Tax

Tax Reform Legislation

The most significant tax legislation in the past 30 years is now law. Many taxpayers will see changes in how they compute taxable income and to their income tax liability. Businesses and individuals will see changes to their income tax rates, elimination or modification to credits, deductions and other tax preferences, and a host of other changes. Every taxpayer should expect and prepare accordingly for how this new legislation will affect their tax situation.

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Tax Compliance

DHG understands the complexities you face and can help you effectively navigate the course.

Organizations large and small face the burden of tax compliance at various levels. The more territories in which you conduct business, the higher the regulatory demand; however, even basic requirements such as federal income tax returns can pose unwanted stress and exhaust resources that could otherwise be directed towards profitable business activity. Additional concerns include:

Avoiding reported material weaknesses for financial reporting due to tax dilemmas
Streamlining tax compliance processes with the right tools and technology
Filling a resource gap you may have in your tax department
Avoiding non-compliance penalties
Managing regulatory demands across multiple territories, states and countries

At DHG, we will work side by side with you to help ensure you meet compliance at all levels in a cost-efficient and resourceful manner.

Our service approach focuses on you, not us.

Our goal is to meet your needs. Some companies need assistance in all compliance areas while others may just need assistance in a specific, more complex area. From outsourcing to co-sourcing, we are here for you. The combination of industry insight, national resources, competitive fees and a relationship-driven engagement boosts DHG past our competition as the right choice.

Tax Advisory

The tax scene can be complex and challenging to pilot. DHG is prepared from all angles.

DHG’s Tax Advisory professionals always keep current with evolving tax regulations and trends, allowing us to provide you with timely insight and tools and help you confidently handle challenges such as:

Overlooked opportunities for tax breaks and credits
Outdated tax software and technology
Complex tax planning at the local, state, federal and international levels
Non-compliance penalties
Selecting the appropriate accounting method
IRS controversy
Tax structuring for complex transactions, like a merger or acquisition

You seek to mitigate risk and elevate opportunity from a tax perspective. We collaborate to help you achieve your goals and more.

Our resourceful professionals are dedicated to gaining a comprehensive understanding of our clients’ unique businesses. Furthermore, DHG’s presence in a multitude of industries contributes to a large pool of knowledge from which we draw to help identify solutions. We combine responsive, personal service with collaborative industry and tax experience to meet your needs and exceed your expectations.

DHG leverages global resources, nationwide relationships and local appeal to meet your tax needs, inside and out.

Knowledge Share

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NC Updates IRC Conformity, Decouples from CARES Act Provisions, and Enacts Franchise and Sales & Use Tax Changes

On June 30, 2020, North Carolina Gov. Roy Cooper signed into law House Bill 1080 (HB 1080) which updates the Internal Revenue Code (IRC) conformity date to May 1, 2020. The change is effective for tax year 2020 for calendar year taxpayers. Even though the conformity date is subsequent to the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act which became law on March 27, 2020, HB 1080 specifically decouples from various CARES Act relief provisions.

President Enacts PPP Application Deadline Extension

On July 4, President Donald Trump signed into law legislation extending the Paycheck Protection Program (PPP) application deadline from June 30, 2020 to August 8, 2020.

SBA Releases Two Additional Interim Final Rules on PPP

Recently, the Small Business Administration (SBA) released two new Interim Final Rules (IFRs) to modify previously issued guidance on the Paycheck Protection Program (PPP). On June 22, the SBA released IFR 20, Revisions to Loan Forgiveness Interim Final Rule (IFR 14) and SBA Loan Review Procedures Interim Final Rule (IFR 15). On June 24, the SBA released IFR 21, Additional Eligibility Revisions to First Interim Final Rule (IFR 1). Below is a summary of both IFRs.

IRS Posts Updated Form 941 Instructions – Employer FICA Deferral Computations May Catch Some Employers by Surprise

On June 26, 2020, the Internal Revenue Service (IRS) posted updated instructions for Form 941 to accompany the revised Form 941 issued by the IRS on June 19, 2020. Both the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) provided for credits against certain employer payroll tax liabilities. Additionally, the CARES Act allowed employers to defer payment of the employer Federal Insurance Contributions Act (FICA) tax liability otherwise required to be deposited on or after March 27, 2020, and before Jan. 1, 2021 (the Deferral Period). Significant changes to the Form 941 and accompanying instructions were required in order to provide for these recent legislative changes.

Levels of Transparency Announced for Paycheck Protection Program Loans

On Friday, June 19, 2020, the U.S. Department of Treasury (Treasury), the U.S. Small Business Administration (SBA) and U.S. Senate Small Business Committee agreed on terms that will make specific Paycheck Protection Program (PPP) loan borrower information available to the public in order to provide transparency to taxpayers. Although the loan amount provided to each business will not be provided, each loan will be identified as falling within a bucket within the $150,000 to $10 million range.

Webinar Recordings

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Keeping it Flexible with PPP: Discussing Your Burning Questions and Addressing New Updates

The DHG PPP Task Force is back to discuss borrower hot topics around PPP loan forgiveness, revised loan forgiveness applications, and updates on recent guidance. Join us for a constructive conversation to answer your top questions and concerns.

Getting Flexible with PPP

In this webinar, members of the DHG PPP Task Force will highlight the updates from the Flexibility Act of 2020 and responses to your questions. Tune in for meaningful discussion around the tough questions you may have around areas where there is a lack of guidance.

Balancing Cash Flow Versus Deductions, a DHG/DHGWA Financial Fitness Webinar for Small Business Owners

Webinar Recording | Virtual - Webinar
More About | Tax | COVID-19

A joint webinar from DHG Wealth Advisors and DHG Tax targeted towards small business owners such as sole proprietors and flow through entities. We will be focusing on the perspective of the individual who owns the business, not the business itself.

Emerging Strong - Where Does the Hospitality Industry Go from Here?

For our first webinar in the Emerging Strong series, join DHG and Pinkowski & Company for a discussion on emergence, focused on the hospitality industry. Curt Griffin will discuss the CARES Act and its impacts and opportunities for the real estate and hospitality industry. Chuck Pinkowski will lead us through the question of where does the hospitality industry go from here; highlighting strategies for moving forward to drive customer confidence, reopen markets and new development and evoke optimism for the future.

Private Company Financial Reporting Matters Related to COVID-19

Following DHG’s 2020 Private Company Livestream, which kicked off the 2020 calendar year in January, the year threw us a curveball in the form of the COVID-19 pandemic. To follow up from our Livestream, this webinar will cover financial reporting implications of this disruption: financial statement disclosure impacts, asset impairment considerations, going concern and uncertainties.