The DMJPS Digest: A CPA Blog
Insights and musings from the desk of DMJPS professionals.
Financial Accounting Blogs for Businesses & Individuals
Are you perplexed by new tax laws and need advice on how to comply with the latest regulations? Do you want to improve your financial literacy so you can run a more efficient and profitable business? You’ve come to the right place. DMJPS PLLC’s accounting blog provides the latest insights and expert knowledge to help your business navigate a complex and ever-evolving industry.
DMJPS’ team of highly-experienced specialists provides expert advice and in-depth analysis of the latest news, trends, practices, and regulations to help you stay up-to-date on the most current developments. DMJPS’ accounting blog covers the most important financial reporting issues that affect many individuals, businesses, and organizations.
Preparing for Your Audit: A Comprehensive Guide
Preparing for an audit can seem daunting, but with the right steps, you can ensure a smooth and efficient process. Here's a step-by-step guide to help you prepare effectively for your upcoming audit. 1. Start Early Engagement Letter: Begin by securing an engagement...
North Carolina Economic Report – 2024 Third Quarter
The following report presents findings from North Carolina's third quarter, prior to the impact of Hurricane Helene on Western NC. The fourth-quarter report will include data after October 1. Highlights: DMJPS is pleased to provide a statewide quarterly...
What Nonprofit Leaders Need to Know About Excise Tax to Avoid Penalties
Nonprofit leaders face great responsibility, especially when understanding the legal and tax requirements involved in managing a tax-exempt organization. Specifically, nonprofit leaders need to understand excise tax related to nonprofits to avoid potential fines,...
Disaster Recovery Act- Interest Relief Summary
On October 25, 2024, the NC Department of Revenue issued Directive TA-24-1. Part II allows taxpayers in eligible counties to request relief from the assessment of interest on unpaid taxes due to Hurricane Helene. Also eligible are those taxpayers whose tax preparer,...
North Carolina Economic Report – 2024 Second Quarter
Highlights: DMJPS is pleased to provide a statewide quarterly economic report with highlights of North Carolina’s fifteen metros for the second quarter of 2024. The state’s economic indicators suggest overall steady growth and reflect an adaptable economy. In the...
Hurricane Helene Tax Relief
In September 2024, Hurricane Helene brought unimaginable destruction to our neighbors, friends, and clients in western North Carolina, South Carolina, and eastern Tennessee. In the past month alone, our state experienced storm damage from Hurricane Debby in the east...
Tax Tips For Selling Real Estate
In 1789, Benjamin Franklin stated in a letter to a friend, “… in this world nothing is certain except death and taxes.” Over 200 years later, both of these observations seem to still hold true. However, with some awareness of the rules and proper planning, taxes can...
Qualified Charitable Distributions – A Powerful Tool for Those Who Qualify
In today’s world of higher standard deductions and fewer itemized deductions, the Qualified Charitable Distribution (“QCD”) is a powerful tool that should be considered. For eligible taxpayers who have charitable obligations to meet, this is a winning strategy with...
How Changes to Form 5500 Rules May Affect Audit Requirements
Employers that sponsor employee benefit plans (EBPs) must ensure that they comply with federal laws enforced by the IRS and the U.S. Department of Labor (DOL). The government uses Form 5500 to collect information about EBPs and monitor employers’ legal and regulatory...
North Carolina Economic Report – 2024 First Quarter
Highlights: DMJPS is pleased to provide a statewide quarterly economic report with highlights of North Carolina’s fifteen metros for the first quarter of 2024. The state’s indicators point to overall steady but moderate growth, with churn among industry employment...
Stay in the Know With DMJPS’ Business Accounting Articles
The world of finance and reporting often has many complex regulations that can frustrate even the best in the industry. DMJPS can simplify complicated issues to improve your understanding and help you make informed decisions. Our accounting blogs provide businesses and individuals with a wealth of guidance, insightful content, and actionable solutions to reduce impediments on your path to growth.
If you want to stay ahead of the latest developments and gain the most comprehensive insight into the world of accounting, invest your time in reading our CPA blog. DMJPS’ business accounting articles are written by our team of nationally-acclaimed specialists, offering educational resources, strategic advice, and practical solutions to help you fulfill your most pressing financial and tax obligations.
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Tax Watch
Special Year-End Audit Considerations for 2025
For many companies and organizations, audits are an important part of mitigating risks, streamlining operations, and keeping business running smoothly. However, if your organization is preparing for a year-end audit, your team should be aware of some potential policy...
How to Choose Between Standard Mileage and Actual Expenses for Tax Deduction Purposes
As a small business owner, handling your own business taxes probably isn't your favorite pastime. Still, when it comes time to prepare your tax return, you'll want to take advantage of every deduction and credit available to you to reduce your tax burden. If you're a...
Using a Business Valuation to Provide More Than Just A Value
More often than not, it is a specific event which triggers a company or an advisor to request a business valuation. This can be from a tax reporting event (estate reporting, gift tax reporting, charitable contribution), litigation or divorce, or desire to sell or...
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