Norton Collar Lund Lilley, PLLC

11/21/2019

We have some exciting news to share!

10/22/2019

Join us for our FPA November Chapter Meeting & Lunch on November 14th at PNC Arena for a 2019/2020 Tax Strategy Review from Thomas Norton, CPA with PLC Rouse Norton, PLLC!

This presentation has been approved by the CFP® Board of Standards for 1 hour of general CE credit.

Register here: https://fpatrianglenovemberchaptermeeting.eventbrite.com

02/20/2019

PLC Rouse Norton is currently seeking an accountant to join our Small Business Services team. If you or someone you know is interested, please visit our website and click on the Careers tab for more information.

Accountant/Bookkeeper PLC Rouse Norton is seeking an accountant/bookkeeper to join our growing firm. The ideal candidate will be a self-motivated individual who is highly organized and has consistent attention for detail. We are looking for someone with great communication skills and the ability to....

01/15/2019

Centralized Partnership Audit Regime (CPAR) - Should Your Partnership Elect Out?
New for 2018 - Partnership returns, unless you are eligible to elect out and do so, will automatically be subject to the IRS "streamlined method" of auditing and collecting taxes relating to partnerships.

Under the "centralized method", when audited the IRS will correspond directly with a Designated Partnership Representative. This representative will have sole authority to represent and bind the full partnership regarding any IRS administrative or judicial tax proceedings.

Also under CPAR, if an increase in tax is assessed because of the audit, the partnership will be required to pay the tax at the highest individual rate instead of assessing tax to each individual partner.

Please click the link below to read the full article written by our Partner, Tom Norton, which weighs the pros and cons of the election.

What is the Centralized Partnership Audit Regime (CPAR)? New for 2018 – Partnership returns, unless you are eligible to elect out and do so, will automatically be subject to the IRS “streamlined method” of auditing and collecting taxes relating to partnership returns. Under the “centralized ...

01/09/2019

Just because it’s now 2019 doesn’t mean you can forget about the TCJA changes that went into effect last year. The impact on individuals when they file their 2018 tax returns may be dramatic. So take a few minutes to revisit the provisions that may affect you by visiting https://plcrn.com.

01/04/2019

Here are a few key tax-related deadlines for businesses during Q1 of 2019. JAN. 31: File 2018 Forms W-2 with the Social Security Administration and provide copies to employees. Also provide copies of 2018 Forms 1099-MISC to recipients and, if reporting nonemployee compensation in Box 7, file, too. FEB. 28: File 2018 Forms 1099-MISC if not required earlier and paper filing. MAR. 15: If a calendar-year partnership or S corp., file or extend your 2018 tax return. Contact us at 919-841-1000 to learn more about filing requirements and ensure you’re meeting all applicable deadlines. Please visit PLCRN.com for the full article.

12/19/2018

PLC Rouse Norton would like to wish all of our clients and friends a very merry Christmas! We hope you've had a successful year and we look forward to seeing you in 2019!

12/14/2018

It’s a great time of year for businesses to show their appreciation for employees and customers by giving them gifts or hosting holiday parties. Gifts to customers are generally deductible up to $25 per recipient per year. De minimis, noncash gifts to employees aren’t included in their taxable income yet are still deductible by you. Holiday parties are fully deductible provided they’re primarily for the benefit of non-highly-compensated employees and their families. If customers attend, parties may be partially deductible. Questions? Contact us at 919-841-1000.

12/12/2018

Did you know that you may be able to enjoy two tax benefits if you donate long-term appreciated stock instead of cash? First, if you itemize, you can claim a charitable deduction equal to the stock’s fair market value. Second, you can avoid the capital gains tax you’d pay if you sold the stock. But the charitable deduction will provide a tax benefit only if your total itemized deductions exceed your standard deduction, and the TCJA nearly doubled the standard deduction. Also, additional rules and limits apply. Contact us at 919-841-1000 to learn more. Please visit our website at plcrn.com for the full article.