Clock Winding Down for Congress to Delay New Rules for R&D Expenses
“March Madness” has a special meaning amongst the basketball-loving business owners and taxpayers of the Triangle. This year, it also describes the angst that CPA firms and their clients are facing as severe new tax rules governing taxpayers’ “Research and Development” activities come into effect. If you are thinking – “our Company doesn’t do…
Read MoreChanges in Research & Experimentation Costs - Capitalization and Amortization
By Donna Holm Background Since 1954, businesses that incurred R&E expenses under IRC §174 have been able to deduct them as paid or accrued. Unfortunately, the Tax Cuts and Jobs Act (TCJA) of 2017 changed this for tax years starting in 2022. While we expected that R&D amortization would be done away with or at least delayed, the time has come to start planning. The…
Read MoreTax Reporting for Larger Gifts or Inheritances from Foreign Persons
By: Ranju Poudel All inheritances and gifts received by U.S. persons from foreign persons that exceed $100,000 in a calendar year are reportable to the IRS on Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts. The amount and description of the bequest must be disclosed. However, the IRS does not require disclosure of the identity…
Read More2022 Year-End Tax Planning Letter
As we near the end of 2022, it is important to look at your tax and financial plans and consider steps that can be taken to reduce taxes and help you save for your future. Although there has beena lot of political attention to tax law changes, inflation, and environmental sustainability, political compromise has led to smaller impacts on taxes this year. However, with the passage of theInf…
Read MoreIRS Grants Tax Extensions Due to Hurricane Ian
By: Dain Mickalites On October 5, 2022, the IRS granted individuals and businesses in the state of North Carolina an extension of time to file certain taxes. The extension applies to certain deadlines falling after September 28, 2022, and before February 15, 2023. Individuals who did not file their individual tax returns on the due date of October 17 have until February 15 to …
Read More2022 Fall Tax Planning Strategies
The 2022 tax year is well underway, and year end will be here before you know it. It’s a good time to take proactive steps to help reduce the current year's tax bill. Here are some federal tax-planning strategies to consider. Managing Gains and Losses in Taxable Investment Accounts It's been a wild year in the stock market. You may have collected some capital gains and…
Read MoreHPG Named INSIDE Public Accounting Top 200 Firm
Hughes Pittman & Gupton, LLP (HPG), a Triangle-based CPA firm serving the financial management needs of local, multistate, and international businesses, as well as their owners, has been named to INSIDE Public Accounting’s (IPA) 2022 Top 200 Firms list. HPG has been named to this list since 2019. IPA’s annual rankings of the 500 largest firms in the U.S. are listed from th…
Read MoreWill Companies Expense R&D Again?
The Tax Cuts and Jobs Act (“TCJA”) passed in late 2017 brought with it many tax benefits, including a reduction in the corporate tax rate from a top rate of 35% to a flat 21%. Along with that, however, came less advantageous tax treatment of other items, in an effort to pay for the rate reduction. One of those was a deduction that has existed since 1954, the ability to expense …
Read MoreNC Pass-through Entity Tax Election
By: Amy Hilfiker On November 18, 2021, the North Carolina legislature enacted Senate Bill 105 (S.B. 105), which included a new elective pass-through entity tax (“PET”) and joined an extensive list of states that have established these elective entity-level tax regimes for pass-through entities as a workaround to the $10,000 cap on the amount of state and local taxes that…
Read MoreIndirect Tax Considerations For US Businesses Trading With The UK
This article was first published by Forbes Online on March 21, 2022 By: Robert Marchant, Partner, Crowe U.K. LLP The complexities of the UK’s indirect tax landscape can be challenging for US trading partners to deal with owing to a lack of familiarity with the rules and requirements. Additionally, the UK’s departure from the EU at the end of January 2020 has resulted in new t…
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