Changes to ERC Deductions for North Carolina Employers and Expansion of NC Business Recovery Grant Program for Phase Two Applications

North Carolina’s legislature recently changed state tax laws governing employers’ ability to deduct the employee retention credit from state taxable wages and significantly expanded eligibility for a business grant program with an application deadline of June 1, 2022.

High Inflation with Inventory? Consider a LIFO Election for the 2022 or even the 2021 Tax Year if You Received an Extension

When inflation is high, certain companies could use it as an opportunity to save on taxes. Electing LIFO for the 2021 tax year might be a smart move, but time is running out. It’s also not too early to begin evaluating LIFO calculations for 2022.

2022-03-20T10:29:35-04:00March 16, 2022|Categories: Accounting, Tax: Business|Tags: , , |

4 Solutions That Could Help the IRS Better Serve Taxpayers

It’s been more than 100 years since the first Form 1040 was introduced. Fast forward to 2022 and this tax season is on track to be the worst ever. So, why is the agency so far off its game and what are the potential solutions?

2022-02-23T13:20:41-05:00February 23, 2022|Categories: Tax: Business, Tax: Individual|Tags: |

S-Corporation Shareholders May Need to File Form 7203 with 2021 Taxes

For the first year, some S-corporation shareholders will be required to include Form 7203 with their individual or trust tax returns. With shareholder basis continuing to be a major IRS audit focus, shareholders need to make sure they are consistently tracking their basis on Form 7203 with all the required annual adjustments.

2022-02-17T16:04:13-05:00February 17, 2022|Categories: Tax: Business, Tax: Individual|Tags: |

Did You Miss Out on the Employee Retention Tax Credits?

Many employers do not realize they could benefit from the ERC.  As businesses close their books and records for 2021 and begin to work on tax compliance, it is a good opportunity to revisit the ERC to clear up any confusion that may exist.

2021-12-21T10:12:46-05:00December 21, 2021|Categories: PBMares COVID-19 Insights, Tax: Business|Tags: , , |

Updated IRS Guidance on Meals and Entertainment Expense Deduction

In 2021 and 2022, a temporary change to the tax code allows companies to deduct 100 percent of most business meal and entertainment expenses. Guidance on per diem deductibility has also been clarified.

2022-01-10T09:28:30-05:00December 20, 2021|Categories: Tax: Business|Tags: , |
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