Business Startup Solutions

Is the IRS Shutdown?

Is the IRS Shutdown? The American Society of Tax Problem Solvers solicited the below information directly from the IRS and the short answer is no, they are not closed. Generally, the IRS is not conducting any in-person meetings, however the Taxpayer Advocate Office and the Automated Collections System are still working. Although certain divisions are closed, the IRS remains open and is performing its duties. Regular processing times may be slower than normal as more of their employees are working remotely and are unable to conduct person-to-person business. Field examinations are suspended, although the examination may continue to take place remotely if possible.   Do I need to b

Back Taxes and Coronavirus Stimulus Checks

Back Taxes and Coronavirus Stimulus Checks On March 27, 2020 President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The CARES Act contains various provisions for small businesses, unemployment, and individual $1,200 stimulus payments from the federal government. Married couples can receive up to $2,400 and for each dependent child, taxpayers will receive an additional $500.   Calculate how much you’ll get from the $1,200 (or more) coronavirus checks:   Who is eligible for the stimulus payments? Taxpayers who have an adjusted gro

Business Interruption Insurance and Covid-19 / Coronavirus

Business Interruption Insurance and Covid-19 / Coronavirus Adam Shay CPA, LLC is committed to assisting businesses and individuals proactively respond to the global economic crisis seeded by Covid-19. This article examines the current opportunities for business owners to claim relief from existing insurance policies that cover business interruption and the current debate between insurers and federal, state and local governments. What is Business Interruption Insurance? Business Interruption Insurance, also known as business income coverage, helps replace lost income and pay for expenses when a business suffers an impact by a covered loss. The most common covered losses include fire, wind,

Coronavirus, Taxes, and NC Unemployment

Coronavirus, Taxes, and NC Unemployment The world has been turned upside down in the past few weeks.  It’s really had an impact on businesses, employees, and personal finances.  Our goal during this time is to keep people up-to-date with the most recent information.  The place we are doing that most frequently on an ongoing basis is our Adam Shay CPA Facebook page.  This information is current as of March 20, 2020.   Income Tax Related The personal and C corporation income tax filing deadlines are now 7/15/2020.  The IRS has also announced that they will allow the delay of payments originally due on 4/15/2020 to 7/15/2020.  Those payments include personal 2019 income t

2020 Nourish NC Tax Season Food Drive

2020 Nourish NC Tax Season Food Drive Did you know that 1 in 4 children struggle with hunger in New Hanover County? And, did you know that over 16,000 people in New Hanover County live in food deserts? Nourish NC’s research has found that food insecure children are more likely to: Experience chronic illness & weakened immune systems. They are sick more often, are slower to recover from illness, and are hospitalized more often. Have impaired concentration, poor academic performance and increased grade repetition. Have higher school absences and late arrivals. Have lower math and reading scores. Have higher levels of behavioral & emotional issues. Adam Shay CPA,

Found Money - Tax Extenders and Disaster Relief

On December 21, 2019 President Trump signed into law a spending bill that included good news for taxpayers in Southeastern NC. The spending bill included retroactive major disaster related tax relief that we know will put more money back into taxpayers’ pockets. The legislation also included some retroactive implementations of previous expired tax deductions and credits as well as changes to retirement plans. With retroactive tax changes on income tax years already filed, amended returns will be required. We are going to walk through some of the changes, starting with those we think will have the biggest dollar impact on our client base. This is an early analysis and as the dust settles

A CPA's Advice to Business Owners in the Hemp Industry

A CPA's Advice to Business Owners in the Hemp Industry There are endless things that you should be considering for your hemp business from a financial/accounting/tax standpoint, which is why it is so important that your CPA is knowledgeable in hemp. For starters, here is a very basic list of topics you should be thinking about, and some questions you should be asking yourself and discussing with your CPA. Research and Development Tax Credits. Are you involved in any type of developmental or experimental research related to hemp? Could the words develop, experiment, create, research, test, or design be used to describe what you do? If so, it is very likely you are involved in an activit

You've Received an Incorrect Business Property Tax Listing Assessment- Now What?

You've Received an Incorrect Business Property Tax Listing Assessment- Now What? In October, North Carolina county property tax offices send out business property tax assessments for property tax on items like computers, desks, etc.  Those assessments are based upon property tax listings that must be submitted to the county by January 31st. What if your county doesn't have a property tax listing submission from you?  In New Hanover County, if they do not have a property tax listing for the current year and you didn't have a listing in the prior year, they will assess you a value based upon some unknown formula.  It usually seems to be somewhere in the range of $40,000-$60,000 worth of

Bookkeeping Services - Wilmington, NC

Are you: -Tired of having no books (accounting records). -Tired of doing it yourself? -Tired of having messy books or a problem you can't solve? We can help- we now offer bookkeeping services.  Reachout to us @ [email protected] to find out how we can help.

NC Hemp Industry: Massive Opportunity, Minimize Your Risk

NC Hemp Industry: Massive Opportunity, Minimize Your Risk The momentum driving the hemp industry has continuously increased in recent years, but with the passage of the Agriculture Improvement Act of 2018 effective last December, the industry's momentum has reached an all-time high both locally here in North Carolina and nationwide. The Agriculture Improvement Act of 2018, commonly known as the "2018 Farm Bill", decriminalized hemp and hemp-derived compounds (or hemp-derived CBD), which initiated massive opportunity and growth in the industry both commercially and economically. There are many reasons why this industry is thriving - consumer awareness, deregulation, availability but pe

How to reach us?

Adam Shay CPA, PLLC

1721 Allens Ln #210

Wilmington, NC 28403

(910) 256-3456

[email protected]