S. Preston Douglas & Associates, LLP

06/02/2026

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed for 2026.

Learn about them - https://spdouglas.com/archive.php?archive=062026 #6 - and contact us with any questions you may have.

06/01/2026

Happy Monday!

North Carolina voters will decide this fall whether to sharply lower the state constitution’s cap on income tax rates.

If approved, the constitutional cap on both individual and corporate income tax rates would be reduced from the current 7 percent to 3.5 percent, with the lower tax rate cap would apply to tax years starting on or after January 1, 2027.

05/29/2026

Ah, the gift of cash. It's a beautiful thing not just for the recipient but for the giver as well.

But how much can you give as a one-time gift without having to worry about tax reporting?

Find out here - https://www.kiplinger.com/taxes/gift-tax-exclusion

Complying with the annual gift tax limit can save time and money when you're giving to family, friends and others.

05/28/2026

Getting a large inheritance can create new financial opportunities. But it’s important to handle inherited assets carefully, especially when it comes to taxes and planning.

There are tax rules that apply in this scenario that you'll want to learn about. Find out more here - https://spdouglas.com/archive.php?archive=052026 #3 - and contact us at any of our four locations to learn more.

05/26/2026

Being part of the communities we live and work in is so important to each of our Partners and employees.

Last week, our Ocean Isle Beach team helped proctor EOG testing at Elementary School in Shallotte.

Witnessing these 4th graders working so hard, it's easy to understand that our future is bright. Way to go Dolphins!

www.SPDouglas.com

05/25/2026

For many families, Memorial Day isn't a holiday — it's a day shaped by an empty chair and a folded flag. We honor them by remembering that real people, with real lives and real dreams, made the ultimate sacrifice.

05/22/2026

Don't let your company's records get out of control.

Our experienced staff can assist you with a variety of bookkeeping services.

Learn about them - https://www.spdouglas.com/bookkeeping.php

05/21/2026

Selling investment or commercial real estate can result in a substantial tax bill if the property has appreciated significantly. One strategy to help ease your tax burden is...

Find out the answer here - https://spdouglas.com/archive.php?archive=052026 #1 - and contact us with any questions you may have.

S. Preston Douglas & Associates, LLP is a full service tax, accounting and business consulting firm located in Lumberton, NC, Whiteville, NC, and Elizabethtown, NC.

05/19/2026

Did you receive a large return this year from your taxes? Did you have a large bill to pay to the IRS?

If you filed your 2025 return on time, you may now have valuable information that can help you fine-tune your 2026 withholding.

Learn more - https://spdouglas.com/archive.php?archive=052026 #5 - and contact our tax professionals at any of our four locations to set up an appointment to discuss this or other matters you may have questions on.

05/18/2026

HAPPY MONDAY!

Yes, we are still discussing COVID because the IRS may still owe money to tens of thousands of businesses.

Learn more and find out if your business qualifies as the deadline to apply is coming soon -https://www.usatoday.com/story/money/personalfinance/2026/05/17/irs-businesses-covid-refund/90086144007/

Businesses may be owed COVID-era employee retention credit refunds, but a strict two-year deadline is approaching. What businesses need to do.