Author Archives: hummingbird

Tax Reform Proposal – Tax Cuts and Jobs Act

On November 2, 2017, the House released a draft of the “Tax Cuts and Jobs Act”.  If passed, this legislation will represent the most substantial tax reform since 1986.  As with most tax reform legislation, the general approach of the bill is broad-based tax rate reduction offset by elimination of...

Important NC Sales Tax Update

A major revision to the North Carolina Sales Tax rules in 2016 created major headaches for many small businesses and consumers.  In August, the NC Legislature passed legislation that is intended to alleviate one aspect of the headache.  No, it is not repeal of the “RMI” provisions (sales tax applicable...

Stancil & Company Employee Announcement

Stancil & Company would like to proudly announce the following promotions effective January 1, 2017:   Diane Helms has been named Audit Partner.  She has been with the firm since 2006 and formerly held the position of Director of Auditing Services.  Diane has extensive experience performing audits for private entities,...

Congress Delivers a Gift to Small Businesses

President Obama and Congress have delivered a gift to small businesses and nonprofit organizations just in time for Christmas . . . although we are still trying to determine exactly what’s inside the box.  On December 13th, President Obama signed the 21st Century Cures Act, which included a provision for...

New FLSA Overtime Rules Take Effect on Dec. 1st

UPDATE, NOVEMBER 22, 2016 On Tuesday, November 22, 2016, a federal judge blocked implementation of the Obama Administration rule increasing the salary threshold for avoiding overtime from pay of $455/week to pay of $913/week.  With the transition in administrations currently in process, the future of this rule is clearly in...

Is Your Company’s Retirement Plan Operating Properly?

Does your Company offer a retirement plan?  If so, there are multiple ways a plan can fail administratively.  Sometimes these errors can be self-corrected and other times the IRS/DOL imposes fines on the Plan Sponsor to correct the plan errors.  If the errors are significant enough, the plan could be...

New Sales Tax Rules

Major changes in North Carolina Sales and Use tax rules become effective March 1, 2016 as the North Carolina sales and use tax begins to apply to certain repair services and service contracts.  The North Carolina Department of Revenue (NCDOR) has been busy during February issuing Directives and Notices to...

2016 Standard Mileage Rates

The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016 the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will...

Stancil & Company Employee Update

Stancil & Company would like to announce that David J. Piscorik has been named Partner. David has been with the firm since 2003 and formerly held the positions of Audit Director and Director of the Business Resource Group. Recent additions to our staff include Matthew Markoff as Tax Associate, Anna Crane...

New 1099 Reporting Penalties

With the due date for preparing and filing Form 1099’s looming, we felt it prudent to re-send information we provided earlier regarding a substantial increase in the penalties for failure to file 1099’s.  Form deadline for providing 1099’s to payees and filing with the IRS is January 31.  Keep reading...