Educate Yourself

1/31 1099 and Business Property Tax Listing Filings Are Due

1099’s are due by January 31. Starting 1/31/17 they need to be filed with both the recipient and the IRS by that date. Otherwise, you'll face penalties (see below). If you have paid someone over $600 for services, such as tax preparers Wilmington NC, or for rent, then you most...[read more]

Shutting Down a Business? File your Final Taxes On Time and Avoid the Short Year Trap

Filing a late partnership or S corporation tax return has gotten increasingly expensive over the last 10 years. In 2006, the penalty per month, per partner/shareholder was $50. For 2016 that penalty is $195 per month, per partner/shareholder. This means that if a partnership with two partners who fail to...[read more]

Catching Up on Missed Rental Property Depreciation

If you own a rental property, do you know if you have taken all of the possible deductions?  The number one item that I see most commonly missed for a rental property on self-prepared tax returns is depreciation.  You are allowed to depreciate residential rental property over 27.5 years and...[read more]

NC PACES (Crowdfunding) Act

On June 29, 2016 the North Carolina House and Senate unanimously passed the NC PACES Act. PACES stands for “Providing Access to Capital for Entrepreneurs and Small Business”. As a NC business owner this means that in any given 12 month period up to $1 million can be...[read more]

Proposed Fair Labor Standards Act (FLSA) Regulations

The Department of Labor recently updated the Fair Labor Standards Act (FLSA). The regulations regarding overtime pay for white collar workers was last updated in 2004. The new changes were proposed to take effect December 1, 2016 but implementation has been delayed. It is most likely that...[read more]

What are excess distributions and how do you handle them?

A common question from business owners is “How much money can I take out of the business?” We like to make sure business owners know what they are allowed to take out by educating them. After all, it is their hard-earned money. Before we get into the...[read more]

The Self Employed Vicious Tax Cycle

Let us lay out a scenario. You are a self employed individual. You are meeting with your tax accountant to complete your taxes by April 15 and are told that you owe a bundle in taxes for the year. In addition to the thousands you owe (that is due by...[read more]

Our Spring Clean-A-Thon: Helping Others via Charitable Donations

In December, the Adam Shay CPA team ventured out for our volunteer day expecting to decorate the Harrelson Center downtown for the holidays while learning about each organization. Sadly, when we arrived at the center that Monday morning, we were informed that over the weekend, someone had vandalized the building,...[read more]

Workers Compensation Insurance and North Carolina (NC)

Health insurance may be the hot topic right now, but employers should not forget about workers’ compensation insurance. The beginning of the year is a good time to get on track if your business has not been compliant in the past. From the NC Department of Commerce website, “The North...[read more]

IRS IP PIN (Identity Protection Pins)

What is an IP PIN?

IP PINs are designed to prevent an individual from filing a fraudulent tax return by using someone else’s social security number. It is a six digit number that is entered with the tax return and is required for filing for eligible individuals. If the IP PIN...[read more]

How to reach us?

Adam Shay CPA, PLLC

1721 Allens Ln #210

Wilmington, NC 28403

(910) 256-3456

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