Business Taxation

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.

By |2023-06-29T21:27:04-04:00June 29th, 2023|Articles, Business Taxation|0 Comments

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.

By |2023-05-31T23:19:49-04:00February 9th, 2023|Articles, Business Taxation|0 Comments

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.

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.

By |2022-12-12T11:22:10-05:00December 12th, 2022|Articles, Business Taxation, Individual Taxation|0 Comments

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.

By |2022-12-09T08:11:02-05:00December 1st, 2022|Articles, Business Taxation, Manufacturing, misc, Not For Profit|0 Comments
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