John G. Hodnette
Don’t Get Caught Holding the Bag: Embezzlement Repayments and NOL Limitations
The net operating loss (“NOL”) rules in Section 172 are complex. A revisit every few years is beneficial, particularly given the 2017 Tax Act modified…
2017 Tax Act’s $11.2 Million Estate, Gift, and GST Tax Exemption Will Expire In 2025
The Tax Cuts and Jobs Act of 2017 doubled the unified exemption for the estate, gift, and GST taxes from about $5.6 million to about $11.2 million (adjusted…
Tricky Rules For Amending Tax Returns
Amending returns can cause clients and practitioners needless anxiety if they do not fully understand the applicable rules. This short article describes…
The Ricky Ricardo Tax: Taxation of Marital Transfers to Non-Citizen Spouses
“I Love Lucy,” running originally from 1957 to 1960, exists in the collective memory of multiple generations of Americans as one of our most iconic…
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…
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…
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…