North Carolina’s Gift Ban and Nonprofits: Broader Exceptions, Reporting, and Penalties
May 22, 2026
Editor’s Note: This is Part Two of a two-part series on North Carolina’s Gift Ban. Part One covers what counts as a gift, to…
News + Insights
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North Carolina’s Gift Ban: What Social Welfare Organizations and Event Sponsors Need to Know
May 19, 2026
Editor’s Note: This is Part One of a two-part series. Part Two will be published on May 22. With an increased emphasis on ethics…
Firm News
Ward and Smith to Host Triangle Benefits Forum at Raleigh Office; Steve Long to Speak at Event
January 8, 2026
Ward and Smith will welcome members of the Triangle Benefits Forum to the firm’s Raleigh office for a professional luncheon program on January 27,…
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The Rules of 1031 “Like Kind” Exchanges
November 11, 2025
A 1031 exchange is a tax-deferred exchange where a taxpayer sells one or more real estate assets held for productive use in a trade…
Firm News
Ward and Smith Ranked by Best Law Firms® in 2026
November 6, 2025
Ward and Smith, P.A., has been recognized in the 2026 Edition of Best Law Firms®. The firm was ranked by Best Law Firms in 30 practice…
Firm News
Media Mention: Attorneys Steve Long and David Heeren Featured in NCBarBlog Article
September 18, 2025
Attorneys Steven Long and David Heeren were recently featured in the NCBarBlog for their article, “Sale of Social Club Assets Upon Liquidation.” Published by the…
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Budget Stalemates, Helene Relief and Shrimp Trawling: The Themes that Shaped the 2025 Long Session of the NC General Assembly
August 29, 2025
The North Carolina General Assembly entered the 2025 Long Session in January, motivated to enact additional Hurricane Helene relief and a new state budget.…
Firm News
68 Ward and Smith Attorneys Honored by Best Lawyers® for 2026
August 21, 2025
Ward and Smith is proud to share that 68 attorneys have been recognized by Best Lawyers in America®. Of those honored, 55 were named to…
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One Big Beautiful Bill: How are North Carolina Tax-Exempt Organizations Affected?
July 18, 2025
The One Big Beautiful Bill Act (“Act”) has passed Congress and has been signed into law by President Trump. There are a host of…
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The North Carolina Board of CPA Examiners: A Licensed Professional User’s Guide
January 10, 2025
The North Carolina Board of CPA Examiners (“Board”) plays a pivotal role in ensuring the integrity and professionalism of the accounting field within the…
Firm News
Ward and Smith Attorneys Honored as 2025 Business North Carolina Legal Elites
January 6, 2025
Ward and Smith is proud to announce that 38 of its attorneys have been named to Business North Carolina’s 2025 Legal Elite, a testament to…
Firm News
Ward and Smith Expands Strategic Practice Areas with Distinguished Energy and Tax Law Hires
January 2, 2025
Ward and Smith strengthens its position in two critical practice areas with the addition of Christina Cress, an accomplished energy and utilities attorney, and…
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Death and Taxes for North Carolina Business Owners
November 22, 2024
Changing tax laws, political uncertainty, and the whole family at Thanksgiving can take us on a roller coaster ride of ups and downs. But…
Firm News
Our November Focus: Family Matters
November 22, 2024
November focuses on “Family Matters,” covering crucial topics impacting families: closely held businesses, life changes, divorce, death, child custody, and estate planning. And A…
Firm News
Ward and Smith Ranked by Best Law Firms® in 2025
November 11, 2024
Ward and Smith has been honored in the 2025 edition of Best Law Firms®. The firm has made its mark in the legal field by being ranked…
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North Carolina Agritourism and Liability Waivers
August 30, 2024
Strengthening the bond between farm and table, agritourism flourishes in North Carolina as both the agribusiness and agriculture sectors buoy the state’s economy with…
Firm News
67 Ward and Smith Attorneys Recognized by Best Lawyers® in America for 2025
August 15, 2024
Ward and Smith is pleased to announce that 67 attorneys have been recognized by Best Lawyers®. Fifty-four attorneys were chosen for inclusion in…
Firm News
Our May Focus: Working Through Difficult Times
May 31, 2024
The May theme, “Working Through Difficult Times,” revolves around acknowledging and addressing the challenges individuals and businesses face during challenging times. Easing the Burden:…
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Tax Treatment of the Sale of Social Club Assets Upon Liquidation
May 7, 2024
Since 1916, Congress has exempted from income taxation clubs formed to facilitate social interaction between its members. As a result, country clubs, hunting and…
Firm News
Ward and Smith Ranked in 2024 “Best Law Firms”
November 2, 2023
Ward and Smith has been ranked in the Best Lawyers® “Best Law Firms” list regionally in 27 practice areas. Firms included in the 2024 “Best Law Firms”…
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Purchases and Sales of an Incorporated Business: Asset Acquisitions and Stock Sales
October 18, 2023
There are two primary ways to structure the taxable purchase and sale of an incorporated business. The parties may engage in an asset acquisition,…
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Mo Money, Mo Problems? No Biggie for a Homeowner’s Association, Right?
October 4, 2023
Was your community association lucky enough to come in under budget last year? On the surface, this might appear to be a bonus, but…
Firm News
52 Ward and Smith Attorneys Recognized by Best Lawyers in America® for 2024
August 17, 2023
Ward and Smith proudly celebrates an incredible achievement—over half of our esteemed attorneys have gained recognition from one of the nation’s most respected legal…
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Basic Estate Tax Planning For Married Couples: Opportunities For Use Of Estate Tax Exemptions
June 23, 2023
A primary goal of most married couples when contemplating basic estate planning documents is to ensure that the surviving spouse, and commonly, the couple’s…
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Seeking Shelter: Recession Implications for your Organization
June 21, 2023
In an interactive discussion led by Hank Harris, Director of Consulting for Ward and Smith Business Consulting, three attorneys shared their thoughts on the…
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Riding the Rapids: Staying Afloat in the Legal Waters
February 22, 2023
Five Ward and Smith attorneys delivered keen guidance on a host of matters pertinent to in-house counsel and company preparation for the imminent economic…
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Whose Business is it Anyway? A Business Succession Case Study
February 3, 2023
Three Ward and Smith attorneys provided an overview of succession planning, estate planning, divorce, and the separation of assets. The seminar — A Business…
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Brisk Briefings: Quick Hitter Legal Updates
December 9, 2022
At their recent Construction Conversations and Closely Held Business Briefing event, several Ward and Smith attorneys provided an overview of privacy and data security,…
Firm News
Ward and Smith Celebrated in 2023 Edition of Best Law Firms
November 3, 2022
Ward and Smith shines bright in the 2023 edition of “Best Law Firms.” U.S. News & World Report and Best Lawyers® released their annual rankings that recognize…
Firm News
7 Ward and Smith Attorneys Named to 2023 Best Lawyers: Ones to Watch
September 12, 2022
Best Lawyers® has selected seven Ward and Smith attorneys for inclusion in the 2023 edition of Best Lawyers: Ones to Watch. This honor recognizes some…
Firm News
Ward and Smith Welcomes Business and Tax Attorney John Perry
August 25, 2022
Ward and Smith is pleased to announce the arrival of business and tax attorney John Perry. He will help clients with a broad range…
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Be Mindful of Income Tax in Estate Planning, Particularly Basis
July 22, 2022
Avoidance of estate taxes is one consideration in estate planning. Under current law, however, estate tax issues generally affect only the wealthiest 1% of…
Firm News
Lee Hodge Elected to NCBA Tax Section Council
June 9, 2022
Attorney Lee Hodge was recently elected to the North Carolina Bar Association’s (NCBA) Tax Section Council for a three-year term. NCBA’s Tax Section offers a…
Firm News
Ward and Smith Welcomes New Tax and Business Attorney
June 1, 2022
Ward and Smith is pleased to announce tax and business attorney Matthew Jones has joined the firm. Matthew’s practice is limited to corporate and…
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Rapid Fire Legal Update on Tax Provisions, E-Discovery, Lobbying Issues, and ADA Compliance
January 26, 2022
We recently provided timely updates on new tax provisions, electronic discovery, lobbying issues, and ADA compliance during Ward and Smith’s 2021 Virtual In-House Counsel Webinar. The…
Firm News
Ward and Smith Attorneys Named to 2022 Business North Carolina Legal Elite
January 4, 2022
Business North Carolina has selected several Ward and Smith attorneys for inclusion in its 2022 Legal Elite edition. The annual publication lists the state’s top lawyers…
Firm News
7 Ward and Smith Attorneys Recognized as “Ones to Watch” by Best Lawyers®
September 9, 2021
Best Lawyers® has named seven Ward and Smith attorneys as “Ones to Watch” in its 2022 edition of Best Lawyers in America®. This honor…
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Employers: Here’s Your “Quick Hitter Guide” for the American Rescue Plan Act’s Impact on COBRA and FFCRA
March 26, 2021
The American Rescue Plan Act of 2021 (ARPA), signed into law on March 11, 2021, includes a whole host of requirements and provisions impacting…
Firm News
13 Ward and Smith Attorneys Listed in Business North Carolina’s 2021 “Legal Elite”
January 6, 2021
Business North Carolina has recognized 13 Ward and Smith attorneys as 2021 “Legal Elites.” Of the thousands of lawyers practicing across the state, only…
Firm News
Paul Fanning to Serve on Keynote Panel About Bankruptcy
November 24, 2020
Creditors’ rights attorney Paul Fanning will help Thomson Reuters kick off their 2020 Gear Up Online Conference, a premier CPE program for accountants and…
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Web-Based Businesses and Other “Remote Sellers” Beware – A Morass of Sales Tax Obligations Are Upon You
November 18, 2020
Sales Tax Obligations — Businesses with a Physical Presence in a State It should come as no surprise that almost all states require businesses…
Firm News
41 Ward and Smith Attorneys Named to “Best Lawyers in America®” for 2021
August 20, 2020
Ward and Smith is proud to announce that nearly half of the firm’s attorneys have been recognized by one of the most respected and trusted…
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Temporary Relief for NC Taxpayers Under New COVID-19 Legislation
May 6, 2020
Members of the North Carolina General Assembly made good use of their time leading up to the short session that began on April 28,…
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Turning Low Value Lemons Into Estate Planning Lemonade – Part I Gifting Opportunities
March 31, 2020
The novel coronavirus pandemic has had a dramatic impact on the U.S. economy. Investors have experienced record-setting fluctuations in marketable security values on U.S.…
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Update: Tax Filing Deadlines Moved to July 15 Amidst COVID-19 Pandemic
March 27, 2020
The IRS announced on Saturday, March 21, that it would move the U.S. income tax filing deadline for all taxpayers and businesses from April…
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COVID-19 Tax Alert – The Tax Man Lends a Helping Hand
March 26, 2020
As we all adjust to the “new normal” of social distancing and working remotely, Congress is very close to passing its phase 3 legislation…
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March 31 Deadline to Amend 403(b) Retirement Plans Approaches
February 25, 2020
Employer sponsors of 403(b) retirement plans have until March 31, 2020, to amend their plan documents to comply with Internal Revenue Service (IRS) rules…
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Lifetime Transfers of Family Business Interests: An Estate Tax Planning Opportunity in Uncertain Political Times
November 15, 2019
When a family business owner’s goal is to ultimately pass ownership of the business on to the next generation, business succession planning and the…
Firm News
Steve Long to Speak at NCACPA’s 80th Annual Symposium
November 13, 2019
The North Carolina Association of Certified Public Accountants (“NCACPA”) invited tax and employee benefits attorney Steve Long to speak at its 80th Annual Symposium.…
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Retirement Plan Contribution Limits Will Increase in 2020
November 7, 2019
The Internal Revenue Service announced on Wednesday, November 6, that several contribution limits in qualified retirement plans will increase next year. The IRS announced…
Firm News
Triangle Benefits Forum Wellness Update
October 15, 2019
Ward and Smith is pleased to welcome the Triangle Benefits Forum to our Raleigh office on October 22. The group is hosting a Wellness Plan Update…
Firm News
Steve Long to Host Triangle Benefits Forum
October 15, 2018
Life insurance can offer millions of people financial protection from unfortunate events. But there’s another advantage, such as using life insurance to fund deferred…
Firm News
Ward and Smith Expands, Adds Two New Attorneys to Wilmington Office
August 13, 2018
Tax and business attorney Richard Crow and family law and trusts and estates litigation attorney Paige Inman joined Ward and Smith on August 13,…
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Key 2018 Legal Updates for Employers: Report from Ward and Smith’s 2018 Employment Law Symposium
July 27, 2018
This is the third in a series of articles summarizing key topics addressed at the Ward and Smith, P.A. 2018 Employment Law Symposium held…
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NCGA 2018 Wrap Up: Abbreviated Short Session Produces Fewer Bills but More Proposed Constitutional Amendments
July 20, 2018
The 2018 Short Session of the North Carolina General Assembly adjourned in late June and can boast something that many Short Sessions cannot: that…
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Choice of Entity for the Closely Held Business—Comparing LLCs and Subchapter S Corporations
May 25, 2018
While the Internal Revenue Code (“Code”), Subchapter C Corporation (“C Corp”) will be the proper choice of entity for some closely held businesses (particularly…
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What Could Go Wrong? The Importance of Business Succession Planning
April 20, 2018
Most business owners expect that their company will continue to operate after they stop working. However, successfully transitioning control of a business rarely occurs…
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“ITIN Contractors” – What North Carolina Construction Companies Need to Know to Minimize Risk
April 11, 2018
As explained in an earlier article, the North Carolina Department of Revenue (the “NCDOR”) has aggressively audited North Carolina construction companies on the issue…
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It’s Official: Brewers Will Pay Less Tax in 2018. Now What?
January 4, 2018
On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act, which reduces the federal excise tax on brewers for…
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Tax Reform – What Does it Mean for You and Your Business?
January 2, 2018
Let’s face it—the Internal Revenue code (the “Code”) and the reams of regulations that implement the Code can be very complex. However, most individuals…
Firm News
Raleigh Chamber “C-Suite Perspectives” Features Pamela Norley of Fidelity Charitable
December 4, 2017
Ward and Smith, P.A. is proud to sponsor the C-Suite Perspectives series presented by the Greater Raleigh Chamber of Commerce. The next event will…
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Cheers! Brewers Will Have Reason to Toast if Proposed Tax Changes Become Law
November 30, 2017
Much press has been given to recent efforts in Congress to reform the federal tax code. The House and the Senate have each proposed…
Firm News
Steven Long to present “Retirement Plan Corrections” to the Triangle Benefits Forum
November 21, 2017
Tax and Employee Benefits attorney Steven Long will discuss Retirement Plan Corrections at the November 28 Triangle Benefits Forum Meeting hosted by Ward and Smith’s Raleigh…
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Here Today, Gone Tomorrow: the Allures and Legal Considerations of Pop-Up Shops
April 11, 2017
For years now, a new type of retail merchant has been “popping up” everywhere. Short-term, temporary retail events, or “pop-ups,” serve as a marketing…
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The Basics of 1031 Exchanges – Part Two: Structuring Partnership/LLC 1031 Exchange Cash-out Transactions
January 26, 2017
This is part two of a two-part series on Internal Revenue Code Section 1031 tax-deferred exchange transactions. The first article provided an overview of…
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The Basics of 1031 Exchanges – Part One
January 16, 2017
This is part one of a two-part series on Internal Revenue Code Section 1031 Tax-Deferred property exchanges. This first article will provide an overview…
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Reasonable Compensation Issues Remain On the IRS Radar Part II: S-Corporation Concerns
July 19, 2016
Our May 26, 2016 article, Reasonable Compensation Issues Remain on the IRS Radar (“Part I”), discussed how the IRS scrutinizes the reasonableness of compensation…
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How Non-Probate Assets Can Affect Your Estate Plan: A Few Cautionary Tales
June 1, 2016
When you think about the control of your possessions and assets after your death, you probably think of a Will and probate. A Will…
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Reasonable Compensation Issues Remain On the IRS Radar
May 27, 2016
Many professional service corporations (“PSC”) such as law firms, accounting firms, and medical practices are organized and taxed as C-corporations. The earnings of a…
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North Carolina Construction Companies – Have You Covered Your Bases on Your Payments to Your “ITIN Contractors”?
January 29, 2016
If you are like many North Carolina construction company owners and managers, the phrase “ITIN contractor withholdings” is one with which you are unfamiliar. …
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Real Estate Developers – Proper Planning is Key to Maximizing The After-Tax Return on a Development Project
August 18, 2015
Before starting a new development project, residential and commercial real estate developers should focus on properly structuring the acquisition and development of the property…
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New Highway Law Includes Tax Provisions
August 10, 2015
On July 31, 2015, President Obama signed into law “The Surface Transportation and Veterans Health Care Choice Improvement Act” (the “Act”). The primary focus…
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With Tax Season Upon Us…Are You Aware Of All The Tax Reform That May Impact Your Taxes This Year?
March 17, 2015
The United States Congress and the North Carolina General Assembly have been busy over the past couple of years implementing significant tax reform for…
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Can A Limited Liability Company Really Offer Equity Compensation Awards To Its Valued Employees?
October 29, 2014
You are always looking for creative ways to retain your top employees. One option is to offer valued employees equity in your business. However,…
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Tax Resolution for 2014 – Be Proactive to Minimize Your Exposure to the New Net Investment Income Tax
February 5, 2014
The net investment income tax is a 3.8% federal tax that applies to certain taxpayers with passive income. It is important that you understand…
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My Spouse Did What and I Owe How Much in Taxes?
November 6, 2013
Filing a joint tax return seems like an innocuous and pre-determined action for most married couples. It is important to understand what obligations come…
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Recent IRS Ruling That All Legal Marriages Are Equal For Federal Tax Purposes Impacts Same-Sex Couples And Employers
October 23, 2013
The June 2013 United States Supreme Court decision in United States v. Windsor invalidated the portion of the Defense of Marriage Act (“DOMA”) that…
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North Carolina Tax Reform – Are You and Your Company Ready?
August 15, 2012
The North Carolina General Assembly is poised to modernize the state’s tax code to reflect its current services-based economy. You and your company need…
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Taxpayers Have One More Chance To Avoid Trouble: IRS Announces New Offshore Voluntary Disclosure Program
March 2, 2012
On January 9, 2012, the IRS announced a third Offshore Voluntary Disclosure program (“OVD”) for taxpayers with undisclosed foreign assets. The IRS has collected…
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Your Federal Estate and Gift Tax Exemption – Use it or Lose it?
January 18, 2012
All individual taxpayers have a window of opportunity for passing their assets to family members or other individuals with less gift tax than ever…
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The Nightmare Is Over! Repeal of the Expanded Form 1099 Reporting Requirements
August 18, 2011
After significant controversy, the Comprehensive 1099 Taxpayer Protection Act of 2011 (“1099 Act”) was signed into law by President Obama on April 14, 2011. …
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Making the Tax Code Work for You and Your Business – Business and Individual Tax Planning Opportunities in 2011 and 2012
April 5, 2011
You are likely aware that various business and individual income tax provisions were enacted in 2001 and 2003 during President George W. Bush’s administration,…
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Silver Lining to the Economic Dark Cloud – Estate Planning Opportunities in a Down Market
December 22, 2010
Changing tax laws, political uncertainty, and the whole family at Thanksgiving can take us on a roller coaster ride of ups and downs. But…
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The Tax Man Provides Some Help – New Opportunities for Tax Savings on the Sale of Intellectual Property Assets
June 24, 2010
Many taxpayers are familiar with the term “Code § 1031 like-kind exchange” (“1031 Exchange”), but many technology executives do not realize that they can…
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It’s Finally Here! The IRS Unveils the Section 409A Deferred Compensation Document Correction Program
April 4, 2010
After years of delay, the IRS started 2010 off right by releasing Notice 2010-6 (“Notice 2010-6”) which implements a correction program for deferred compensation…
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Divorce and Taxes
January 20, 2010
Divorce is a painful process. I know this because for the last 20 years, I have counseled hundreds of clients struggling through this very…
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Miss the Section 409A Deferred Compensation Compliance Deadline? You Still May Be Able to Fix Your Documents and Avoid Triple Tax If You Act Quickly
July 16, 2009
The compliance deadline of December 31, 2008, has passed and all deferred compensation arrangements now either should comply with Internal Revenue Code Section 409A…
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The Tax Benefits of the 2009 Stimulus Act: What’s In It For You?
January 5, 2009
An article in the Spring 2009 edition of this newsletter provided an overview of the American Recovery and Reinvestment Act of 2009 (“Stimulus Act”)…
