The DMJ Digest: A CPA Blog
Insights and musings from the desks of DMJ professionals.
The DMJ Digest: A CPA Blog
Insights and musings from the desks of DMJ professionals.
Triad CPA Firm “Polar Plunges” at the 2019 Triad Chill and Raises $13,000 for Special Olympics
DMJ & Co., PLLC (DMJ), a North Carolina accounting and consulting firm really knows how to make a splash! On Saturday, February 23 DMJ took the first leap into the icy cold waters of Wet n’ Wild Emerald Pointe for Special Olympics at the 2019 Triad Chill. A week of nonstop rain didn’t stop the hundreds of local schools, community groups, and individual polar plunge teams from participating. DMJ’s fundraising efforts resulted in $13,000 for Special Olympics with the event raising more than $45,000 in total for the nearly 40,000 athletes of Special Olympics.
read moreDMJ Expands Tax Team with New CPA Professionals
DMJ & Co., PLLC (DMJ), a Top 300 North Carolina CPA firm, is pleased to announce that Kimberly Cossaart, CPA has joined the firm as a tax manager in DMJ’s Greensboro, North Carolina office. DMJ is also pleased to announce that Natasha Louya, CPA has joined the firm as a tax supervisor in the Greensboro office.
read moreNew Business Interest Deduction Limitations for Companies with Tax Years Beginning After 12/31/2017
The Tax Cuts and Jobs Act of 2017 revised and broadened the already in existence Internal Revenue Code “IRC” §163(j) business interest deduction limitation rules for companies with tax years beginning after December 31, 2017. The IRS released initial guidance on these new rules on April 2, 2018, with Notice 2018-28. And then on November 26, 2018, the IRS issued expansive proposed regulations (439 pages to be exact) which may be relied upon until the final regulations are published. Depending on the size and nature of your business, these regulations could have a significant impact on you and your business’s ability to deduct all interest expense incurred for 2018 and future tax years.
read moreDMJ Durham Adds CPA Tax Manager
DMJ & Co., PLLC (DMJ), a Top 300 North Carolina CPA firm, is pleased to announce that Jeff Marko, CPA has joined the firm as a tax manager in DMJ’s Durham, North Carolina office. Throughout his career, Jeff has worked with large multi-state C-Corporations, closely held S-Corporations and Partnerships, Sole Proprietorships, and high net-worth individuals.
read moreDMJ Announces Accounting Firm Professional Promotions
DMJ & Co., PLLC (DMJ), a Top 300 CPA and accounting firm, is pleased to announce the promotions of their accounting firm professionals in the firm’s Greensboro, Durham, and Sanford, North Carolina offices.
read moreDMJ & Co., PLLC Named a Fastest All-Growth Firm by INSIDE Public Accounting
DMJ & Co., PLLC (“DMJ”) has been named an INSIDE Public Accounting Fastest All-Growth Firm by a national publication serving the accounting profession. The Fastest All-Growth firms are ranked by the change in a firm’s net revenue from the previous reporting year, and includes both organic and revenue growth from mergers.
read moreIRS Issues Regulations on Qualified Opportunity Zones
The IRS has issued proposed regulations and a related revenue ruling regarding the designation of certain low-income community population census tracts as Qualified Opportunity Zones (“QO Zones”), eligible for favorable tax treatment as created by the Tax Cuts and Jobs Act (“TCJA”). Since passage of the TCJA in 2017, many taxpayers have eagerly awaited guidance as to how to defer their capital gains into QO Zone property. The gain deferral incentive is aimed at encouraging economic growth and investment in businesses within the QO Zones.
read moreCryptocurrency Tax Reporting
The IRS reports that less than 1,000 taxpayers reported sales of virtual currency on their tax returns between 2013 and 2015. This is just a fraction of the virtual currency transactions, even though the IRS announced in Notice 2014-21 that virtual currency is property (not like foreign currency), so the sale of a Bitcoin (for example) is essentially the same as a sale of a share of stock.
read moreState Sales Tax “Physical Presence” Requirement Overturned by US Supreme Court
You may have heard discussion in the recent weeks about the case of South Dakota v. Wayfair. It is important that you consider what effect this has on your sales tax compliance requirements.
read moreDMJ Partner Art Winstead Honored with Distinguished Service Award by the NCACPA
DMJ & Co., PLLC, a North Carolina CPA and accounting firm, is pleased to announce that Arthur M. Winstead, Jr., CPA, Partner, has been selected for the North Carolina Association of CPAs’ (NCACPA) Distinguished Service Award. Recipients of the award are recognized for their substantial service contributions to charitable, community, civic, and/or other public service activities. Art has consistently and actively participated in community, charitable, or other civic activities on the local, state, and national level, throughout his career. He was recognized and received the award at the NCACPA’s 2018 Recognition Dinner held at the Raleigh Marriott Center City in Raleigh, NC on July 31.
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