Individual Income Tax Changes for North Carolina in 2014

In the midst of what we DO NOT know—because Congress has not yet enacted tax legislation on a number of items including the Federal favorable tax provisions that have expired as of December 31, 2013, there is one thing that we DO know. That thing is what the North Carolina Individual Income Tax law changes […]

New Details for Employers Regarding Obamacare

A new IRS Fact Sheet on Obamacare has been released and provides details to employers on some high-impact provisions of the Affordable Care Act.  For the purposes of these provisions, employer workforce size is significant.  Business owners, take note. Background Remember that, as the ACA was written, for months beginning after 12/31/13, an applicable large […]

Election 2014: What to Expect from Republican Victory

The Republican sweep of the mid-term elections has left many Americans wondering what comes next.  The GOP ran on an ambitious platform centered on taxes, trade, energy, and financial regulation, and promised an all-out war on Obamacare.  Republicans say they’re gearing up to consider a string of issues that had been blocked by Senate Democrats […]

Obamacare Business Requirements for 2015

As we roll into 2015, businesses with 100 Full Time Equivalents need to be preparing for 2015 in order to meet the requirements of the Affordable Health Care Act. Under the original 2010 Affordable Care Act, employers with the equivalent of at least 50 full-time workers had to offer health coverage or pay a penalty […]

North Carolina Department of Revenue Changes its Position on Same-sex Marriage and Filing Status

On October 24, 2014, the North Carolina Department of Revenue issued a new directive for NC individual income tax purposes related to the filing status of individuals who have entered into a same-sex marriage.  For North Carolina income tax purposes, same-sex marriages will now be recognized. For any same-sex couple who are legally married under […]

Higher Taxes Without Changing Tax Rates?

Changing tax rates tends to get a lot of media attention, the kind of attention that makes for an almost certain death for politicians in an election year.  But fear of media attention does not mean that the men and women in Washington stop trying to raise money.  To skip the battle over true tax […]

Declaring Independence

The Declaration of Independence is rightly called the founding document of the American political tradition; it articulates the fundamental ideas that form the American nation. As a practical matter, the Declaration of Independence announced to the world — and shouted to Great Britain — the unanimous decision of the colonies to separate themselves from the […]

1929 to Now

We often look at the American economy in two stages, pre- and post-1929, because the stock market crash of 1929, the subsequent catastrophe of the Great Depression, the devastation of World War II, and the Cold War that followed, had profound effects on the American psyche. We are not the same country we were in […]

Congress Votes to Extend Business Tax Breaks

  Do we have reason to celebrate? The House Ways and Means Committee recently agreed to make permanent handful of business tax breaks that expired in December 2013. Included in the bill now advancing to a full House vote are:   §179 expensing: This would maintain the expensing level at $500,000 that existed before extenders […]

Senate Finance Committee Extends Section 179D Tax Deduction

We’ve spoken a lot about expired tax provisions recently and it looks like we finally got a bit of a reprieve.  Earlier this month, the Senate Finance Committee voted to approve a two-year extension of the Energy Efficient Commercial Buildings Tax Deduction (Section 179D).  This was part of the Expiring Provisions Improvement Reform and Efficiency […]