Exclusion for Gain on Sale of Primary Residence
In order to exclude the gain on the sale of your primary residence from your taxable income, you must pass two tests: ownership and use. Click for examples and to learn more about the requirements.
Shareholder loans – What you need to know to avoid reclassification to equity
Loans are an integral part of most businesses. However, when loans are received from shareholders of the business, additional considerations must be made. Failing to do so can result in reclassifications that can prove costly when filing annual tax returns. Learn more.
Year-End Year-Round Tax Planning Guide
Are you confident you are doing everything you can to minimize your income taxes? If not, it may be time for a fresh look. Click above to check out the 2022 Tax Planning Guide.
Vacation Home Rental Rules
If you own a second home that you are considering renting, you should understand the tax impacts. Click here to learn more.
Mandatory Capitalization of Research and Experimentation Expenditures
Research and experimentation, also known as R&E, is an essential component of operations for businesses across a variety of sectors. Significant developments to the tax treatment of R&E costs will take effect for the 2022 tax year. Read this article to find out more.
Business Use of Vehicles
The IRS classifies vehicle use into three categories: business, personal, and commuting. Only expenses related to business use are deductible. Learn more about business use of vehicles.
Tips for Preparing Business Personal Property Tax Listings
Click above for some tips on preparing a complete and accurate business personal property tax listing for the county in North Carolina in which the property is located.
GBM LINKS Organizer
Ever wonder “What information does Gilliam Bell Moser need to complete my business’s tax return, and how will I get it to them?”? We have the answer! Our LINKS Organizer is the right tool for the job. Click above to learn more.
NC Pass-through Entity Tax Election (NC PTET Election)
North Carolina Pass-through Entity Tax: As the end of 2022 is within sight, pass-through entities need to consider whether any action is required by year-end. Click above to learn more.
New Lease Accounting Standard: What does a private company need to know?
Changes to the accounting standards, ASC 840 to ASC 842, will be changing the way leases are presented on the financial statements. Read more by clicking above.