by Drew Haddock | Jan 23, 2023 | Tax Watch
Effective for tax years beginning after 2021, all research and experimental (R&E) expenditures paid or incurred in connection with a trade or business are required to be capitalized and amortized for tax purposes. This was a revenue raising item in the Tax Cuts...
by Caren Rodriguez | Jan 10, 2023 | Tax, Tax Consulting, Tax Watch
As a new year begins, we want to remind those doing business in North Carolina of a commonly overlooked withholding requirement. General Requirements: Businesses are required to withhold North Carolina state income tax at a rate of 4% on payments to any of the...
by Dorinda Bennett | Jan 9, 2023 | Audit and Accounting, NonProfit, Tax Watch
Government funding brings some rather complicated reporting and auditing requirements. This can apply to both for-profit businesses and not-for-profit organizations (NFPs) that receive federal funding. NFPs should be aware of their auditing obligations under...
by Karen Gray | Dec 2, 2022 | Healthcare, Tax Watch
Provider Relief Funds (PRF) were provided to healthcare providers to address issues with lost revenues and increased expenses related to the COVID-19 pandemic. By providing these funds, the government attempted to foster and maintain the national health system so that...
by DMJPS PLLC | Nov 30, 2022 | NonProfit, Tax Watch
After almost a year of negotiations, President Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16. The law, which originated in 2021 as the much larger Build Back Better Act, includes more than $430 billion in tax credits and other incentives...
by Milton Howell, CPA | Nov 16, 2022 | Business Consulting, Professional Services, Real Estate & Construction, Tax, Tax Consulting, Tax Watch
The purpose of this memo is to alert you to a tax issue which has penalized you since 2018, and an opportunity to mitigate this – new for 2022. After you have had a chance to digest this information, please reach out to your DMJPS contact to discuss whether you should...
