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 2021 Tax Planning Guide.
IRS Announces Standard Mileage Rate Increase Beginning July 1, 2022
Due to the recent surge in gasoline prices, the Internal Revenue Service (IRS) has revised the optional standard mileage rate, increasing it by 4 cents for the remainder of 2022. Click above to learn more.
Qualified Plug-In Electric Motor Vehicle Credit
Investing in an electric vehicle can be an effective way to reduce the environmental impact of gasoline emissions and cope with rising gas prices. IRC §30D provides a credit for qualified plug-in electric motor vehicles. Click above to learn more.
Update on North Carolina Pass-Through Entity Tax and 2022 Estimated Tax Payments
For tax years beginning after 2021, partnerships and S Corporations can make a Pass-Through Entity Tax (Taxed PTE) Election to pay North Carolina income tax at the entity level creating a deduction against pass-through federal income. Click above to find out more.
The Current Operations Appropriations Act of 2021
On November 18, 2021, North Carolina State Governor, Roy Cooper, signed the Current Operations Appropriations Act of 2021 (the Act). Click to learn more.
The Infrastructure Investment and Jobs Act
On November 15, 2021, President Joe Biden signed the Infrastructure Investment and Jobs Act (the Act), a $1.2 trillion bipartisan legislation intended to “build back better” the country’s infrastructure. Click to read more.
Paid Sick and Family Leave Tax Credits Modified and Extended
As part of the COVID-Related Tax Relief Act of 2020 (the Act) signed into law on December 27, 2020, the tax credits for paid sick and family leave have been modified and extended. Click here to learn more.
Provisions Affecting Businesses
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act of 2021. Click above to read more about the provisions affecting businesses.
Expenses Paid with Payroll Protection Program Loan Proceeds to be Tax Deductible
Congress has developed a new COVID-19 stimulus package that includes income tax relief for Paycheck Protection Program loans. Click to learn more.
Tax Rates 2021
The 2021 payroll tax rates and auto mileage rates have been released. Click above for the complete list of rates.