Client Alerts


U.S. Supreme Court Decides Important Case regarding Creditor Rights to IRAs

If your friend inherits an individual retirement account from her mother and later files for bankruptcy protection, is the IRA exempt from payment of creditor claims in her bankruptcy proceeding?  As is often the case, the answer is "it depends." In the case of Clark v. Rameker (decided on June 12, 2014), the U.S. Supreme Court settled an issue that had been debated for a long time. Heidi Heffron-Clark was named as the sole beneficiary of her deceased mother's IRA having a date of death balanc ...
Read More

NCDOR Issues New Directive on Sales Tax of Service Contracts

The North Carolina Department Of Revenue Issues New Directive Outlining When Service Contracts Will Be Subject to North Carolina Sales and Use Tax. Beginning January 2014, sales of "service contracts" will now be subject to North Carolina sales and use tax.  The term "service contract" is defined as a "warranty agreement, a maintenance agreement, a repair contract or a similar agreement or contract by which the seller agrees to maintain or repair tangible personal property."  N.C.G.S. 105-1 ...
Read More

NCDOR Announces Employers Must Collect New Employee Withholding Forms

The North Carolina Department of Revenue Announces That Employers Must Collect New Forms NC-4, Employee's Withholding Allowance Certificate, for 2014.  As we have heard on the news, beginning in January 2014, the North Carolina personal income tax rate drops to 5.8%.  Previously, the North Carolina individual income tax rates were "graduated" and ranged from 6% to 7.75%.  That is the good news. The bad news is that the NC Department of Revenue issued a release on November 12, 2013, advi ...
Read More

Estate Tax Law Made Permanent with Passage of American Taxpayer Relief Act

The Senate and House voted over New Year’s to pass the American Taxpayer Relief Act of 2012 (H.R. 8) ending (at least for now) the uncertainty of the future of the federal estate and gift tax law. The Act permanently extends a number of tax provisions, modifies the estate tax, and revises tax rates on ordinary and capital gain income, among other things. The Act permanently maintains the estate and gift tax exclusion at $5 million (indexed for inflation), but also permanently increases the ...
Read More

Free Piece of Tax Advice for Our Best Clients

This is the time of year that I get to offer our clients a free piece of tax advice.  And, it may be some of the best tax advice they ever get from me. And so here it is: Now that October 15 is behind us, you need to get in to see your CPA, and make sure you get in before December 31.  When you show up at your CPA's office in February of next year, it probably will be way too late to do any tax planning by that point and there won't be much that your CPA will be able to do to help you re ...
Read More

Unprecedented Estate Tax Uncertainty Letter

The federal estate and gift tax system continues to be fraught with uncertainty. The scheduled changes in the tax law to take effect on January 1, 2013 make this an appropriate time to review your estate plan. To learn more, read our Unprecedented Estate Tax Uncertainty Letter (PDF). If you would like to receive additional estate planning information and announcements, please email, as we will be providing further updates by email. ...
Read More

Client Alert: North Carolina Enacts New Tax Giveaway for Small Businesses

Client Alert: North Carolina Enacts New Tax Giveaway for Small Businesses (PDF)

For media inquiries, please contact: Erin Molinaro |