Burlington CPA

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 |2022-12-01T12:38:21-05:00December 1st, 2022|Articles, Business Taxation, Manufacturing, misc, Not For Profit|0 Comments

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 ยง30D 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.

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