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.
The United States is currently experiencing a gambling boom. As gambling expands across the U.S. in the form of casinos, sports betting, fantasy sports leagues, lotteries and more, it’s important to understand the income tax implications of gambling winnings and losses. Find out more.
If you own a second home that you are considering renting, you should understand the tax impacts. Click here to learn more.
What started out as a hobby may be a business! Read this article for information to help determine if your hobby is really a business.
Bookkeeping is an essential component of any company, including nonprofits. Is it better to have in-house bookkeeping, or to outsource? Read more about how to make this important decision.
There are several action items to complete to ensure you are following all laws and regulations to set up a nonprofit in the state of North Carolina. Read more about the steps you should follow.
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 SBA has continued to provide updated guidance based on new legislation and to address many of the questions and concerns Borrowers have as they move closer to applying for loan forgiveness. Click to learn more.
On June 5, 2020 President Trump signed into law the Paycheck Protection Program Flexibility Act (PPPFA) to make it easier for borrowers to qualify for forgiveness. Click to learn more.
The SBA and Treasury Department recently updated their FAQs to indicate how they would assess the applicant’s good faith certification, and to extend the deadline for repayment. Click to learn more.
