North Carolina Construction Sales and Use Tax
In 2017, North Carolina sales and use tax related to construction changed, creating a binary system. Although the Department of Revenue released Directive…
Should I Own Real Estate through an S Corporation or a Partnership?
Holding real estate through an S corporation may seem like a good idea at first glance. Almost all professionals, however, recommend a partnership over an S…
Statutes of Collections for Federal and North Carolina Taxes
For administrative convenience, federal and North Carolina law both provide that after a specific period of time, uncollected taxes are written off and…
Tax Advantages of S Corporations
Limited liability companies can elect to be taxed under federal and state law in a number of different ways. One popular choice for small business owners is…
Federal Income Tax Update
This is the second installment of this article. The first installment was previously posted on the Tax Section’s blog. I. No Easement Charitable…
Gain Exclusion for Section 1202 Stock
The decrease in the corporate tax rate by the 2017 Tax Act has made it more favorable for businesses to operate as C corporations. With more businesses opting…
2020 Federal Income Tax Update
This is the first of two installments of this article. The second installment will be posted soon on the Tax Section’s blog. I. Audit Statistics; What Are…
Annual Meeting Between the Tax Section and the IRS
Dec. 2, 2020, marked the annual meeting between the Tax Section and the IRS, along with our invited guests from the Tax Committee for the North Carolina…
Reinstatement of 501(c)(3) Status for Charitable Organizations
Nonprofit organizations generally must file a Form 1023 with the IRS to obtain federal tax-exempt status under Section 501(c)(3). However, such status may not…
Tax Consequences of Terminating Whole Life Insurance with Existing Policy Loans
Whole life insurance, when distinguished from term life insurance, has several qualities that may create surprising tax results. One of these potential…