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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Business, Tax & Estates
February 16, 2022
2022 Federal and North Carolina Income Tax Law Update
February 11, 2022
Mandatory Re-Filing of Assumed Business Names
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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September 23, 2021
Proposed Tax Reform Could Drastically Impact Estate & Gift Exemptions and Limit Common Estate Planning Strategies
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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December 2, 2020
Tales from the Pandemic: Some Estate Planning Challenges and Opportunities Highlighted by This Crazy Year
Tales from the Pandemic: Some Estate Planning Challenges and Opportunities Highlighted by This Crazy Year (PDF)
November 12, 2020
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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June 12, 2020
Paycheck Protection Program Flexibility Act and Other PPP Updates
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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