2018 – 07/27 – Hidden liabilities: What’s excluded from the balance sheet?
Investors and lenders beware: What’s undisclosed on a company’s financial statements can be just as significant as the disclosures. Examples of unrecorded liabilities include warranties, pending lawsuits, IRS investigations and an underfunded pension. It’s also important to consider hidden items…
Read more2018 – 07/09 – How to avoid getting hit with payroll tax penalties
Small-business owners can face a harsh penalty if payroll taxes aren’t remitted to the federal government. Learn about your obligations and whether you could be personally liable.
Read more2018 – 07/23 – Business deductions for meal, vehicle and travel expenses: Document, document, document
Business meal, vehicle and travel expense deductions can be a hot button for the IRS. Is your business properly documenting them?
Read more2018 – 07/09 – How to avoid getting hit with payroll tax penalties
For small businesses, managing payroll can be one of the most arduous tasks. A crucial aspect is withholding and remitting to the federal government the appropriate income and employment taxes. If your business doesn’t, you, personally, as the business’s owner,…
Read more2018 – 07/17 – 3 traditional midyear tax planning strategies for individuals that hold up post-TCJA
Post-TCJA, certain strategies that were once tried-and-true will no longer save or defer tax. But some will hold up for many taxpayers. And they’ll be more effective if you begin implementing them this summer, rather than waiting until year end….
Read more2018 – 07/10 – What you can deduct when volunteering
While donations to charity of cash or property generally are tax deductible (if you itemize), donations of time or services aren’t. But you potentially can deduct out-of-pocket costs associated with volunteer work, such as supplies, uniforms, transportation and even travel….
Read more2018 – 07/02 – Does your business have to begin collecting sales tax on all out-of-state online sales?
The recent U.S. Supreme Court decision in South Dakota v. Wayfair allows states to impose sales tax on more out-of-state online sales. But does it mean your business must immediately begin collecting sales tax on online sales to all out-of-state…
Read moreState Budget Becomes Law, Includes State Tax Return Extension Provision
As June 12th, both chambers have voted to override Governor Cooper’s veto of the new state budget, allowing it to become law. Included in the budget was a state extension proposal NCACPA worked diligently on over the past several months….
Read more2018 – 06/26 – Do you know the ABCs of HSAs, FSAs and HRAs?
Do you know the ABCs of HSAs, FSAs and HRAs? The accounts in this “alphabet soup” offer tax-advantaged health care funding. If you have a qualified high-deductible health plan (HDHP), you can contribute to an HSA. It can grow tax-deferred…
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