2020 Federal Income Tax Update

2020 Federal Income Tax Update (PDF)

The Estate Tax Exemption May Go Down Drastically (Either Immediately or in a Few Years) – Should You Take Action Now to Reduce a Potential Estate Tax?

In the past, the amount that a person could transfer exempt from the estate tax at his or her death was fairly steady for many years. Starting around 2002, the exemption started increasing at a faster rate, going to $5 million in 2011 and then doubling in 2018. The exemption amount currently sits at $11.58 million per person and is slated to go to $11.7 million in 2021. The exemption has never been reduced in the history of the tax, although we came close a couple of times (remember the “fi ...
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Carruthers & Roth Holds Second Food Drive for BackPack Beginnings; Donates More Than 6,000 Food Items and $1,500

GREENSBORO, N.C. – Carruthers & Roth, P.A. recently held a second internal food drive to benefit BackPack Beginnings and donated more than 6,000 food items and $1,500 to the local nonprofit that delivers child-centric services to feed, comfort and clothe children in need. In May, Carruthers & Roth’s first food drive collected more than 1,000 food items which were donated to support BackPack Beginnings and its COVID-19 response efforts. As Guilford County children headed back to ...
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2020 Business & Tax Seminar (December 2, 2020)

Carruthers & Roth’s annual Business & Tax Seminar will be held on Wednesday, December 2, 2020. The seminar will be virtual this year due to the current uncertain circumstances surrounding COVID-19. This year's event will also be a half-day seminar (maximum of 4 CPE credits), not a full-day seminar. The seminar, designed for CPAs, accounting and tax professionals, will focus on key issues, policies and requirements related to their profession. Attendees can earn up to 4 CPE credits ...
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Five Carruthers & Roth Attorneys Named Triad “Lawyer of the Year” by Best Lawyers® 2021

Greensboro, N.C. - Carruthers & Roth, P.A. announced today that five of the firm’s attorneys have been named Best Lawyers 2021 “Lawyer of the Year” in their respective practice areas in the Triad area. Only a single lawyer in each practice area and designated metropolitan area is honored as the "Lawyer of the Year," making this accolade particularly significant. Carruthers & Roth attorneys recognized as 2021 Best Lawyers "Lawyer of the Year" are: Michael J. Allen - 2021 ...
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Fifteen Carruthers & Roth Attorneys Named to 2021 Best Lawyers® List; One Attorney Named to 2021 Best Lawyers: Ones to Watch

Greensboro, N.C. - Carruthers & Roth, P.A. announced today that 15 of the firm’s attorneys representing 23 practice areas have been named to the 2021 Edition of The Best Lawyers in America©, five of whom were selected as “Lawyer of the Year” in their respective practice areas in the Triad area. One additional attorney has been included in the inaugural edition of Best Lawyers: Ones to Watch. The Best Lawyers “Lawyer of the Year” is a prestigious designation for only one att ...
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North Carolina Commercial Receivership Act Recently Enacted

On July 1, 2020 Governor Cooper signed into law the North Carolina Commercial Receivership Act (the “Act”), Session Law 2020-75, which creates a new Chapter 38A of the General Statutes.  The Act becomes effective January 1, 2021 and applies to receiverships commenced under the Act on or after that date. The Act creates a new statutory remedy for those persons that are eligible to be debtors under the Act and does not replace any other provisions of statutory law or principles of common law ...
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