Business Startup Solutions

A Whole New Ballgame: Tax Reform Effects on Individuals and Businesses

A Whole New Ballgame: Tax Reform Effects on Individuals and Businesses Click Here to download a pdf version this 2018 Tax Reform Guide! For most taxpayers, the sweeping changes to federal tax laws enacted by Congress at the end of 2017 will be most apparent when it comes time to report 2018 income. But smart taxpayers will make an effort to understand these changes in advance, since many of the decisions we make are based upon past tax consequences that no longer apply. Now that we can no longer rely on a lot of those assumptions, it’s a good time to dive in for a closer look at the new tax laws and think about the wisest course to plan for your financial journeys in 2018 and beyond. Y

Tax Reform Webinars

Check back later for details on how to sign up for one of our upcoming tax reform webinars. If you'd like to be notified when they are available email [email protected]

2018 Tax Reform Impact on 2017 Income Taxes

Update 12/28/17 4:37 PM There have been lots of questions about prepaying property taxes this week.  The IRS issued guidance on Wednesday that in order for paid property taxes to be deductible in 2017 they have to have already been assessed- i.e. a bill needs to exist against which to apply a payment.  Stated another way, you can not assume your 2018 property tax bill (in New Hanover County that bill would be the one due 1/5/19) will be the same as the current one, prepay it in 2017, and claim the deduction for it.  Most people should be OK with what you've been doing (paying existing property tax bills) but we wanted to spread the word in case you are thinking about getting crazy with

2018 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, PLLC wants to help combat hunger by

Forensic and Fraud Accounting Fuels Growth at Wilmington’s Adam Shay CPA

PRESS RELEASE Contact: Richard Pasquantonio [email protected] 910-256-3456 Michael Angerhauser Joins to Expand Forensic Practice for Accounting Firm Wilmington, NC – September 14, 2017 – Experiencing an increase in the need for forensic and fraud accounting, Adam Shay, CPA PLLC has further strengthened its fraud investigations and forensic accounting services by adding Michael Angerhauser to the team. With 35 years of accounting and law enforcement experience, Angerhauser’s Big 4 accounting experience enables enhanced strategic counsel for attorneys and private companies throughout the southeastern United States. The focus includes fraud investigations, Independent Pr

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

1099’s are due by January 31, 2018. They need to be filed with both the recipient and the IRS by 1/31/18. Otherwise, you'll face penalties (see below). If you have paid someone over $600 for services or for rent, then you most likely need to send them a 1099. However, if you paid a corporation or paid a recipient via credit or debit card, then you are not required to send a 1099. Some corporations are still required to receive a 1099, such as attorneys. We advise all clients to have people who are providing services for them to fill out a W-9. This helps you determine if they need to receive a 1099 because they have to tell us what type of entity they are by checking a box. The follow

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 file an extension for their tax return, but still file by September 15th would face $1,950 in penalties from the IRS. The maximum months that penalties can be assessed are 12, but consider the client who may be a few years behind in filings and has multiple shareholders. These penalties can quickly reach the $10,000 plus mark. If you are a business owner the above situation may not apply

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 commercial rental property over 39 years.  To calculate the depreciation, you will need the cost basis of the property, which is what you paid for it.  Make sure you allocate a portion of the basis to land, another common error on tax returns.  The land portion is not depreciable. Why is it important to depreciate the property?  Whenever you sell or dispose of the property, you have to calculate

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 raised from investors who are NC residents without audited or reviewed financial statements. If companies want to raise more than $1 million then audited financial statements will be required. The legislation still limits investors who are not accredited may only invest $5,000 in one particular business. As a business owner if you want to promote a public offering there will be a filing requirement with the Securities Divis

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 this will affect you. Our Adam Shay accountant in Wilmington NC explains the ins and outs of the regulations so you may better familiarize yourself with the changes. OVERTIME FLSA requires that certain employees that do not fall under an exemption be paid overtime if they work over 40 hours a week. These employees would include inside sales, construction workers and waitresses to name a few. So, the c

How to reach us?

Adam Shay CPA, PLLC

1721 Allens Ln #210

Wilmington, NC 28403

(910) 256-3456

[email protected]