What is the Centralized Partnership Audit Regime (CPAR)? New for 2018 – Partnership returns, unless you are eligible to elect out and do so, will automatically be subject to the IRS “streamlined method” of auditing and collecting taxes relating to partnership returns. Under the “centralized method,” when audited, the IRS will correspond directly with a… [Read More]
Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on… [Read More]
Checklist of Tax Planning Moves for Individuals The following is a checklist of actions based on current tax rules that may help save tax dollars if you act before year-end. Not all actions will apply in every taxpayer’s particular situation, but you will likely benefit from many of them. Call us at 919-841-1000 to discuss. Higher-income earners… [Read More]
We would like to thank all of our wonderful clients who made it out to our annual Client Appreciation Day last week to enjoy some delicious Clyde’s barbecue and ‘nana pudding with us! We enjoyed hosting and sharing a meal with you and we are truly grateful for your patronage.
As we approach the end of the year, it’s a good idea to review your business’s expenses for deductibility. At the same time, consider whether your business would benefit from accelerating certain expenses into this year. Be sure to evaluate the impact of the Tax Cuts and Jobs Act (TCJA), which reduces or eliminates many… [Read More]
Many people choose to pass assets to the next generation during life, whether to reduce the size of their taxable estate, to help out family members or simply to see their loved ones enjoy the gifts. If you’re considering lifetime gifts, be aware that which assets you give can produce substantially different tax consequences. … [Read More]