance Policies Every Physician Should Consider

Johnson Price Sprinkle PA (JPS) identifies 8 business insurance policies every physician should consider. JPS recognizes physician practices face not only clinical and financial risks, but also business ones. Fortunately, insurance can mitigate…

Tennessee Department of Revenue Sales & Use Tax Economic Nexus Standard

The Tennessee Department of Revenue held a public hearing on Proposed Rule 1320-05-01-.129 on August 8, 2016 that would establish a sales and use tax economic nexus standard in the state beginning 90…

JPS Hosts Healthcare Practice Medicaid Meeting

Recognizing common challenges to payment amongst pediatric healthcare practice clients, JPS recently hosted a meeting to educate elected officials on eligibility and billing issues that have been encountered in working with the North…

Healthcare Practice: Revenue Cycle Annual Checkup

Do you give your healthcare practice revenue cycle an annual checkup? The financial side of the practice appears to be running smoothly. Claims are submitted and paid. Expenses are being paid on time,…

Are You Prepared For New Overtime Regulations?

Johnson Price Sprinkle PA (JPS) wants to know if you’re prepared for the new overtime regulations? The U.S. Department of Labor (DOL) announced, on May 18, 2016, the release of its final ruling,…

Do These Key Tax Developments Affect You?

Johnson Price Sprinkle PA (JPS), a leading CPA, tax accounting firm in Western North Carolina with offices in Asheville, Boone and Marion, NC, provides innovative financial solutions created specifically for small to mid-sized, closely-held…

New Lease Reporting Standard: What You Need to Know

The Financial Accounting Standards Board (FASB) has issued an Accounting Standards Update (ASU) intended to improve the clarity of the financial reporting of lease transactions. The new lease reporting standard, issued on February…

Health Care Practice: Ins & Outs of A Winning Billing Process

Claim denials can be a major source of frustration for physicians and their practice managers, and can have a real impact on cash flow and the financial performance of a practice. If office…

NC Moves To Make Additional Changes To Sales Tax Rules

July 15, 2016 On July 1, 2016, as the NC Legislature was winding up its short session, it passed House Bill 1030, Current Operations and Capital Improvements Appropriations Act of 2016, also known…

Will NC Expand Sales Tax AGAIN?

While taxpayers and CPAs are still grappling with NC’s expansion of sales tax in the past year, the NC Legislature is currently considering legislation that would make changes and further expand the scope…

North Carolina Motor Fuel Tax Rate Decreases July 1, 2016

Johnson Price Sprinkle PA (JPS) is a leading accounting firm in Western North Carolina providing innovative financial solutions created specifically for small to mid-sized, closely-held and family-owned businesses. Our dedicated accountants and financial team…

Health Care Practice Payer Contracts: How To Drive A Hard Bargain

Abstract “Practices often allow their payer contracts to renew automatically each year without re-examining the terms. But that can be a bad mistake. This article discusses why it’s important to understand all of…

Did This Happen To You? … NCDOR Extension Denial Letter

Johnson Price Sprinkle PA (JPS) a leading accounting firm in Western North Carolina announces that in the past week, a significant number of taxpayers received letters from the NC Department of Revenue indicating…

Uncle Sam Wants…….Your Help

The IRS issued a news release on February 17, 2016 identifying tax-related identity theft as the number one tax scam plaguing the nation. This scam occurs when someone uses a taxpayer’s stolen Social Security…

JPS Identifies How Long To Keep Tax Records

What Services Will Be Subject to NC Sales Tax Starting March 1?

Effective March 1, 2016, certain repair, maintenance and installation (RMI) services performed on tangible personal property and motor vehicles are subject to sales tax. It is critical for both vendors and consumers of…

Update: Congress Passes Tax Extenders

December 18, 2015 Today, December 18, Congress passed significant legislation extending a host of tax deductions and credits. The Protecting Americans from Tax Hikes (PATH) Act of 2015 now heads to the President,…

Higher Threshold For Expensing Business Assets

December 11, 2015 On November 24, 2015 the IRS announced an increase in an expensing provision available to businesses – from $500 to $2,500. This higher amount represents a threshold below which businesses…

2015 Year-End Tax Planning: Individual & Business

December is here, and yet another year is coming to a close! Taxpayers are asking “What are my options for mitigating taxes for the current year”? It’s time to take a look back…

Small Employers and The ACA

November 11, 2015 While much is being made of the challenges facing large employers under the Affordable Care Act (ACA), small employers are also presented with changes and opportunities that are worth discussion. A…

ACA Reporting

November 3, 2015 Beginning with the 2015 calendar year, several information reporting requirements kick in as part of the Affordable Care Act (ACA). These serve several purposes, the most significant of which is…

Individual Mandate Responsibilities Under ACA

October 26, 2015 We are now in the 2nd year of compliance with the individual mandate under the Affordable Care Act.  The Act requires most individuals, including children, to obtain coverage under a…

Large Employers and the ACA

October 14, 2015 The Affordable Care Act will soon be fully in effect. Implementation of a variety of provisions were delayed along the way, but in 2016 several significant elements kick in. Starting…

Should You Hire An Independent Contractor or An Employee?

October 12, 2015 The classification of workers as employees or independent contractors continues to be a hot topic within the IRS, U.S. Department of Labor (DOL) and state Employment Security Commissions. Whether an employer…

Do You Know Where Your Heirs Are Tonight?

October 6, 2015 Wikipedia says “The estate tax in the United States is a tax imposed on the transfer of the taxable estate of a deceased person, whether such property is transferred via…

Legislative Adjournment Leaves Tax Wake

September 30, 2015 The NC Legislature officially adjourned in the early morning hours of Wednesday, September 30. Several tax laws were enacted and go into effect immediately or in the coming months. Most…

When Will Congress Pass ‘Extenders’ ?

September 21, 2015 With Congress in session, this is the question on tax-savvy Americans’ minds. Many valuable tax breaks aren’t permanent, so Congress has to pass legislation extending them to keep them in…

NC’s Budget Bill Includes Several Tax Provisions

September 23, 2015 NC Governor Pat McCrory signed the new state budget into law on Friday, September 18. The law includes a projected $400 million in income tax cuts, to be offset in…

Tread Carefully When Determining Compensation for S Corp Shareholder-Employees

August 31, 2015 By distributing profits in the form of dividends rather than salary, an S corporation and its owners can avoid payroll taxes on these amounts. Because of the additional 0.9% Medicare…

Business Valuation Discounts Could Soon Be Impacted

August 12, 2015 Internal Revenue Code (IRC) Section 2704 gives the Treasury broad authorization to issue regulations that may disregard certain restrictions in determining value of interests in family businesses. In many cases, operating…

The North Carolina Senate Modifies Proposed Changes to Various Taxes

August 10, 2015 In June we informed you of an amendment made by the North Carolina Senate to House Bill 117, which included several proposed changes to NC taxes. June 16, 2015 Article…

Married with a Large Estate? Why You Still Need a Credit Shelter Trust

July 7, 2015 Even though portability now allows married couples to use up both spouses’ estate tax exemptions without having to make lifetime asset transfers or set up trusts, this “easier” path isn’t…

Important Activity Transpiring in The North Carolina General Assembly This Week

June 16, 2015 In the North Carolina General Assembly, the Senate amended House Budget Bill (HB 117) on Thursday to remove the House budget provisions and include their issues. The Senate version of…

Expect to be Paying Elementary or Secondary School Costs in the Future? Consider an ESA

June 12, 2015 As the school year draws to a close, it’s a good time to think about Coverdell Education Savings Accounts (ESAs) — especially if you have young children. One major advantage…

The Surge in Identity Theft

May 4, 2015 The problem We live in an electronic age. Personal data is replicated on multiple websites, stored on various software applications and maintained on several mobile devices. So it should not…

More Guidance Regarding the Affordable Healthcare Act

February 23, 2015 On February 17, the IRS issued updated guidance on the treatment of small employer health reimbursement arrangements (also known as employer payment plans). There is good news here for small…

Information Reporting for Healthcare Coverage

February 10, 2015 Major tax changes for both businesses and individual taxpayers were effective for the 2014 tax year under the Affordable Care Act. For individuals, there is a mandate requiring minimum essential…

Overview of 2014 Tax Increase Prevention Act

December 19, 2014 Late Tuesday, December 16, the Senate approved HR 5771, legislation containing several key tax provisions. Arguably, the most significant content is The 2014 Tax Increase Prevention Act. Also included in…

Don’t Lose Tax Benefits When Combining Business Travel with Vacation Pleasure

May 8, 2014 Are you thinking about turning a business trip into a family vacation this summer? This can be a great way to double the payoff of your time and efforts. But…

Softening the Blow of Higher Taxes on Trust Income

May 1, 2014 This year, trusts are subject to the 39.6% ordinary-income rate and the 20% capital gains rate to the extent their taxable income exceeds $12,150. And the 3.8% net investment income…

IRA Required Minimum Contributions

March 21, 2014 If you or someone you know turned age 70 ½ (yes, 70 plus six months) during 2013, then April 1, 2014 could be an important date. This is the date…

Home Office Deduction 101

February 6, 2014 If your use of a home office is for your employer’s benefit or because you’re self-employed, you may be able to deduct a portion of your mortgage interest, property taxes,…

2013 Tax Planning with Retirement Plans

January 30, 2014 It’s not too late to change your mind on 2013 IRA and other retirement plan decisions. Most people know that you can make traditional IRA and certain other retirement plan…

Are you Meeting the ACA’s Additional Medicare Tax Withholding Requirements?

January 22, 2014 Under the Affordable Care Act (ACA), beginning in 2013, taxpayers with FICA wages over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) have to pay…

Recently Expired Federal Tax Provisions: Will They Come Back?

January 7, 2014 The Congressional Research Service (CRS) is a nonpartisan branch agency within the Library of Congress. It provides Congress with policy and legal analysis for use in drafting legislation and providing…

The New NC-4

January 4, 2014 Questions and Answers by Rollin J. Groseclose, JPS Shareholder HAVE YOU FILLED OUT THE NEW NC-4 YET? If not, you’re missing out on so much. Most of us filled one…

Will Your Donations Be More Powerful This Year?

December 11, 2013 Maybe. Deductions are more valuable when tax rates are higher, and higher-income taxpayers face higher rates in 2013. But, the return of the itemized deduction reduction could make your donation…

2013 Year-End Tax Planning for Your Investments

December 4, 2013 While tax consequences should never solely drive investment decisions, it is critical that they be considered — especially this year: higher-income taxpayers may face more taxes on their investment income…

Smart Timing of Business Income and Expenses Can Save Tax or At Least Defer It

November 26, 2013 By projecting your business’s income and expenses for 2013 and 2014, you can determine how to time them to save — or at least defer — tax. If you will…

2013 Year-End Planning for Individuals

November 2013 By Lawrence F. Byerly, JPS Shareholder More tax changes and developments have occurred or come into play in 2013 than in any year in recent memory, and these changes impact virtually…

Even with Rising Exemptions, 2013 Annual Exclusion Gifts Still A Good Idea

November 13, 2013 Recently, the IRS released the 2014 annually adjusted amount for the unified gift and estate tax exemption and the generation-skipping transfer (GST) tax exemption: $5.34 million (up from $5.25 million…

2013 May Be Your Last Chance For A “Charitable IRA Rollover”

November 6, 2013 If you are age 70½ or older, you can make a direct contribution — up to $100,000 — from your IRA to a qualified charitable organization in 2013 without owing…

2013 Year-End Planning for Businesses

November 2013 By Rollin J. Groseclose, JPS Shareholder Year-end planning is often challenging, and 2013 will prove to be no exception, because there are higher top income tax rates for ordinary income, capital…

Practical Perspectives: Key Financial Issues for You and Your Family

November 2013 CATCHING UP ON CAPITAL GAINS PLANNING Bill’s wife Evelyn scoffed at him when he decided to join an investors’ club earlier this year. But he went ahead and did it —…

Maximize Your 2013 Depreciation Deductions With A Cost Segregation Study

November 2, 2013 If you have recently purchased or built a building or are remodeling existing space, consider a cost segregation study. It identifies property components and related costs that can be depreciated…

Back to School: Tax Tips for Higher Education Costs

October 30, 2013 In many parts of the country, autumn means a drop in temperatures and leaves turning color. But no matter where you live, it also means heading back to school. For…

Expiration Date for Home Mortgage Debt Forgiveness Rapidly Approaching

October 9, 2013 Since 2007, homeowners have been allowed to exclude from their taxable income up to $2 million in cancellation-of-debt (COD) income ($1 million for married taxpayers filing separately) in connection with…

IRS Issues Final Regulations on Tangible Property Expenses

October 2, 2013 The regulations (IRS T.D. 9636) provide guidance on how to comply with Sections 162 and 263 of the Internal Revenue Code and result in some significant changes to prior rules.…

Will Your Investment Income be Subject to the New 3.8% NIIT?

September 25, 2013 Under the health care act, starting in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) may…

Important Affordable Care Deadline for All Employers

September 2013 No later than October 1, 2013, all US employers, regardless of size or whether the employer offers a health plan, are required to distribute a Notice of Exchanges and Subsidies to…

IRS Recognizes Same-Same Marriage

September 3, 2013 On June 26, 2013, the US Supreme Court issued its decision in United States v. Windsor, in which it held that section 3 of the Defense of Marriage Act was…

Don’t Skimp on S Corporation Salaries

August 28, 2013 S corporation owners often take modest salaries as a tax-saving strategy. By distributing most of the corporation’s profits in the form of dividends rather than wages, the company and its…

Re-engineering Your Practice’s Revenue Cycle

August 2013 Your financial success depends on how well you manage the revenue cycle. Real-world efficacy points to a few fundamental strategies for re-engineering the ways that your medical practice generates revenues. Here…

Get a Tax Benefit in Addition to Personal Satisfaction

July 24, 2013 Many people like to give back not only to their own community, but to volunteer where they are most needed. They are involved in charity work such as disaster relief…

NC Tax Legislation Passes

July 2013 (Updated November 8, 2013) For months now NC lawmakers have been working to reach an agreement on tax reform provisions. Eight different pieces of legislation were introduced between March and June,…

Are You Subject to the New PCORI Fees?

July 17, 2013 The Patient Protection and Affordable Care Act (PPACA) established the nonprofit Patient-Centered Outcomes Research Institute (PCORI) to promote research that will yield evidence on the effectiveness, benefits and harms of…

How Does “Play or Pay” Affect HSA and HRA Contributions?

July 11, 2013 Many companies have turned to Health Savings Accounts (HSAs) and Health Reimbursement Arrangements (HRAs) to shift more responsibility for health care costs to employees. If your business is one of…

News Briefs for Businesses

July 2013 Big banks may be warming to small businesses. The owners of many small to midsize companies have turned to a variety of alternatives when seeking commercial loans. But don’t rule out…

Disaster Planning: Not Just For Businesses Anymore

July 2013 Many companies spend a considerable amount of time planning for catastrophe. They stock up on insurance coverage, back up their technology, budget emergency funds and plan for employee evacuations. Disaster planning…

Supreme Court’s DOMA Decision Will Have a Major Tax Impact on Many Same-Sex Married Couples

July 5, 2013 On June 26, the U.S. Supreme Court struck down Section 3 of the 1996 Defense of Marriage Act (DOMA) as a violation of the U.S. Constitution’s guarantee of equal protection…

Employer Healthcare Mandate Postponed

July 3, 2013 The Obama Administration has announced that it is postponing for a full year, until 2015, the Patient Protection and Affordable Care Act’s (PPACA) (P.L. 111-148) mandatory employer and insurer reporting…

Telecommuting May Expose Employers to Unexpected Consequences

June 26, 2013 If you allow employees to telecommute, be sure to consider the potential tax implications. For example, hiring someone in another state might create sufficient nexus to expose your company to…

Kids Going to Day Camp? You May be Eligible for a Tax Credit

June 20, 2013 Day camp is a qualified expense under the child or dependent care credit, which is worth 20% of qualifying expenses (more if your adjusted gross income is less than $43,000),…

The New 0.9% Medicare Tax: Watch Out for Withholding Issues

June 13, 2013 Under the healthcare act, starting in 2013, taxpayers with earned income over $200,000 per year ($250,000 for joint filers and $125,000 for married filing separately) must pay an additional 0.9%…

Gifting: It’s No Hobby

June 2013 Giving away a substantial sum or valuable asset to a beloved heir may be fulfilling, even fun. But it should not be just a hobby; it is serious business. Everyone who…

Taking a Second Look at Your Buy-Sell

June 2013 Picture yourself and your company’s other owners. More than likely, you see a group of hard-working professionals striving to run a successful organization. What you probably do not see is the…