Greensboro Accountant

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

Gambling and Taxes

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.

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.

Paycheck Protection Program Loan Forgiveness Updates

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.

Paycheck Protection Program Good Faith Certification

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.

By |2022-06-10T11:52:08-04:00May 15th, 2020|Articles, Business Taxation|0 Comments
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