Your Future. Our Focus.

Your Future. Our Focus.

Charles Dean Smith, Jr., CPA

TITLE: Partner

Charles Dean Smith Jr. was exposed to small businesses at an early age, as his family owned a large commercial seafood and trawling business in Eastern North Carolina. He knew early in high school he wanted to be an accountant to help small businesses and started by contributing to his family business’ accounting functions.

Now, as a small business owner of three UPS Stores, two in Myrtle Beach, South Carolina and one in Ocean Isle Beach, North Carolina, he pulls on his own experiences to help others. Understanding the many hats they have to wear, Charles assists small business owners in all 50 states on various tax and financial planning matters. That includes being there at the inception of their venture, helping them through the entire life cycle of the business. He’s with them the entire way from making payroll in the early years to expanding their enterprise, investing extra cash to preparing for retirement, succession or acquisition.

With more than 25 years of experience, Charles focuses on providing manufacturing, distribution, restaurant and retail clients with tax compliance and consultation, with a focus on C corporations, S corporations and related shareholder issues, multi-state compliance and accounting method changes in myriad industries, including, but not limited to, consumer products and retail, agribusiness, real estate and professional services. He has also worked with several large national franchise groups for the past 20 years providing tax compliance and planning services.

Charles also believes in going beyond daily tax services by supporting the community at-large. He is a former board member and active with the Tryon Civitan, the New Bern, North Carolina chapter of Civitan International. He’s also involved with the New Bern Chamber of Commerce’s Leadership Craven. Charles’s passion is fundraising for the National Multiple Sclerosis (MS) Society and he believes strongly in their mission to help those affected by MS live their best lives, restore what that have lost, and end MS forever. His passion is demonstrated through his active involvement in the organization, including serving on the Board of Trustees as vice president of financial performance for the Greater Carolinas Chapter, as well as on the national budget development advisory committee for the National MS Society. Additionally, over the last decade, he has volunteered with the National MS Society during Bike and Walk MS events throughout North and South Carolina. He’s also served on the local planning committee for the Bike MS Historic New Bern Ride, which brings more than 1,800 cyclists and 2,000 volunteers to New Bern each September for one of the Top 10 largest cycling events in the southeast and one of the Top 4 cycling events for the National MS Society.




Construction and Real Estate, Manufacturing and Distribution, Restaurants, Retail

Tax: Business
“I enjoy working with small business owners throughout the entire life cycle of the business and watching their challenges change from how to make payroll in the early years to investing extra cash for retirement and expanding locations.”
US Treasury Building

Beneficial Ownership Information (BOI) Report

October 3, 2023  |  Charles Dean Smith, Jr. and Edward T. Yoder

Starting on January 1, 2024, millions of entities will be subject to new reporting requirements. The Beneficial Ownership Information (BOI) Report is a non-tax form that entities must file with the Department of Treasury’s Financial Crimes Enforcement Network, or FinCEN.


Deadlines for Claiming the Employee Retention Credit (and It’s Not July 31, 2023)

Employee Retention Credit Deadlines

The deadline for claiming the Employee Retention Credit (ERC) is getting closer. If you are an eligible business or nonprofit organization, you still have time to determine your eligibility and file your claim. That time, however, will run out soon with strict filing deadlines coming up in 2024 and 2025.

Increase in Social Security Wage Base, Wage Caps and Benefit Amounts Announced for 2023

Social Security Administration

The Social Security Administration recently announced their annual inflation changes to the Social Security wage base, annual wage cap, and benefit amounts that will be effective January 1, 2023. These 2023 inflation increases are the largest percentage increases since 1981 and the fourth-largest increase ever for the Social Security program.

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

North Carolina state flag

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.

North Carolina Budget Allows PPP Deductions, Reduces Tax Rates, Establishes SALT Workaround

North Carolina Tax Cuts

The long-awaited 2021-2023 biennial North Carolina budget was passed by the General Assembly and signed by Governor Roy Cooper on November 18, 2021. Media outlets have focused on high-profile provisions, such as raises for teachers and other state employees. Other provisions – including historic tax cuts – immediately impact all North Carolina taxpayers.

Infrastructure Bill Passes, Build Back Better Act Vote on the Horizon

Legislative Tax Update

On November 5, 2021, Congress passed a $550 billion Infrastructure Investment and Jobs Act. This bill is separate from the Build Back Better Act, which includes the highly discussed and more significant tax proposal changes. Read on for a summary of tax changes passed by the infrastructure bill and proposed changes from the Build Back Better Act.

Recovery Startup Provision: How New Startup Businesses Can Possibly Claim the ERTC

Startup Business - ERTC

Businesses that started during the pandemic have a new opportunity to claim the Employee Retention Tax Credit for the 3rd and 4th quarters in 2021. There are minimal eligibility requirements to net up to $100,000 in tax credits for the year. Act now to include the credit on your 2021 3rd quarter payroll tax return.

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