This Friday January 22nd, Aaron Patel, CPA from Rives & Associates, LLP will be speaking at a CLE event held by the Mecklenburg County Bar Association. The CLE will cover Business Formations, Getting Things Started. The Class will be held at the Bar & Foundation Center of the County Bar at 2850 Zebulon Ave in Charlotte.
Aaron’s topic will be accounting for startup companies. He will review the various tax formations/structures available to entities and the advantages and disadvantages of each: S-Corporation vs. C-Corporation vs. Partnership vs. Sole Proprietorship. He will also discuss the required Federal and State filings of each along with the best practices associated with each.
If you are an attorney and are interested in this training, as well as receiving CLE credit, you can sign up and find additional information at the Mecklenburg County Bar Associations website. https://www.meckbar.org/calendar.aspx?id=3687
The highway funding bill passed by Congress on Thursday, December 3rd includes provisions that will allow the government to revoke the passports of seriously delinquent tax debtors.
IRS Increases Tangible Property De Minimis Safe Harbor Expense Threshold to $2,500
After receiving more than 150 letters from businesses and their representatives, the IRS has increased the de minimis safe harbor threshold from $500 to $2,500 for small businesses that do not maintain an applicable financial statement (an audited financial statement) – per IRS Notice 2015-82. This means that businesses can deduct certain expenditures that are substantiated by an invoice up to the new $2,500 limit (previously $500 per the 2014 final tangible property regulations); thereby eliminating the requirement to capitalize those items and deduct them over a period of years through depreciation expense. The notice is effective for costs incurred during taxable years beginning on or after January 1, 2016.
In contrast to those businesses that do have an AFS, the general consensus is that businesses without an applicable financial statement (AFS) are not required to have a written capitalization policy in place. Nevertheless, we recommend to our clients who are affected by this notice to create or update their capitalization policy to reflect the new safe harbor limit, and to then adhere to the policy by consistently capturing relevant transactions in their accounting records.
Please contact Rives & Associates, LLP to find out how these changes affect your business:
Charlotte Office – Aaron Patel, CPA – 704-372-0960 – firstname.lastname@example.org
Lexington Office – Tom Cornwell, CPA – 919-832-6848 – email@example.com
Lexington Office – John Parsley, CPA – 336-248-8281 – firstname.lastname@example.org
Lake Norman Office – Jay Lesemann, CPA – 704-895-6966 – email@example.com
More information can be found here in IRS Notice 2015-82: https://www.irs.gov/pub/irs-drop/n-15-82.pdf
North Carolina State Bar selects random procedural audits of individual lawyers pursuant to Rule .0128 (b) of North Carolina State Bar Rules of Discipline and Disability. Rives & Associates, LLP has experience with dealing with trust account audits by the North Carolina State Bar.
If you need any assistance to make sure you are compliant, or if you are randomly selected for audit by the North Carolina State Bar, contact Aaron Patel, CPA (firstname.lastname@example.org) or Charlene Controne, CPA, CVA (email@example.com) and we will be happy to assist you and your firm through the process.
Rives and Associates, LLP (http://www.rivescpa.com) announced today that Thomas B. Cornwell, CPA has joined the firm as a Senior Tax Manager in our Raleigh Office to help continue the growth and success of the firm and its clients.
Tom graduated from the University of North Carolina – Wilmington with a Bachelor of Science in Accounting and Masters of Science in Accounting. He practices in the area of taxation and serves a wide variety of individual, partnership, corporate, and not-for-profit clients. During his 18 years of experience in public accounting, he has assisted clients in various industries including construction, commercial real estate, affordable housing, and professional service companies to name a few. He is eager to utilize his previous experience to strengthen the Rives Team and contribute to the growth and success of the firm and its clients. Welcome, Tom!
Rives & Associates, LLP is a CPA firm providing a broad range of audit, assurance, tax, and advisory services. For more information, contact Tom in our Raleigh Office at (919) 832-6848.
Due to an increase of new clients in our Raleigh office we have added several new staff people to our team.
Rives and Associates, LLP (http://www.rivescpa.com) is proud to announce today that Euna Kim & Adam Scarboro are eager to utilize there previous experience and have joined the firm in our Raleigh Office to help continue the growth and success of the firm and its clients.
Euna is licensed as a Certified Public Accountant in the state of North Carolina. She received her degree in the Bachelor of Science in Accounting from the North Carolina State. Welcome, Euna!
Adam graduated from the University of North Carolina Wilmington with a Bachelor of Science in Accounting and a Master of Science in Accounting. Welcome, Adam!
Rives & Associates, LLP is a CPA firm providing a broad range of audit, assurance, tax, and advisory services. For more information, contact Jay Sharpe in our Raleigh Office at (919)832-6484.
Due to an increase of new clients in our Lexington office we have added several new staff people to our team.
Rives and Associates, LLP (http://www.rivescpa.com) is proud to announce today that Antoni “Tony” Nowacki, Nicholas R. Wicker, Daniel Milan, Travis Hardee and Jacob Howington are eager to utilize there previous experience and have joined the firm in our Lexington Office to help continue the growth and success of the firm and its clients.
Antoni Nowacki graduated from Appalachian State University with a Bachelor of Science in Accounting. Tony is the President of the Catawba Valley Alumni Chapter of Appalachian State University and a council member of the Alumni Association at Appalachian State University. He is married and has two beautiful children. Welcome, Tony!
Nicholas graduated from Campbell University with a Bachelor of Arts in Business Administration with an emphasis in Accounting. Welcome, Nicholas!
Daniel graduates from the University of North Carolina at Charlotte with a Bachelor of Science in Accounting this December. Daniel will continue his education by getting his masters next fall at UNCC. Welcome, Daniel!
Travis graduated from Georgia College and State University with a Bachelor of Business Administration in Accounting. Welcome, Travis!
Jacob graduated from William Peace University with a Bachelor of Science in Business Administration with a Minor in Marketing. Welcome, Jacob!
Rives & Associates, LLP is a CPA firm providing a broad range of audit, assurance, tax, and advisory services. For more information, contact John Parsley in our Lexington Office at (336)248-8281.