IRS 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 …

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2022 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…

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HPG 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…

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Will 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 …

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NC 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…

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Indirect 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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Transfer Pricing Considerations for Pre-revenue or Loss-making Companies (Part I)

“Well the company doesn’t make any money yet, so we’re not concerned with transfer pricing.” These can be famous last words. Should pre-revenue companies or companies with significant losses be considering transfer pricing? If you’re a multinational company or you’ve got multiple US entities, some of which are located in states that do not allow combine…

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Transfer Pricing Considerations for Pre-revenue or Loss-making Companies (Part II)

This is the second part of a multi-part series on transfer pricing for pre-revenue or loss-marking companies. Please see the first part here. Taxpayer: “We want to maintain flexibility” Often, pre-revenue companies haven’t ironed out the exact details of how the business will operate once they commercialize. In light of this, they can be reluctant to set up a transfer p…

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Schedules K-2 and K-3 for international activity related to Forms 1065, 1120-S and 8865

New this year, IRS Schedules K-2 and K-3 will need to be completed to include items of international tax relevance from the operations of a pass-through entity. If the entity has international financial activity –– which could be as simple as holding investments that pay foreign taxes –– it will be required to report on these new schedules if it files: Form 1065…

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HPG Year-End Tax Planning Letter

Dear Clients and Friends, As 2021 comes to a close and we head into 2022, it’s a great time to think about planning ahead to consider tax strategies while staying on track to meet your personal financial goals. The following checklist will help you to identify important action items to consider as part of your 2021 year-end income and transfer tax planning as well as preparing for …

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