Resources

The IRS has recently started sending letters to businesses asserting tax penalties under the Affordable Care Act (ACA), also known as "Obamacare". These letters advise that the business owes an Employer Shared Responsibility Payment (ESRP) penalty as a result of failing to comply with certain provisions of the ACA. Under the ACA, all employers with 50 or more full-time employees are required to offer health insurance coverage that is affordable and provides minimal essential coverage to at le ...
Read More ▶

On January 1, 2018, new IRS audit rules went into effect that made big changes on how the IRS will conduct future audits of partnerships (i.e, general and limited partnerships and LLCs).  These new changes give the IRS more power in conducting audits of partnership tax returns. Before 2018, in most cases, if the IRS wanted to audit the tax return of a partnership, the IRS had to open up audits of the individual partners (or LLC members). And, the IRS would then have to assess tax, penalties ...
Read More ▶

Originally Published on Medical Mutual MedNotes Blog. The federal response to the opioid crisis is in full swing, as the U.S. government plans to spend a record $4.6 billion fighting the epidemic in 2018. Moreover, the U.S. Department of Justice (DOJ) has established a Prescription Interdiction Litigation Task Force to address the illegal distribution and consumption of opioid pharmaceuticals. As part of this task force, 12 appointed federal prosecutors across the U.S. have focused their effo ...
Read More ▶

On December 1, 2017, North Carolina's new Assumed Business Name Act (the “Act”), went into effect.  The new Act is much more detailed and broader in scope than the prior statute N.C.G.S. § 66-68.  The new Act applies to any "Persons" engaging in business under a name that is different from their official name (for example, ABCD, Inc. operating and advertising as “John’s Pizza”).  Under the new Act, "Person" is broadly defined and includes any individual, partnership, limited partne ...
Read More ▶

Effective January 1, 2018, North Carolina adopted a new Uniform Power of Attorney Act (the "Act") that is codified in Chapter 32C of the North Carolina General Statutes.  The new Act addresses the creation, execution, and termination of a financial power of attorney ("POA"), and makes sweeping changes to the old Act with the goal of making it easier for the agent to manage the principal's affairs. Arguably one of the most significant changes to the statute is the filing requirement.  Under ...
Read More ▶

2017 Federal Income Tax Update (PDF)

Bouncing Your Last Check: Does Death Really Put an End to Your Debts? (PDF)