Business Entities

How Proposed Changes to Family Businesses Could Raise Estate Tax Liability

Posted on: January 6th, 2017
Over the summer of 2016, the IRS released proposed changes to tax provisions (Section 2704) that apply to most business entities, including family businesses. These potential changes could have a major impact on tax planning, including estate tax implications....

Business Succession Options in North Carolina

Posted on: September 10th, 2014
Business succession plans address the future growth or disposition of the business upon a planned succession, or the death or incapacitation of the owner. Transitioning a business under these circumstances requires careful review and assessment. ...

Protect Assets: Liability or Malpractice Insurance May Not Be Enough

Posted on: June 26th, 2014
Having liability or malpractice insurance may be a requirement in some professions, and in other cases these policies are obtained on a voluntary basis. Depending on the line of work, liability insurance policies may be an expensive annual cost. ...

3 Asset Protection Tips for 2013

Posted on: January 27th, 2013
As North Carolina business owners and other taxpayers adjust to the effects of the 2012 American Tax Payer Relief Act, they are starting to focus on asset protection strategies at the same time as minimizing taxes to the fullest extent possible....

3 Tips For Succession Planning

Posted on: December 3rd, 2012
Estate plans and trusts preserve assets accumulated over a lifetime and distribute them to beneficiaries, but what happens to a business when the owner or key executive departs to another company, becomes ill, or passes away? ...

NC Dept. of Revenue issues Directive on $50k Business Income Deduction

Posted on: June 11th, 2012
North Carolina has a new law, G.S. 105-134.6(b)(22), that grants business owners a deduction of up to $50,000 of their net business income from NC taxable income....
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