SafeSend Organizers
With the new year comes the start of a new tax season. As you begin to gather your 2024 personal income tax documents, we want to remind you about our SafeSend Organizer. Click above to learn more.
2024 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 access the 2024 Year-End/Year-Round Tax Planning Guide.
IRS Implements Additional Reporting Requirements for R&E Credit
Internal Revenue Code §41 provides for the credit for increasing research activities. For taxpayers claiming the credit, more comprehensive reporting requirements will take effect for the 2024 tax year. Learn more.
Beneficial Ownership Information Reporting Under the CTA
Beginning January 1, 2024, many businesses are required to comply with the Corporate Transparency Act (CTA). It is anticipated that 32.6 million businesses will be required to comply with this reporting requirement. Click above to read the full article and learn more about the new requirements.
Tips for Preparing Business Personal Property Tax Listings
Any individual or business owning or possessing personal property used or connected with a business (or other income generating purpose) must file a business personal property tax listing annually. Find out tips for preparing your property tax listing.
NC Pass-through Entity Tax and How it Impacts Individual NC Resident Returns
On April 3, 2023, the North Carolina General Assembly passed legislation that enacted changes to the legislation passed in November of 2021 to the pass-through entity tax (PTET) for qualifying partnerships and S-Corporations filing North Carolina income tax returns. Learn more.
Recent Updates Regarding the North Carolina Budget Bill
On September 22, 2023, the 2023 Appropriations Act passed the NC General Assembly and became law on October 3, 2023. Taxpayers should be aware of the changes and their effective dates. Learn more.
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. Learn more.
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.