Business, Tax & Estates

With tax season just around the corner, we thought we would send you an update of recent developments in Federal and North Carolina taxation. You can click on the article links provided below to access recent Federal case law developments as well as State tax changes that have transpired over the last year or so. Federal Tax Update. By clicking the article link below, you can access a summary of some of the more interesting court cases from 2021. Included in this discussion are items relat ...
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In 2017, North Carolina enacted the new Assumed Business Name Act (the “Act”). Our prior article about the Act can be found here. While the Act largely went into effect with little fanfare, this year has significant consequences to businesses operating under an assumed name. As a result of the Act, any business that is currently operating under an assumed name must re-file a new Certificate of Assumed Business Name on or before December 1, 2022. After this date, all existing (i.e. those f ...
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As you know, Congress has been considering tax reform over the last several months. Until recently, it was unclear whether any of the wide-ranging proposals would gain enough traction to become law. Last week, however, the House Ways and Means Committee released a much-publicized tax bill (the "Bill") that, if enacted, would drastically alter current Federal estate and gift tax laws and eliminate the use of certain common estate planning strategies. Background. While the Bill is just a propos ...
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Tales from the Pandemic: Some Estate Planning Challenges and Opportunities Highlighted by This Crazy Year (PDF)

2020 Federal Income Tax Update (PDF)

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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Please see our previous client alerts regarding PPP loans here and here. There have been a number of recent updates regarding the Paycheck Protection Program (“PPP”).  On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”), which enacted important changes to the program designed to make the Act more accommodating for borrowers.  In addition, the Small Business Administration (“SBA”) has also released the forgiveness applicati ...
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