Hobbs, Crossley, Benefield & Craven, P.A

01/31/2026

Congratulations to our newest partners, Laura Tosti, CPA and Jennifer (Bartalini) Rochevot, CPA! Laura has been working with our firm since 2006, Jennifer since 2018. We are excited to see them lead the growth of our firm. Jennifer and Laura both guide our Tax Advisory and Audit and Assurance services.

09/25/2025

The IRS will phase out the use of paper checks for refunds beginning Sept. 30 and will publish detailed guidance later.

09/12/2025

On August 18, 2025, the Board honored three CPAs for reaching 50 or more years of licensure in North Carolina. Board President Bernita Demery, CPA, presented Certificates of Recognition to Chuck Bunn, CPA (50 years), Neil Crossley, CPA (55 years), and Herb Wakeford, CPA (58 years). On behalf of the Board, Ms. Demery thanked them for their many decades of dedication, leadership, and service to the CPA profession.

Pictured L-R: David Nance, CPA, the Board’s Executive Director; Mr. Crossley; Mr. Bunn; Mr. Wakeford; and President Demery.

09/04/2024

We would like to extend our deepest condolences and sympathies to the Craven family. Charlie impacted many lives through his work and will be greatly missed.

Celebrate the life of Charles Craven, leave a kind word or memory and get funeral service information care of McEwen Funeral Service at Sharon Memorial Park.

07/24/2024

We are excited to annouce an opening for a Senior Tax Accountant with our firm!

Hobbs, Crossley, Benefield & Craven, PA is a full service accounting firm that provides audits, reviews, compilations, tax, and advisory services for a variety of clients. We are a team with plenty of room for growth and opportunities. We support a team culture that allows for personal growth in the industry.

Please click the link for more details.

11/07/2022

Here are some important 4th quarter tax-filing dates for businesses. OCT. 17: If you’re the owner or operator of a calendar-year C corp. which filed an extension, file a 2021 income tax return. OCT. 31: Report income tax withholding and F**A taxes for Q3 2022 (unless you’re eligible for a Nov. 10 deadline because you deposited on time and in full all of the associated taxes due). DEC. 15: If a calendar-year C corp., pay the fourth installment of 2022 estimated income taxes. Note: Certain deadlines may be postponed in federally declared disaster areas. We can provide more information about filing requirements and ensure you’re meeting all applicable deadlines.
You can read the full article here: https://bit.ly/3DMyeQv

09/08/2022

The new Inflation Reduction Act contains a provision that provides tax relief for small businesses. Under current law, qualified small businesses can elect to claim a portion of their research credit as a payroll tax credit against their employer Social Security tax liability, rather than against their income tax liability. A qualified small business can now claim up to $250,000 of its credit for increasing research activities as a payroll tax credit. Under the new law, qualified small businesses can apply an additional $250,000 in qualifying research expenses as a payroll credit against the employer share of Medicare. This provision takes effect for tax years beginning after Dec. 31, 2022. Read the full article here: https://bit.ly/3BzaDmF

08/09/2022

Sometimes small is better: Your small business may be eligible for tax breaks that aren’t available to large businesses. For example, the qualified business income (QBI) deduction is available to eligible individuals but not to C corporations or their shareholders. The deduction can be up to 20% of: 1) QBI earned from a sole proprietorship or single-member LLC treated as one for federal income tax purposes, plus 2) QBI passed through from a pass-through business, meaning a partnership, S corp or LLC classified as a partnership. Pass-through businesses report tax items to their owners, who then take them into account on their own returns. The rules are complex. Contact us with questions. See the full article here: https://bit.ly/3brraPf.

07/06/2022

Business owners are aware that the price of gas is historically high, which has made their vehicle costs soar. Fortunately, the IRS is providing some relief. The tax agency announced an increase in the optional standard mileage rate for the last six months of 2022. Taxpayers may use the optional cents-per-mile rate to calculate the deductible costs of operating a vehicle for business. From July 1–Dec. 31, 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up from 58.5 cents per mile for Jan. 1–June 30, 2022. Taxpayers also have the option of calculating the actual costs of using their vehicles rather than using the standard mileage rate. Contact us to learn more.
See the full article here: https://bit.ly/3OSWhRR

06/15/2022

There’s a valuable tax deduction available to a C corporation when it receives dividends. The “dividends-received deduction” reduces or eliminates an extra level of tax on dividends received. As a result, a corporation will typically be taxed at a lower rate on dividends than capital gains. Ordinarily, the deduction is 50% of the dividend, meaning only 50% of the dividend received is effectively subject to tax. For example, if a corporation receives a $1,000 dividend, it includes $1,000 in income, but after the $500 dividends-received deduction, its taxable income from the dividend is only $500. The tax break may be higher or lower, depending on the circumstances, and other rules apply. You can read the full article here : https://bit.ly/3xVA7c2

06/14/2022

https://bit.ly/3xqXJDU
The next quarterly estimated tax payment deadline is June 15 for individuals and businesses so it’s a good time to review the rules for computing corporate federal estimated payments. You want your business to pay the minimum amount of estimated taxes without triggering the penalty for underpayment of estimated tax. The required installment of estimated tax that a corporation must pay to avoid a penalty is the lowest amount determined under each of these four methods: The current year method, the preceding year method, the annualized income method or the seasonal income method. Contact us to determine which method is best for your corporation.

05/19/2022

Businesses may be required to issue more information reporting forms for 2022 because more workers fall into the required range of income to be reported. Starting this year, the threshold has dropped drastically for filing Form 1099-K. Businesses and workers in certain industries may receive more forms. Banks and online payment networks (payment settlement entities or third-party settlement organizations) must report payments in a trade or business to the IRS and recipients. (These include Venmo, PayPal, etc.) A 2021 law dropped the threshold to file Form 1099-K for a taxpayer from $20,000 of reportable payments made to a taxpayer and 200 transactions to $600. Contact us with questions.
you can read the full article here: https://bit.ly/3yMu1LD