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
Eliminating Affordable Care Act (ACA) Penalties We have implemented a legal but little known strategy to help our clients prevent income tax return penalties for not having health insurance. It saves the average person in that situation thousands of dollars. We can apply this strategy to both current year income tax returns as well as previously filed returns for the prior 2-3 years. Let us know if you want to discuss!
Does Your Business Need a Checkup? If I asked you how much cash flow your business generated last month, would you know? How about for last year? If you constantly feel like you are working for nothing, or if you have no idea what your business is really making for you, it’s time to make some changes. Let’s discuss some ways you can start being more proactive and ways you can start improving. First and foremost, there are some ground rules that every business owner needs to abide by: 1. Your books have to be reconciled monthly on a timely basis. Set a closing date to have the prior month’s activity input and reconciled. The sooner you can have the books closed the better. 2.
Important 1099 Information As we embark on the start of 2019, tax preparers are preparing for the start of busy season. With January comes due dates for 1099s and W-2s. Most of the time, taxpayers do not realize that they need to prepare any 1099s. Within the last few years we have seen the following questions appear on Schedule Cs, Schedule Es, and business tax returns: 1.) Did you make any payments in 20XX that would require you to file Form(s) 1099? 2.) If "Yes," did you or will you file required Forms 1099? As paid preparers, we have to make sure that we answer these questions correctly, which means verifying with you, the taxpayer, whether or not you ha
How to Make S Corporation & C Corporation Income Tax Payments If you owe a balance for your Corporate income tax return, you have several options to pay. If you are a C Corporation and owe federal, you must pay that via EFTPS. We can point you in the right direction to set this up if you don’t have it already. If you are an S Corporation, you should not owe anything with the federal income tax return. Your first option to pay is by mailing a check with payment vouchers. If we had an in-person completion meeting with you, we provided you a printed voucher at that time. The voucher is also available on your Sharefile as a separate PDF file. You write
How to Make Individual Income Tax Payments If you are filing an individual income tax return and owe, you have several options to pay. Your first option to pay is by mailing a check with payment vouchers. If we had an in-person completion meeting with you, we provided you printed vouchers at that time. The vouchers are also available on your Sharefile as a separate PDF file. You write the check and mail it in with the voucher. The vouchers typically also list helpful information for who to make the check payable to, where to mail it, and important information to include on your check. We advise sending certified return receipt. You may also pay your taxes
How to Make Individual Estimated Income Tax Payments If you need to make a quarterly estimated income tax payment, you have several options to pay. Note that these payments are due April 15th, June 15th, September 15th, and January 15th. Your first option to pay is by mailing a check with payment vouchers. If we had an in-person completion meeting with you, we provided printed vouchers to you at that time. The vouchers are also available on your Sharefile as a separate PDF file. You write the check and mail it in with the voucher. The vouchers typically also list helpful information for who to make the check payable to, where to mail it, and important information to i
Adam Shay CPA Names Caroline Montgomery as Firm's First Additional Partner Wilmington, NC – December 21, 2018 – One of Wilmington’s fastest growing accounting firms, Adam Shay, CPA PLLC, has named its first additional equity partner. Caroline Montgomery, the firm’s tax manager, has been made an equity partner due to her leadership and the firm’s continued growth in serving clients throughout the Carolinas. “Caroline consistently demonstrates her commitment to our firm’s growth,” said Founder and Managing Partner Adam Shay. “I’ve always been open to expanding ownership and for the past three years Caroline has demonstrated not just expertise and initiative, but outstan
New Year's Resolutions to Better Your Business in 2019 Every year millions of people make resolutions to better themselves, but what if you took the same approach for your business? What better time to set a culture for change and an atmosphere of growth than the beginning of a New Year? Consider implementing these resolutions to better your business in 2019. Purpose over comfort. This New Year’s resolution should be at the top of every business owner’s list. One of the most dangerous things that you can do as a business owner is to become too comfortable. Becoming comfortable causes us to lose sight of our purpose, and once we lose sight of our purpose we lose passion
5 Appls for Entrepreneurs Entrepreneurs often have a hundred things on their mind at a time. Mental capacity is at a premium. Smart entrepreneurs learn to only focus on what matters. They also learn to delegate tasks and optimize for efficiency. This is where your smart phone comes in. There are so many apps available to help you stay organized and free up mental real estate for more important items. Here is a selection of five apps for entrepreneurs that can help you stay focused on what matters most. Audible No matter what problem your business is dealing with, chances are that there is an expert who has faced that issue and written a book about it. Ignoring the wealth o