Tax Section
Attachment and Garnishment of Bank Accounts: NC Department of Revenue Collection Practices
The IRS has a resounding reputation as the tax collecting body to be feared in the United States. It is the North Carolina Department of Revenue…
Federal Income Tax Update No. 2
This is the second of two installments of this article. Read the first installment here. I. Charitable Deduction Fails Where Tax Basis Not Shown on Form…
Section 199A Pass-Through Deduction and the Magic Number
The 2017 Tax Act includes a new deduction for qualifying pass-through entities codified as Section 199A. Taxpayers other than corporations operating a…
Executive Compensation Excise Tax On Tax-Exempt Organizations Produces Surprising Results
The IRS recently issued Notice 2019-9 to provide interim guidance on the excise tax on certain executive compensation paid by applicable tax-exempt…
Federal Income Tax Update No. 1
This is the first of two installments of this article. Find the second installment here. I. Audit Statistics: What Are Your Chances of Being Audited? The…
Taxation of Trust Income Deemed Unconstitutional: NC Supreme Court Decision in Kaestner
On June 8, the North Carolina Supreme Court affirmed the 2016 decision of the North Carolina Court of Appeals in Kimberly Rice Kaestner Family Trust v. North…
Qualified Opportunity Zones
On October 19 the IRS issued proposed regulations and a revenue ruling about opportunity zones, which are an important tax incentive program in the major tax…
When Are Meal Expenses Nondeductible Entertainment?
The IRS recently issued Notice 2018-76 to provide transitional guidance on the deductibility of certain business meal expenses. Taxpayers may rely on the…
Thoughts After Kiawah
It was great seeing many of you over the Memorial Day weekend at the Tax Section Annual Workshop in Kiawah. I am pleased to say that we are making…
Federal Income Tax Update, Part II
I. No Tax Basis Increase for Loan Guaranties Even After the S Corporation Loan Is Called in Full. An S corporation shareholder may deduct his/her pro rata…