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? 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
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 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