In The News

New December 2020 Government Stimulus and Programs

December 28, 2020.  On Monday December 21st, 2020, Congress passed the Consolidated Appropriations Act of 2021. President Trump signed the bill into law on Sunday, December 27th, 2020. This 5,593 page bill (the longest ever passed by Congress) contains expenditure appropriations as well as tax law changes and additional stimulus and business aid programs. more 

Paycheck Protection Program (PPP) Forgiveness Planning Update

November 18, 2020.  We have been closely monitoring legislative action and SBA guidance. Late Wednesday evening 11/18/2020, the Department of Treasury issued a press release that specifies their position is that if Paycheck Protection Program (PPP) forgiveness is reasonably expected then expenses paid with PPP funds are non-deductible for 2020 income tax purposes. more 

Paycheck Protection Program (PPP) Update

October 9, 2020.  We have received questions about when people should apply for PPP Forgiveness and whether forgiveness applications are being processed. As with everything in our world, that answer begins with “it depends”. For starters, some lenders are accepting applications for forgiveness and others are not or only doing so for a small subset of their clients. more 

KPIs: Finding Your True North

September 30, 2020.  Early Chinese navigators may have been the first to use compasses to determine where Earth’s magnetic north was on a consistent basis (1). This gave them a distinct advantage in exploration and trade. Later, 15th Century explorers realized that Earth’s magnetic north was not the same as its “true” geographic north, a distance of 500 kilometers in early 2018 (2). more 

Tax Notices In A Covid-19 World

August 31, 2020.  The IRS began mailing their backlog of letters and notices to taxpayers in the agency’s steps to return to normal operations. Because of the COVID-19 shutdown, the IRS has been recently mailing correspondence dated as early as March, 2020. As a result, many of the notices were mailed with past due payment or response dates.  more 

How Employee Retention Tax Credits Can Aid Employers

August 14, 2020.  It has been a wild ride the past few years for Wilmingtonians and North Carolinians alike considering the significant hurricanes and now a global pandemic impacting our community.  Typically, with natural disasters and other extraordinary events comes varying degrees of financial relief via new tax legislation. Recently, there have been several new tax laws introduced in order to provide some relief to businesses that have been adversely affected by these events. more 

The Incentive Stock Option Tax Trap

July 23, 2020.  With the recent nCino initial public offering and stock market surging back to pre-pandemic highs, we are receiving a lot of questions about tax planning for incentive stock options (ISOs). From a tax perspective, ISOs are arguably the most complex type of stock option. The purpose of this article is to cover some of the high-level tax considerations for ISOs and highlight the need for income tax projections and income tax planning when it comes to ISOs. more 

A Guide To The IRS Collection Process

July 7, 2020.  The IRS Collection Process is a series of actions the IRS takes to collect taxes if they are not paid voluntarily. Before the collection process begins, the IRS will send you a bill called a CP14 Notice. It will identify the tax period and explain the amount of tax, any payments made, additional interest and/or penalties and the balance due.  more 

Paycheck Protection Forgiveness Just Got A Lot Easier

June 8, 2020.  An update to the Paycheck Protection Program (PPP) has been made via the Paycheck Protection Program Flexibility Act of 2020. This law has several provisions that will make qualifying for full forgiveness a lot easier. more 

PPP Forgiveness – What You Need To Know

May 20, 2020.  Many businesses have been fortunate enough to receive funds via the Paycheck Protection Program (PPP). These funds were initially disbursed as a loan, but some or all of the funds can potentially be forgiven.  more 

COVID-19 Disaster Assistance Programs

April 22, 2020.  The U.S. Small Business Administration (SBA) is providing low-interest rate federal disaster loans for small businesses and non-profits who have been affected by COVID-19. Currently, small businesses can borrow up to $2M in assistance and the interest rates are 3.75% for small business and 2.75% for non-profits. more 

Businesses Need To Take Coronavirus Action Today

March 31, 2020.  It is our goal to help businesses survive this economic storm and for them to come out stronger on the other side. There has been a ton of content pushed out about the Family First Coronavirus Response Act (FFCRA) and the CARE Act.  more 

The Coronavirus – Business And Personal Finances

March 19, 2020.  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. more 

So You Want To Start A Business

February 24, 2020.  We believe that entrepreneurship is the future of the Cape Fear Region and are highly supportive of efforts to promote and expand it. As a result, we often have the opportunity to talk to people that are in the process of getting ready to start a business. We are going to walk through some of the things that a potential business owner should evaluate as they start the process.  more 

Don’t Procrastinate – How Waiting To File Your Taxes Can Hurt You

February 11, 2020.  It is human nature to procrastinate things that we fear, don’t understand, or don’t like. For many people, income taxes meet those criteria. They often wait until the last minute even though it is not in their best interest. Today we will dive deeper into the pros and cons of filing your income tax returns early vs late.   more 

Found Money: Tax Extenders and Disaster Relief

January 1, 2020.  On December 21, 2019, President Trump signed into law a spending bill that included good news for taxpayers in Southeaster NC. The spending bill included retroactive major disaster related tax relief that we know will put more money back into taxpayers’ pockets.    more 

The S Corporation: The Evolution of Self-Employment Taxes and The Reasonable Salary

December 23, 2019.  S corporation (S Corp) taxation is a popular election for many business owners that originally form an association (corporation) or limited liability company (LLC).    more 

KPIs: Finding Your True North

November 15, 2019.  Much like the advantages and challenges of knowing where true north is in navigation, using the right key performance indicators (“KPIs”) can help business owners navigate their own financial voyages.   more 

Up-to-Date and Accurate Books: A Key Component of Business Decisions

October 15, 2019.  Information regarding how your business can have the best financial data with which to make decisions. And the importance of up-to-date and accurate books.   more 

When the Storm Passes

September 27, 2019.  Sorting through storm damage and trying to understand your insurance coverage can be overwhelming for both individuals and business owners.   more 

Why You Need Timely Financial Data

September 17, 2019.  As an entrepreneur in today’s world, everything moves at a quick pace. When it comes to timely financial data, there are three main components that will impact it: infrastructure and processes, technology, and business management.   more 

Are You Still Paying Tax Penalties for Not Having Health Insurance?

September 1, 2019.  Most people are familiar with the Affordable Care Act (ACA) and the requirement to have health insurance or else be penalized on income tax returns. There is a little known break that will help residents of most North Carolina counties for 2017 and beyond.   more 

Trade Crypto Currency? Chances Are the IRS Knows About It

August 16, 2019.  Recently, the IRS has made a PR push to let cryptocurrency traders know that letters are being sent to warn them to review the rules about tax reporting of cryptocurrency transactions, focusing on encouraging tax compliance.   more 

Charitable Donations After Tax Reform

August 2, 2019.  Taxes have long been used to achieve certain societal goals, or at minimum incentivize acting in a certain manner. The U.S. Tax Code has undergone some of the most significant changes in its history with the passing of the Tax Cuts and Jobs Act.  more 

Business Owner Frustrations

July 15, 2019.  The best way to avoid business owner frustrations is to have a trusted advisor and financial strategy.  more 

Business Budgeting

June 12, 2019.  The effectiveness of a budget is determined by the effort and focus you put into it. A robust budgeting process should be prioritized by small business and large corporations alike.  more 

Do You Know Who You Are Dealing With? How to Mitigate Risk Through Investigative Due Diligence.

April 15, 2019.  The potential risks of doing business with someone you don’t know goes well beyond simple economic loss. Mitigating these risks can be accomplished through investigative due diligence. more 

Is Your Rental Property Eligible for 20% of Income Tax-Free?

April 1, 2019.  The Qualifying Business Income (QBI) deduction allows taxpayers to potentially receive 20% of their business income tax-free. While it may not be intuitive that QBI applies to rental income, it can, so long as certain criteria is met. more 

Insightful Discussions: Advice for Long-Term Wealth Management

February 21, 2019.  Local Wilmington professionals share financial planning and accounting strategies for managing wealth through uncertainty and into the future. more 

Is Your Business Susceptible to Fraud? How to Mitigate Fraud Risk

February 1, 2019.  The costs of addressing the risks of fraud and misconduct are small when compared with the huge losses that can result from the misappropriation of assets. more 

Taking the “Fun” Out of the Tax Code

January 15, 2019.  With the passing of the Tax Cuts and Jobs Act, the deductions for meals and entertainment expenses are now more limited than in the pre-2018 tax regime. more 

Qualifying Opportunity Funds: The New Holy Grail of Tax Deferral?

December 14, 2018.  This article explains Qualifying Opportunity Funds–a new tax reform option that individuals and entities could qualify to use. more 

Are You Read to Get 20% of Your Business Income Tax-Free?

November 30, 2018.  Information on the new Qualifying Business Income (QBI) deduction and how to find out if your small business qualifies.   more 

Tax Reform

February 23, 2018.  How tax reform could impact local businesses. more 

Leadership Lessons From The Battleship

November 15, 2017.  Lessons learned from an afternoon on the USS North Carolina, participating in a lunch-and-learn facilitated by Academy Leadership. more 

Cucalorus: No Longer Just Film

November 3, 2017.  This article was written to cover some of the events in Cucalous Connect and to encourage members of Wilmington’s business community to attend. more 

The 2017 Tax Reform Framework

October 2, 2017.  The goal of this article was to update readers on potential tax law changes. more 

Equifax Breach Highlights The Need To Protect Against Tax Identity Theft

September 11, 2017.  This article was written to make readers aware of income tax related identity theft, ways to prevent it and what to do if they experience it. more 

Do You Need a Virtual CFO?

September 1, 2017.  An article to help educate entrepreneurs on the pros and cons of engaging a virtual CFO. more 

2017 Tax Changes: The Million Dollar Question

August 1, 2017. The article was written to update readers on potential tax law changes. more 

A Guide To The IRS Collection Process

July 14, 2017. This article was contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

What’s Your Plan?

June 30, 2017. This article was written to highlight the value of creating, implementing, and tracking against a plan. more 

WHY DID I GET AUDITED BY THE IRS?

May 15, 2017. This article explains the process that goes into selecting specific returns for audit. more 

PROTECT AGAINST TAX IDENTITY THEFT

May 1, 2017. This article was written to make readers aware of income tax related identify theft, ways to prevent it, and what to do if you experience it. more 

WHO EARNED WHAT?

April 14, 2017. This article by Richard Pasquantonio CPA/CFF, CFE, CDFA communicates a narrow issue that affects independent contractors with a Limited Liability Company (LLP) that elect S corporation status with the IRS. more 

THE EVOLUTION OF SELF-EMPLOYMENT TAXES AND THE REASONABLE SALARY

April 3, 2017. This article covering the creation of S corp taxation, a popular election for many business owners, was contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

MANAGING STRESS CAN LEAD TO ENTREPRENEURIAL SUCCESS

March 15, 2017. This article was contributed by Jessica Ahlum, Mindfulness Coach and CEO/Founder of Health Impacts. more 

OPEN SOURCE LEDGERS ARE COMING

March 1, 2017. This article was contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

POOR COMPANY CULTURE CAN LEAD TO FRAUD

February 15, 2017. This article by Richard Pasquantonio CPA/CFF, CFE, CDFA highlights that businesses are at risk for hard and soft losses that arise when otherwise productive and ethical employees are exposed to detractors within and organization. more 

YOUR PATH (ACT) TO R&D TAX CREDIT

February 1, 2017. This article was contributed by Caroline Ballance, CPA. more 

A GUIDE TO THE IRS COLLECTION PROCESS

January 16, 2017. This article was contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

HOW TO INCENTIVIZE EMPLOYEES WITH EQUITY OWNERSHIP

January 2, 2017. The article was written to give readers an overview of some of the equity compensation tools available to scaling and growing companies. more 

POTENTIAL TAX CHANGES UNDER OUR NEXT PRESIDENT

December 15, 2016. This article was contributed by Adam Shay, CPA. more 

START SHAPING YOUR TAX SITUATION NOW

December 1, 2016. This article was written to inform readers of the benefits of tax planning and working to optimize their tax situation. more 

PREPARE NOW FOR 2017 TAX DEADLINE CHANGES

November 15, 2016. This article was written to help readers avoid surprised with changes to the tax filing deadline this coming spring. more 

MISSED THE TAX DEADLINE? DON’T WORRY BUT DON’T WAIT

November 1, 2016. The article was contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

THE RIGHT QUESTIONS TO ASK ANY ADVISOR

October 17, 2016. This article was written to provide readers with information to help evaluate potential service providers. more 

A GUIDE TO TAX NOTICES AND HOW TO HANDLE THEM

October 3, 2016. This article was written to cover the most common tax notices received and to encourage individuals and businesses to engage a CPA if they receive such a notice. more 

A NEW APPROACH TO WILMINGTON’S GROWTH

September 1, 2016. This article was contributed by Adam Shay, CPA. more 

COMPLYING WITH NEW FEDERAL OVERTIME REGULATIONS

August 23, 2016. Adam Shay, CPA explains new regulations regarding overtime pay for white-collar workers, set to take effect on December 1. more 

IT’S ALL ABOUT PACE

August 15, 2016. This article was written to help raise awareness of pace as it pertains to your business. more 

sale-LEASEBACK STRATEGIES FOR EXIT AND GROWTH

August 1, 2016. An in-dept look at sale-leaseback strategies, contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

INTERNAL CONTROL – HOW SWEET IT IS

July 15, 2016. This article by Richard Pasquantonio CPA/CFF, CFE, CDFA was written to give readers a better understanding of how internal controls work to protect a business. more 

LESSONS LEARNED FROM ELON MUSK

July 1, 2016. This article was contributed by Adam Shay, CPA. more 

PLAN FOR YOUR BUSINESS EXIT

June 15, 2016. This article was written to highlight some of the tax-related issues pertaining to the sale of a business. more 

HOW TO PREVENT ELDER FRAUD

June 1, 2016. Part II of a two-part series contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

UNDERSTANDING FINANCIAL ELDER FRAUD

May 15, 2016. Part I of a two-part series contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

LESSONS FROM GREAT WOLF LODGE

May 1, 2016. This article was contributed by Adam Shay, CPA. more 

COMPANY CULTURE AS A CRITICAL SUCCESS FACTOR

April 15, 2016. This article was contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

THE VICIOUS SELF-EMPLOYED TAX CYCLE

April 1, 2016. This article by Meridith Belcher explains ways self-employed individuals can work to relieve themselves of being behind on taxes. more 

HOW SHOULD YOU PRICE YOUR PRODUCT OR SERVICE?

March 15, 2016. Adam Shay, CPA shares his insights and thoughts on pricing. more 

Why We Always Need to Be Innovating

February 15, 2016. Adam Shay, CPA shares his belief on why innovation is well worth the risk. more 

Help Up Help Others

February 1, 2016. This article by Meridith Belcher highlights the different ways Adam Shay, CPA gives back to its community. more 

Next Glass, Post-Untapped Merger, & 9 More Startups to Watch in Wilmington

January 20, 2016. This ExitEvent article was contributed by Adam Shay, CPA. more 

Blood From a Turnip

January 15, 2016. This article was contributed by Richard Pasquantonio CPA/CFF, CFE, CDFA. more 

Why I Am Excited About Starting a WALE of a New Year

January 1, 2016. This article highlights new, local entrepreneurial organizations. more 

Modern Family

December 15, 2015. This article by Richard Pasquantonio CPA/CFF, CFE, CDFA discusses efforts being made to implement more sophisticated tax and estate planning to meet the needs of the modern family. more 

Don’t Be Afraid to Soar in the Cloud

December 1, 2015. This article by Lauren McKenzie, CPA outlines the benefits of cloud accounting software. more 

Caveat Venditor – Seller Beware?

November 15, 2015. This article by Richard Pasquantonio CPA/CFF, CFE, CDFA was written to help businesses understand the liability for fraudulent purchases that they are exposed to if they failed to become EMV compliant since the October 1, 2015 deadline. more 

Can Cucalorus Create a SxSW-Like Experience in Wilmington?

November 3, 2015. This article was written to highlight the events in Cucalorus Connect and to encourage members of the business community to attend. more 

Why Entrepreneurship is Optimism in the Future

October 15, 2015. Adam Shay, CPA shares his optimism about the future of entrepreneurship in the Cape Fear region. more 

Litigation: Making Cents Out of All the Numbers

October 1, 2015. This article by Richard Pasquantonio CPA/CFF, CFE, CDFA explains what a CFF is and explains how their services can provide value during litigation. more 

What are Your 5 Pillars?

September 15, 2015. This article was written to illustrate the importance of company core values and to cover some of the processes to help identify and share core values if you have not already done so. more 

Problem Solving Requires Valid Data

September 1, 2015. This article was written to cover the importance of valid data in order to make personal and business decisions. more 

Why Discounts Can Destroy Your Business

August 15, 2015. This article was written to cover the dangers of relying on discounting and price competition and to encourage businesses to look elsewhere for competitive advantages. more 

Will Downtown Wilmington Become NC’s Newest Startup Hub?

August 4, 2015. This article by Adam Shay, CPA highlights Wilmington Businesses that have made the move to Downtown Wilmington. more 

The Role of a Virtual CFO

August 1, 2015. This article was written to educate entrepreneurs on the pros and cons of engaging a virtual CFO. more 

Business is About More Than Numbers

July 15, 2015. This article was written to encourage entrepreneurs to find their true passions and incorporate them into their business model and to use their business model to influence others. more 

Why You Should Be Using KPIs

July 1, 2015. This article was written to help to help understand how KPIs can be a great way to improve the performance of your business. more 

Why You Should See Your CPA More Than Once a Year

June 15, 2015. This article was written to expose more people to the concept of tax planning. more 

Why You Should Leave Cash in Your Business

June 1, 2015. This article helps you understand why business owners need to keep working capital in the business and to offer some steps to get there. more 

Silicon Valley Tools for Wilmington’s Beach Startups

October 9, 2014. This article written by Adam Shay, CPA covers some of the advantages that new business tools, such as Elite Innovations MakerSpace, are offering for entrepreneurs. more 

 

Business of Beer: Challenging, Costly and Friendly

August 13, 2014. This article written by Adam Shay, CPA covers some of the lessons shared at a recent UNCW CIE Business of Beer at the Beach event. more 

 

CPAs Volunteer Time at Food Bank

September 20, 2013. This news story covers the NCACPA’s 2013 day of service event at the Food Bank of Central and Eastern NC. more 

 

Support Entrepreneur Center

August 23, 2013. Adam’s editorial covers the reasons why the entire community should support the UNCW Center for Innovation and Entrepreneurship (CIE). more 

 

Tax Reform to Usher in Number of Changes

August 2, 2013. This feature article focuses on some of the nuances of the NC tax law changes that were passed July 23, 2013. more 

 

Info Junkie: Adam Shay

August 5, 2013. This short piece covers some of Adam’s favorite ways to get information. more 

 

Affordable Care Act Small Business Terms

June 12, 2013. This front page article covers some of the ways that business owners can approach the Affordable Care Act in a more positive way (making lemonade out of lemons). more 

 

Prepping for Tax Season: What Real Estate Agents Need to Know

February 21, 2013. Adam and other knowledgable tax professionals share tips for those in the real estate profession. more 

 

Tax Reform Requires Better Plans

February 21, 2013. This editorial covers Adam’s encouragement for the NC legislature to have a more strategic approach to NC tax reform. more 

 

In Business to do More Than Earn a Dollar

September 16, 2011. This article covers Adam’s approach to business and his thoughts about being one of the first Certified B Corporations in Wilmington. more