The SECURE Act Eliminates the Stretch IRA and Fundamentally Changes Inherited Retirement Plan Distribution Rules

Retirement plan accounts, like 401(k)s and IRAs, are becoming an increasingly larger portion of many estates, especially since funds have the potential to accumulate in a tax-deferred manner for many years. The tax-deferral attributes of retirement accounts, however, have resulted in specific rules that impact how these accounts are treated after death. Given that distributions from inherited retirement accounts are taxable as part of a beneficiary's ordinary income, Congress has instituted r ...
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Kenneth Greene Receives Lifetime Achievement Award from North Carolina State Bar Association Bankruptcy Section

Greensboro, NC - Carruthers & Roth’s Kenneth (Kenny) Greene was recently honored as the recipient of the Lifetime Achievement Award from the Bankruptcy Section of the North Carolina Bar Association (NCBA). The Lifetime Achievement Award recognizes a bankruptcy practitioner who, for not less than 25 years, has contributed to the betterment of the NCBA Bankruptcy Section and the profession, and who has set an aspiring example for those who follow. Greene is the ninth recipient of the awar ...
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2019 Business & Tax Seminar Video

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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Salary Overtime Threshold to Increase in 2020

On January 1, 2020, the salary threshold for “white collar” exemption from overtime will increase to $684 per week ($35,568 annualized). In order to qualify for the “white collar” exemption from overtime (available for certain executive, administrative, and professional employees), the employee must meet both a “duties” test and be paid on a “salary” basis.  Under Department of Labor rules, being paid on a “salary basis” means an employee must regularly receive a predet ...
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Three Carruthers & Roth Attorneys Named “Lawyer of the Year” by Best Lawyers® 2020

Greensboro, N.C. - Carruthers & Roth, P.A. announced today that three of the firm’s attorneys have been named Best Lawyers® 2020 “Lawyer of the Year” in their respective practice areas in Greensboro. 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 2020 Best Lawyers "Lawyer of the Year" are: June L. Basden - 2020 Gr ...
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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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