Over the past couple of years, several tax acts were enacted to assist in the taxpayer recovery from the COVID-19 pandemic. Most of the tax legislation from the American Rescue Plan (ARP) Act, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Consolidated Appropriations Act, 2021 (CAA 2021) have sunset provisions that…
This past year was relatively quiet on the tax legislation front. Over the past couple of years, several tax acts were enacted to assist in the taxpayer recovery from the COVID-19 pandemic. Most of the tax legislation from the American Rescue Plan (ARP) Act, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and…
January 14, 2022 As the recovery from the pandemic takes hold and the economy and life begin to return to a more recognizable form of normal, we hope you and your loved ones are safe and in good health. Throughout 2021, Congress has enacted various provisions designed to help taxpayers recover from the COVID-19 pandemic…
January 14, 2022 As the recovery from the pandemic takes hold and life begins to return to a more recognizable form of normal, we hope you and your loved ones are safe and in good health. Throughout 2021, Congress has enacted various provisions designed to help taxpayers recover from the COVID-19 pandemic and extended previously…
We urge you to ACT SOON! Due to income limitations, many of our clients may not be eligible for this credit or advance payment. We are recommending that married filers UNENROLL from the advance payment if your Adjusted Gross Income (AGI) is more $150,000 ($75,000 if single). To do so, please follow this link and…
In these challenging times, we hope you and your loved ones are safe and in good health. We recognize many of you have experienced many unexpected changes and hardships due to the COVID-19 crisis this past year. Congress addressed the crisis by passing the Coronavirus Aid, Relief, and Economic Security Act or “CARES Act” in…
House of Representatives Pass the CARE Act, including Paycheck Protection Program, which provides access to emergency capital for small businesses. This afternoon, after some eleventh hour drama, the U.S. House of Representatives passed the CARE Act. President Trump is expected to sign the act into law soon. In addition to the tax changes outlined previously,…
On Tuesday night, the Senate unanimously passed the Coronavirus Aid, Relief and Economic Security Act or “CARES Act”. The House is expected to pass this bill without significant changes and the President is expected to sign into law, shortly thereafter. The bill is a massive 880 pages and includes needed economic stimulus, as well as…
The N.C. Department of Revenue (NCDOR) announced that they will extend the April 15 tax filing deadline to July 15 for individual, corporate, and franchise taxes to mirror the announced deadline change from the Internal Revenue Service. However, under current regulation, the state is legally obligated to charge interest on late payments. Therefore, unless state…
As our team works diligently to prepare for the unknown as it relates to COVID-19 and our business, we are steadfastly working on solutions to help our beloved clients. While it has not yet been mandated for our office to close, most of our team is working remotely. Our technology permits all of our staff…