Government shutdown writte on a blue star background

The extremely tight margin of the controlling party in the House of Representatives has led to some interesting, historic, and some might say chaotic outcomes on U.S. government operations this year. Legislation involving the basic functions of our government has become significantly more difficult to pass. We narrowly avoided a national debt default this past… [Read More].

winter landscape

Because the vast majority of small businesses operate on the cash basis of accounting (meaning that expenses are deducted when paid), it can be critical from a tax standpoint whether a transaction occurs on December 31 versus January 1. Generally, a transaction that occurs on December 31 (i.e. before the calendar year closes) is reportable… [Read More].

Hurricane Ian Satellite Imagery

Last week, Hurricane Ian wreaked havoc upon the states of Florida, North Carolina, and South Carolina. My sincerest thoughts and prayers are with everyone who has experienced loss of life, health, property, and security associated with this hurricane and other recent disasters. Most readers of my blog are aware that I live in North Carolina,… [Read More].

Flags on Poles Near Building

Each year I provide a tax organizer document for each of my tax preparation clients to complete. It requests demographic information and answers to several questions about the client’s tax situation. These questions ask about the client’s income and deductions and seek information to determine the client’s tax reporting obligations. One question that appears on… [Read More].

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