The DMJ & Co., PLLC Digest: A CPA Blog

Insights and musings from the desks of our professionals.

The DMJ Digest: A CPA Blog

Insights and musings from the desks of DMJ professionals.

DMJ Professionals Serve as Delegates to CPAmerica’s 2019 Next Generation Conference

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 more

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 more

New 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 more

DMJ 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 more

IRS 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 more

DMJ 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.

read more