C&R Blog

 

North Carolina Department of Revenue Provides New Guidance on the New North Carolina Net Business Income Deduction For 2012

Background.  In the summer of 2011, the North Carolina legislature enacted new N.C.G.S. 105-134.6(b)(22), which allows for a new personal income tax deduction of up to $50,000 of net "business income" received during the year for North Carolina tax purposes.  The new deduction applies beginning with the 2012 tax year. The term "business income" does not include income that is considered "passive" under the federal tax code.  And, if both spouses receive "business income" during the year, t ...
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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 ...
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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 ...
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Equity Compensation for Key Employees

Employers frequently seek to find ways to reward their key employees for valuable and loyal service, while simultaneously aligning the key employee's interests with those of company ownership.  One of the most popular ways to accomplish these goals is by making the key employees co-owners of the business itself.  The employers hope that by tying a substantial amount of the employee's current or future compensation to the overall performance of the business, the employee will be encouraged to w ...
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Title Companies Change Game – Mechanics’ and Materialmen’s Lien Claims Coverage

On May 10, 2012, the Fidelity Title Insurance Group which includes Fidelity National Title Insurance Company, Chicago Title Insurance Company and Commonwealth Land Title Insurance Company, announced that they would no longer issue mechanic’s lien coverage for title commitments issued after June 15, 2012.  In addition, these same companies are putting present restrictions on when and how endorsements affecting the effective date of existing title policies are issued. This action of the Fide ...
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Post-Bankruptcy Enforcement of Lien Rights Follow-Up

As I posted on February 24,  Bankruptcy Judge Doud of the Eastern District of North Carolina had under advertisement if he would follow the lead of two other Eastern District bankruptcy judges (one of whom has retired) and hold that a post-petition filing by a subcontractor of a claim of lien on funds owing to his contractor is a violation of the automatic stay of the Bankruptcy Code.  On March 14, Bankruptcy Judge Doud issued his ruling. As previewed in the earlier post, he followed the admon ...
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Post-Bankruptcy Enforcement of Lien Rights

If you are interested in mechanics’ liens rights and construction law and how those rights may be treated in a bankruptcy case, you should read the attached decision of Senior District Judge Howard of the United States District Court for Eastern District of North Carolina, entered February 23, 2012. There has been great uncertainty created by a couple of previous bankruptcy decisions in the Eastern District of North Carolina Bankruptcy Court that, in essence, ruled that the automatic stay ...
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For media inquiries, please contact: Erin Molinaro | ekm@crlaw.com