Resources tagged with 'Keith A. Wood'

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North Carolina Adopts New Changes to Contractor Income Tax Withholding Rules

Senate Bill 523 (July 26, 2019) made significant amendments to N.C.G.S. 105-163.3, which requires that any payer paying more than $1,500 in a calendar year to an ITIN contractor to withhold 4% of income tax on the compensation being paid to the ITIN contractor.  Under the amended N.C.G.S 105-163.3, effective January 1, 2020, a payer must deduct and withhold 4% NC income tax from nonwage compensation paid to a "payee" if the payer expects to pay more than $1,500 to the payee in that calendar yea ...
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Sixteen Carruthers & Roth Attorneys Named to 2020 Best Lawyers® List

Greensboro, N.C. - Carruthers & Roth, P.A. is pleased to announce that 16 of the firm’s attorneys representing 25 practice areas have been named to the 2020 Edition of The Best Lawyers in America©, the oldest and most respected peer-review publication in the legal profession. In addition, three Carruthers & Roth attorneys were named as Best Lawyers 2020 “Lawyer of the Year” in their respective practice areas. The publication awards this honor to a single lawyer in each practi ...
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IRS Ramps Up Effort to Collect Employer Shared Responsibility Payments

The IRS has recently started sending letters to businesses asserting tax penalties under the Affordable Care Act (ACA), also known as "Obamacare". These letters advise that the business owes an Employer Shared Responsibility Payment (ESRP) penalty as a result of failing to comply with certain provisions of the ACA. Under the ACA, all employers with 50 or more full-time employees are required to offer health insurance coverage that is affordable and provides minimal essential coverage to at le ...
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Ten Carruthers & Roth Attorneys Named to 2019 North Carolina Super Lawyers and Rising Stars Lists

GREENSBORO, N.C. – Carruthers & Roth, P.A. is pleased to announce that 10 of the firm’s attorneys have been named to the 2019 edition of North Carolina Super Lawyers, including 3 attorneys who were named as “Rising Stars.” Super Lawyers is a rating service of outstanding attorneys from more than 70 practice areas who have attained a high-degree of peer recognition and professional achievement. The selection process is multi-phased and includes independent research, peer nominati ...
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Four Carruthers & Roth Directors Listed Among Business North Carolina Magazine’s 2019 Legal Elite

GREENSBORO, N.C. - Carruthers & Roth, P.A. is pleased to announce that four of the firm’s directors have been selected for inclusion in Business North Carolina magazine’s 2019 Legal Elite. Of the four directors listed, two have been selected for inclusion in the annual publication for 10 or more consecutive years. Since 2002, Business North Carolina magazine has honored North Carolina attorneys by publishing Business North Carolina’s Legal Elite, “a listing of the state's top la ...
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New IRS Audit Rules Mean Tax Deadline Looming for Partnerships and LLCs to Make Big Decisions

On January 1, 2018, new IRS audit rules went into effect that made big changes on how the IRS will conduct future audits of partnerships (i.e, general and limited partnerships and LLCs).  These new changes give the IRS more power in conducting audits of partnership tax returns. Before 2018, in most cases, if the IRS wanted to audit the tax return of a partnership, the IRS had to open up audits of the individual partners (or LLC members). And, the IRS would then have to assess tax, penalties ...
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2018 Federal Income Tax Update

2018 Federal Income Tax Update (PDF)

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