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Beneficial Ownership Information (BOI) Reporting is a new reporting requirement in effect in 2024 for all reporting companies. Reporting companies are entities created or registered in the United States by filing a document with the Secretary of State or similar office. Where To File This Report: You can file the report(s), at no charge, directly [...] The post New 2024 Reporting Requirement appeared first on Dreher Martin CPA.

Business Meals: 2023 Update During 2021 and 2022, we encouraged business owners to take advantage of business meals as they were 100% deductible. In 2023, this expense reverts back to the 50% limit. There are some exceptions to the 50% rule where the full meal can be expensed such as dinner for employees working late [...] The post Business Meals appeared first on Dreher Martin CPA.

The Inflation Reduction Act of 2022 (IRA) passed in both the Senate (August 7, 2022) and the House (August 12, 2022).   IRA is a much scaled-back version of President Biden's Build Back Better Plan (BBB), blocked by Senators Joe Manchin, Krysten Sinema, and all 50 Republican Senators. Many of the BBB Plan's tax provisions that [...] The post Inflation Reduction Act of 2022 appeared first on Dreher Martin CPA.

This article is a follow-up to our article regarding the Pass-Through Entity Election located here https://drehermartin.com/2022/06/north-carolinas-new-pass-through-entity-tax-election/.  Suppose you have a profitable single-member LLC (SMLLC) reported directly on your personal income tax return. In that case, it may be advantageous for tax purposes to convert it to a partnership or an S-Corporation. By doing so, you [...] The post Single Member LLCs and the Pass-Through Entity Tax Election  appeared first on Dreher Martin CPA.

On November 18, 2021 North Carolina governor Signed Senate bill 105 which includes a new elective Pass–Through Entity Tax (“PTET”).  This law, first effective in 2022, has the potential to save federal income taxes by making NC income taxes on pass-through entities (“PTEs”) income deductible when they may have not been in the past.  This [...] The post North Carolinas New Pass-Through Entity Tax Election appeared first on Dreher Martin CPA.

In 2017, the Tax Cuts and Jobs Act went into effect, limiting the SALT deduction to $10,000 and doubled the standard deduction amount.  This action was thought to be punitive to high tax Northeastern states and California, predominantly controlled by democrats. Recently, the U.S. Senate and House passed a $3.5 trillion FY2022 Budget Resolution Framework.  [...] The post Will the State and Local Tax (SALT) Deduction Cap be repealed? appeared first on Dreher Martin CPA.

On February 25, 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). The new lease standard will take effect for fiscal years beginning after December 15, 2021. Early application is permitted. Below is a brief outline of the standard. ASC 842 and ASC 840 The new lease accounting standards [...] The post New Lease Standard – Now is the Time to Prepare! appeared first on Dreher Martin CPA.

In the continually changing landscape of 2020, we can add a new form for 1099 Reporting.  All payments for Contract Labor previously reported in Box 7 of the 1099-MISC will now be reported on the new 1099-NEC. 1099-NEC: A New Form for Independent Contractor Reporting The 1099-NEC is designed for contract labor or nonemployee compensation.  [...] The post The New 1099-NEC and 1099-MISC: What Every Organization Needs to Know appeared first on Dreher Martin CPA.

When I think of my favorite brewery, it is an image of laughter with friends, a relaxed atmosphere, and a great IPA. Unfortunately, the picture gets destroyed when I look at the Alcohol and Tobacco Tax and Trade Bureau ("TTB") website (www.ttb.gov/beer). It is not a laughing matter, but it doesn't have to ruin the [...] The post Beer and Taxes: An Industry Perspective appeared first on Dreher Martin CPA.