Effective January 1, 2024, the tax credit for electric vehicles (EVs) will be available at the car dealership—at the time of purchase. This is very exciting news for those who are considering purchasing an EV. The current process of claiming an EV credit (for a vehicle placed in service during tax years 2023 and before)… [Read More].
One of the prominent areas of my legal practice is taxpayer representation—and one component involves representing clients in tax examinations (audits) by the IRS and state departments of revenue. Fortunately, most taxpayers have never had a tax return examined by the IRS. But because IRS activity is picking up, I thought it might be useful… [Read More].
All small business owners should have a set of books that record the business’s financial position, operating results, and cash inflows/outflows. For very small and extremely simple businesses, a spreadsheet might work. However, for the overwhelming majority of my small business clients (especially those organized as LLC’s and corporations) a spreadsheet will not cut it…. [Read More].
In the past two or three years (which interestingly coincides with the Covid pandemic), I have received more frequent inquiries from clients seeking legal and tax advice regarding problematic situations among owners of multi-member LLCs. Though the specifics of these scenarios differ greatly, typically a well-drafted operating agreement could have prevented much of the dissatisfaction… [Read More].
Given that many of you are now in the process of engaging for 2022 tax preparation, for this month’s blog I thought it was important to prepare clients for what to potentially expect for 2022, as compared to 2021. There were many tax benefits that were in place for tax year 2021 (due to the… [Read More].
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].
Christmas has come a bit early this year for millions of taxpayers who filed late tax returns for tax years 2019 and 2020. The IRS recently announced in Notice 2022-36 that it will be providing automatic penalty relief to individuals and businesses who failed to file a timely tax return. This relief applies to 2019… [Read More].
Summer is the most common season for relocation. Given the prevalence of interstate moves in recent years, many small business owners are curious about some of the impacts that moving to a new state can have on a small business that they own. I have received several requests for consultations on this topic recently and… [Read More].
If you invest in stocks, bonds, mutual funds, ETFs, cryptocurrency, real estate, or other assets that produce income and gains, then you definitely know how tough it can be to achieve a successful result. This is especially true in 2022—many analysts have described the recent downtown in the crypto markets as a “crypto crash” and… [Read More].
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].