S. Preston Douglas & Associates, LLP

09/08/2026

How do you turn a bad situation into good fortune if you're a business owner?

When customers or others don’t pay what they owe your business, you may be able to claim a bad debt deduction to help offset the financial loss.

However, it isn’t automatic.

Learn more here - https://spdouglas.com/archive.php?archive=092026 #1 - to see if this can apply for your business

09/07/2026

Our offices will be closed today in honor of Labor Day.

Please be sure to contact us tomorrow with any questions or if we can be of assistance in any other way.
www.SPDouglas.com

09/04/2026

Are you looking to give your child the gift of cash?

- There are ways to go beyond the $19,000 annual limit without being subject to the gift tax?

Learn more - https://www.wsj.com/personal-finance/tax-free-gift-child-b8a5d1d8?st=U6cBHX&reflink=desktopwebshare_permalink - and contact us with any questions you may have.

There are ways to go beyond the $19,000 annual limit without being subject to the gift tax.

09/03/2026

A common bookkeeping mistake business owners make is mixing business and personal finances. Addressing this issue before year end can simplify tax prep, improve the accuracy of financial records, and help reduce the risk of IRS questions.

Learn more - https://spdouglas.com/archive.php?archive=092026 #4

09/01/2026

An audit provides the highest level of assurance.

An audit is a methodical review and objective examination of the financial statements, including the verification of specific information as determined by the auditor or as established by general practice.

We audit: Government, Boards of Education, ABC Boards, Health Care, Non-profit Organizatons, and Employee Benefit Plans.

Please learn more - https://www.spdouglas.com/auditing.php

08/31/2026

HAPPY MONDAY!

In July 2026, the IRS began to phase in the Automatic Exemption from Penalty (AEP) program. This program automatically provides penalty relief to eligible taxpayers with a history of timely filing and payment compliance. AEP will fully replace the First Time Abate (FTA) program for eligible original returns with due dates on or after January 1, 2027.

Learn more - https://www.taxpayeradvocate.irs.gov/news/tax-tips/tips-for-taxpayers-who-may-qualify-for-automatic-penalty-relief/2026/08/ - and contact us with any questions you may have.

You may qualify for automatic IRS penalty relief. Learn how the AEP program works, which penalties are covered, and what to do if you receive a penalty notice.

08/27/2026

It's always a good day to recognize our own, Buddy McLean.

A staple in our firm, with our clients, and in the community since 1975, Buddy continues to proudly serve his clients in and around Lumberton.

Please learn more about him and our firm by visiting https://www.spdouglas.com/culbert-mclean.php

08/25/2026

𝐘𝐨𝐮 𝐚𝐫𝐞 𝐬𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐲𝐨𝐮𝐫 𝐨𝐰𝐧 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬. You're shedding the 9-5 label, going out on your own, and are ready to have an immediate impact. Congratulations!

Along the way though, 𝐭𝐡𝐞𝐫𝐞 𝐚𝐫𝐞 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐭𝐡𝐚𝐭 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐚𝐧𝐬𝐰𝐞𝐫𝐞𝐝, including, who you are as a business. Are you a Partnership, a Sole Proprietor, an LLC, should you Incorporate?

Let us guide you in making the best decision not only for your business but for the tax implication of choosing one over the other.

𝑻𝒉𝒊𝒔 𝒊𝒔 𝒋𝒖𝒔𝒕 𝒐𝒏𝒆 𝒘𝒂𝒚 𝒕𝒉𝒂𝒕 𝒘𝒆 𝒉𝒆𝒍𝒑 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔𝒆𝒔 𝒃𝒆 𝒔𝒖𝒄𝒄𝒆𝒔𝒔𝒇𝒖𝒍.

Don't delay in making this crucial decision. Contact us - www.SPDouglas.com/contact.php - and allow us to guide you in making the right call for your company.

08/24/2026

HAPPY MONDAY!

Planning ahead is so important and with year-end fast approaching, now is a good time to review strategies that could affect your business’s 2026 tax liability.

We encourage you to read this - https://spdouglas.com/archive.php?archive=082026 #3 - and to then contact us so we can discuss how to most effectively assist you.

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

08/20/2026

Your books tell a story.

Messy books do not just make tax season harder. They hide the story your business is trying to tell you.

Accurate, current records show you which services actually make money, where cash is leaking, and whether you can afford that next hire or piece of equipment.

Good bookkeeping is not busywork. It is the foundation of every smart decision you make, and at S. Preston Douglas & Associates, we thrive on helping set you up to let your story have a happy ending.

Contact us to speak with one of our bookkeping professionals today - www.SPDouglas.com/contact.php