Update: Tax Deadline Extended

The IRS announced that the tax deadline will be moved from April 15, 2020 to July 15, 2020. This follows the release of Notice 2020-17, which extended the deadline for certain payments due April 15, 2020 to July 15, 2020. All taxpayers with an April 15, 2020 filing due date will now be able to delay filing until July 15, 2020. The Internal Revenue Department is still encouraging taxpayers…

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IRS Delays April 15 Deadline for Payment of Taxes Owed

Today the IRS issued guidance that individual taxpayers who owe up to a million dollars in federal income taxes can defer paying until July 15, while corporations can defer up to $10 million due to the COVID-19 pandemic. Individuals and businesses will be granted a 90 day extension to pay taxes they owe. The 90 day extension for payment of owed tax does not delay the April 15 filing deadl…

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A Message to Our Clients Regarding COVID-19

Dear Clients and Friends,  The health and wellbeing of our team and clients is paramount to HPG and we want you to know that we are taking proactive steps to continue to serve you in a safe environment. In light of the recent Declaration of a State of Emergency in North Carolina and growing concerns about the impact of coronavirus (COVID-19), we want you to know how we are responding.…

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RTP CFO Forum Announces New Board Members

The RTP CFO Forum (www.rtpcfos.com) today announced four new members to the Board of Directors starting January 1, 2020: Jane Ralston, Michael Gesser, Joe Carino, and Bill Kaluza. Since 2010, the Forum has welcomed over 300 members and is designed to provide interactive networking and discussion of technical and strategic topics in an environment created exclusively for senior-level peers.…

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The Family Medical Leave Act (FMLA) Tax Credit – Does Your Company Qualify?

By: Adam Leonard and Cheryl Rhew With the passing of the Tax Cuts and Jobs Act of 2017 came the largest number of changes to our tax code in over 30 years. Many of these new changes have been built up and highly advertised, but there were just as many changes that may not be as well known, and could possibly benefit your company. One of these changes is the FMLA tax credit, which provide…

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Update: 2019 Year-End Tax Planning Letter

Dear Clients and Friends:As part of an appropriations measure, Congress passed a flurry of new tax legislation at the end of 2019. These new rules may have an impact on 2019 tax returns to be filed in 2020.Notably, the “Taxpayer Certainty and Disaster Tax Relief Act of 2019” extends through 2020 several tax breaks for individuals that had officially expired or were about to exp…

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Tax Withholdings 101

Many people were caught off-guard when they filed their 2018 tax returns and discovered that they owed tax when they had received refunds in recent years.  The withholding tables used by employers to determine the taxes withheld from paychecks were changed for 2018 as part of the Tax Cuts and Jobs Act (“TCJA”) which passed in late 2017.  Most employees welcomed the ad…

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HPG Year-End Tax Planning Letter

2019 Year-End Tax Planning LetterDecember 2019Dear Clients and Friends:With year-end approaching, we suggest possible year-end tax strategies for our clients. 2018 was the first year individuals and businesses filed tax returns reflecting major tax changes under the Tax Cuts and Jobs Act (“TCJA”). Now that we have 2018 under our belt, some of the year-end tax strategies for 201…

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The Magical Section 1202 Provision – Where a 0% Capital Gain Tax Rate Becomes a Reality

One of the things I love about the Triangle is the entrepreneurial spirit that lives and breathes in the area. When I joined Hughes Pittman & Gupton (“HPG”) 15 years ago, I remember thinking that the Firm fit right into this spirit, in how it operates and thinks on behalf of its clients. That said, I came from the land of family-owned tool and die manufacturing in Pennsylv…

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The Tax Benefits of Investing in Opportunity Zones

IntroductionThe Tax Cuts and Jobs Act of 2017 (“TCJA”) brought sweeping changes to the tax code not seen since the 1980’s.   A key development of the TCJA was the creation of Opportunity Zones.  These economically distressed areas across the United States and its territorial possessions were the focus of lawmakers, who sought to spur economic development an…

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