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28 06, 2024

Local Spotlight: The 10th Annual BMOF Golf Tournament

2024-06-24T16:55:54-05:00June 28, 2024|0 Comments

Swing into action for a good cause to benefit Charlotte families! The Rotary Club of Mecklenburg County-South is hosting the 10th Annual BMOF Golf Tournament in September, and you won’t want to miss your chance to participate in this exciting event.

About the 10th Annual BMOF Golf Tournament

We know. September is months away, but the time to secure your spot on the course on September 30 is now! Even though this is the 10th Annual BMOF Golf Tournament, you may not know that “the world’s most ridiculously awesome” has limited spots. 

The lively charity golf tournament has 56 regular player spots and 88 sponsor player spots. This year, the 56 individual player spots were reserved before the official registration opened earlier this month! 

The only way to get a tee time is to become a sponsor! With various sponsorship packages, sponsors can invite up to three foursomes to one group of four, plus additional marketing and promotional benefits for the sponsoring business or organization.

How to be a sponsor

Are you ready for a fun team-building experience? Do you have some VIP clients you’d like to invite to the course for a round of golf? Then becoming a sponsor for the BMOF—Bloody Mary’s on the Fifth—is for you! 

While golf will be par for the course, event sponsors will also enjoy uninterrupted golf, players’ gifts, breakfast and drinks at the driving range, lunch on the course, drinks at each hole, three Bloody Mary bars along the course, a hole-in-one contest on every par 3, skills contest around the course, a Tito’s Bottle Treasure Hunt, more than $3,000 in raffle prizes, silent auction deals and a full buffet dinner!

Explore the sponsorship opportunities here.

Location

Save the date and make plans now to be a sponsor and enjoy fun, fellowship and giving back to a local nonprofit, Beds for Kids. Beds for Kids serves local families by providing children’s beds and other essential furniture for families to help them get established in their homes. 

This year’s charity tournament will be at The Club at Longview at 8801 Longview Club Drive in Waxhaw. 

Summary

Todd Greene has been a proud member of the Rotary Club for 10 years now, which is why this cause and event is near and dear to us. We are pleased to sponsor the 10th Annual BMOF Golf Tournament and are excited to share this opportunity. Get to know your neighbors, have fun and make a difference locally. Feel free to reach out to us if you have questions about the event—and go ahead and ask about our accounting and tax services as well! Continue reading our blogs for accounting tips, tax information and more. 

29 04, 2024

Tax Benefits that Small Business Owners Need to Know

2024-04-26T15:49:14-05:00April 29, 2024|0 Comments

Are you a small business owner looking to maximize your benefits and save on costs? There are two tax benefits that small business owners need to know about with recent law changes that could help them reach both goals.

Two must-know tax benefits for small businesses

Let’s look at two credits that can help business owners save money and provide valuable employee benefits: the retirement plan start-up cost credit and the small employer health insurance credit.

Retirement Plan Start-up Cost Credit

As we start to review tax benefits that small business owners need to know, we should mention the law change in 2022 that enhanced the tax credit known as Secure 2.0. One of the most notable changes the Secure 2.0 Act brought about is the significant increase in the retirement plan start-up cost credit.

More specifically, it increases the credit to 100% of qualified start-up costs for employers with up to 50 employees. Employers with 51-100 employees are still eligible for a credit of 50% of qualified start-up costs.

According to the IRS, eligible employers could claim a tax credit of up to $5,000 for three years. Credits can apply to the costs of starting a SEP, a simple IRA or a qualified plan such as a 401(K).

Small Business Health Care Tax Credit

Another one of the tax benefits that small business owners need to know about is the small business health care tax credit. This credit helps small businesses afford the cost of providing health insurance to their employees.

This tax credit can benefit small businesses with less than 25 full-time employees who, on average, pay less than $61,400 per employee in 2023. 

In general, the maximum credit is 50% of premiums paid for small business employers and 35% of premiums paid for small tax-exempt employers. What’s more, the credit is available to eligible employers for two consecutive taxable years.

Find out more information about qualified health plans offered through the SHOP Marketplace at Healthcare.gov.

Summary

Are you wondering if your small business is missing these tax credits or others? Are you ready to learn more about the requirements for each tax credit? That’s what we are here for! Contact us to schedule your free consultation to learn how we can help your small business with taxes and more. Keep reading our blogs for additional tax tips and other industry news.

27 10, 2023

Tangible Assets vs. Intangible Assets: What’s the Difference?

2023-10-24T11:25:33-05:00October 27, 2023|0 Comments

Businesses have many kinds of assets, including tangible assets vs. intangible assets. But what’s the difference? Let’s take a look!

What is a tangible asset?

A tangible asset is an asset that has a physical form, meaning it can be held and manipulated. These types of assets can typically be transacted for some type of monetary value through liquidity.

The owner of the tangible asset can decide to hire an appraiser who determines the fair market value of the asset, or they can choose to sell the asset for cash.

Types of tangible assets

Tangible assets come in two categories: current and fixed. Current assets are those that can be easily used and converted to cash. Fixed assets, on the other hand, have a lifespan of one year or more. For example, inventory is considered a current asset, and things like property and equipment are considered fixed.

There are many types of tangible assets. Some common forms include:

  • Equipment
  • Furniture
  • Inventory
  • Land
  • Property
  • Vehicles

Things such as stocks and bonds are also considered tangible assets, even though they cannot be held. This is because they derive their value from contractual claims.

What is an intangible asset?

An intangible asset is an asset that is not physical. This type of asset is recorded at its cost when acquired. Some intangible assets have a limited life and are more amortized to expense, while others have an unlimited life and are not amortized.

Types of intangible assets

The market value of a company’s intangible assets is often far greater than that of its tangible assets. Examples of intangible assets include:

  • Copyrights
  • Patents
  • Mailing lists
  • Trademarks, brand names and logos
  • Domain names
  • Goodwill

Summary

With that, it is now time to take a look at your tangible assets vs. intangible assets. Not sure where to get started or how to record them? Don’t stress—contact Todd Greene for all your booking and accounting needs!

And since you’re here, continue to check out our blogs for more accounting tips and news.

1 04, 2020

Coronavirus Relief

2021-01-19T12:12:22-06:00April 1, 2020|0 Comments

As things continue to change with the pandemic, many clients have called or emailed concerning the new deadline, potential relief package, and how tax returns and payments will be affected. Since the outbreak started, we have had many of our staff members working remotely, and continue to utilize that option. It is not as efficient, and due to that, many returns will be delayed. Be aware that we are working as diligently as possible, so please be patient. Also, please understand that all income tax returns and estimated tax payments that were due April 15th, are now not due until July 15th. No penalties or interest will be due on returns that were due on April 15th until July 15th.

The best summary of some of the individual provisions of the new CARES Act that affects most of our clients was posted in an article yesterday by the National Law Review. Please review, and understand that this is the federal piece, and that there are also state pieces that we disseminated earlier this week.

https://www.natlawreview.com/article/coronavirus-senate-passes-cares-act-summary-tax-provisions-bill

In addition to this relief, the IRS has unveiled a new “People First Initiative” thereby delaying the tax return deadline to July 15. A link to this initiative is below.

https://www.irs.gov/newsroom/irs-unveils-new-people-first-initiative-covid-19-effort-temporarily-adjusts-suspends-key-compliance-program

In the meantime, our recommendation is that all business owners run 13 weeks of cash flow analysis to determine when or if you are going to have an issue. We have a cash flow spreadsheet that we are glad to share with you, which may assist. Please let us know if you would like for us to send it to you, or want to discuss further.

We are here to help. Please let us know how we can assist you at this critical time in our history.

19 01, 2018

New Tax Changes Effect Charlotte Businesses and Individuals

2021-01-19T10:15:48-06:00January 19, 2018|0 Comments

There are significant changes to our current tax code effective January 1, 2018. I have outlined many of the major changes that may affect you as my client;

  1. Individual tax rates have changed to 10%, 12%, 22%, 24%, 32%, 35%, and 37% from the prior rates of 10%, 15%, 25%, 28%, 33%, 35%, and 39.6%.
  2. The Kiddie Tax has changed so that unearned (investment) income is to be taxed at trust rates instead of the parent’s rate. That would 10% on taxable income up to $2,550, and then 24% from $2,551 to $9,150, then going to 35% and 37%

  3. The new standard deductions are now $24,000 for joint filers, $12,000 for separate and single filers, and $18,000 for head of household filers.
  4. Personal exemptions have been repealed. For 2017, the personal exemption is $4,050 per person subject to phase out. $0 in 2018.
  5. The child tax credit is increased to $2,000 per child under the age of 17 subject to phase out at $400,000 for joint filers, and $200,000 for single filers. The old child tax credit was $1,000 per child phased out at $110,000 for joint filers, and $75,000 for single filers.
  6. They have repealed the AGI phase out for itemized deductions.
  7. They have repealed the miscellaneous itemized deductions subject to the 2% floor. These are things like accounting or investment fees, safety deposit boxes, unreimbursed employee expenses, union dues, job education expenses.
  8. Home mortgage interest acquisition indebtedness incurred after December 15, 2017 is limited to $750,000 of principal indebtedness, down from $1,000,000. Married filing separate filers would be limited to $375,000.
  9. Home equity indebtedness is no longer deductible mortgage interest.
  10. There is now a $10,000 ($5,000 for married filing separately) limit on the amount of state and local property and income taxes that you can claim as an itemized deduction.
  11. The deduction for personal casualty and theft losses has been repealed.
  12. Alimony payments for divorces executed after December 31, 2018 are no longer deductions or income.
  13. Moving expenses deduction and reimbursement has been eliminated.
  14. The unified exclusion for estate tax is now $11,200,000.
  15. Alternative minimum tax exemptions have been increased to the following; $109,400 for joint filers, $70,300 for single and head of household filers, $54,700 for married filing separate filers.
  16. AMT exemption phase-out beginning AMTI thresholds have been increased as follows; $1,000,000 for joint returns, $500,000 for single, separate or head of household.
  17. The shared responsibility payment for individuals has been repealed starting in 2019.
  18. C corporation income tax rates are a flat 21%.
  19. There is a new 20% deduction for Qualified Business Income if your joint taxable income is lower than $315,000 or $157,500 for anyone else. You may still be eligible to claim the deduction if your taxable income is over that amount with limitations.
  20. Businesses with average gross receipts of $25 million or less would be permitted to use the cash method of accounting regardless of industry or amount of inventory.
  21. Business interest is capped at interest income plus 30% of business adjusted taxable income plus floor plan financing interest.
  22. Net Operating Losses will generally not allowed to be carried back anymore, and will be limited to 80% of taxable income and then carried over.
  23. Like-kind exchanges are allowed for real property only.
  24. The domestic production activities deduction has been repealed.
  25. Deductions for entertainment, amusement, recreation, membership dues to any club organized for business, pleasure, recreation, or social purpose has been repealed.
  26. The 100% deduction for meals provided to employees on employer’s premises is now reduced to a 50% limitation.
  27. Partnership technical terminations have been repealed.
  28. There is a new general business credit for employers that allow at least 2 weeks and up to 12 weeks credit for 12.5% of wages paid at 50% normal pay, and 25% at 100% normal pay.
  29. The 10% rehabilitation credit for pre-1936 buildings has been repealed.

At Brader Greene, we want to educate all of our clients about the tax laws and how they affect you. Please let us know if you have any questions, or need clarification on any point. We look forward to working with you.

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