In The News
In The News
We’re a humble group and love to serve people. We also take pride in our knowledge and skills and love to share them with both individuals and the press!
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