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2011 Is Not Over! (Well, maybe not for tax purposes at least)

February 21, 2012 by Gene Chianelli 0 Comments

I’m sure that by now, most of you have already prepared your 2011 tax return and are ready to file.  Or at least have prepared to file your taxes by assembling all the documents you need.  Or thought about it.  OK, OK, maybe you’re afraid to do any of that because of what you might [...]

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retirement plans, Uncategorized

President’s 2013 Budget Proposes Rollback of Estate and Gift Tax to 2009 Levels

February 14, 2012 by Gene Chianelli 0 Comments

As I wrote in this blog a few weeks ago, uncertainty surrounding the future of the estate and gift taxes will continue to be a hot topic in 2012.  Well, it didn’t take the Obama Administration long to demonstrate that it wants to continue the debate on the estate and gift tax.  This is evident [...]

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estate and gift tax, featured, tax
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Tax Day 2012 is April 17th

February 5, 2012 by Gene Chianelli 1 Comment

Procrastinators beware (or celebrate) — you actually have until April 17th to file and pay your Federal taxes.  Due to the combination of April 15th falling on a Sunday and a District of Columbia holiday on April 16th, “tax day” 2012 will fall on Tuesday, April 17th.  As explained on the IRS website:  ”Taxpayers have [...]

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featured, income tax, tax
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DSC_7374-1

Isn’t this the busiest time of the year for you as a tax attorney?

February 3, 2012 by Gene Chianelli 0 Comments

“Aren’t you going to be glad when April 15th is over?” This is a question that I often hear this time of year whenever I tell someone I’m a tax attorney.  It’s certainly understandable, and I actually welcome this question because it gives me a good opportunity to describe what I do in my tax [...]

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featured, income tax, tax, Uncategorized
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2012 North Carolina Individual Income Tax Changes

January 31, 2012 by Gene Chianelli 0 Comments

Every year, new provisions in the North Carolina tax code take effect on January 1.  This post highlights three new individual income tax changes. 1. Deduction of first $50,000 of “net business income.”  This new provision was enacted by the General Assembly in the hopes that this tax break will help generate job growth in [...]

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featured, income tax, state tax, tax

Carolina Tax Law Hits the Radio!

May 21, 2012 by Gene Chianelli 0 Comments

Just a quick post to say what a great time I had Saturday morning as a guest of Steve Lewis on his radio program The Financial Greenhouse.  The program is heard throughout the Triangle and in Charlotte.  We had a good discussion on a range of estate planning and business law topics.  You can download [...]

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business tax, corporate tax, estate and gift tax, featured, tax

Supreme Court Challenge to Health Care Law Centers on Tax Provision

May 7, 2012 by Gene Chianelli 0 Comments

You may have heard that one of the issues being considered by the Supreme Court in examining the Patient Protection and Affordable Care Act (the “Affordable Care Act”) is whether or not it violates a tax provision.  This is true, although that particular tax provision, the Tax Anti-Injunction Act (“TAIA”), is sometimes described using terms [...]

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business tax, featured, income tax, payroll taxes, tax enforcement

Carolina Tax Law is Back!

May 1, 2012 by Gene Chianelli 0 Comments

Well, tax season is over now and after a bit of a break, Carolina Tax Law is back.  I’ll continue to post on timely and relevant tax issues, but I’ll also be writing about topics like business law, estate planning, and economic development.  Look for these enhancements soon!  

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Uncategorized

The Reduced Rate on Capital Gains and Dividends — Observations on The Quiet(?) “Tax Break”

April 5, 2012 by Gene Chianelli 0 Comments

Last year, one of the graduate students in the Advanced Income Tax course I teach at Campbell University asked me what the “biggest tax break” is in the Federal tax code.  Well, the answer to that question depends on how you define “tax break,” but taking it to mean a tax deduction, tax credit, or [...]

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featured, income tax, tax

IRS Expands “Fresh Start” Program

March 25, 2012 by Gene Chianelli 0 Comments

Earlier this month, the Internal Revenue Service made a major expansion in its “Fresh Start” initiative that is intended  to help struggling taxpayers.  This program was conceived as part of a broader effort started at the IRS in 2008.  The key parts of the expansion are penalty relief for unemployed taxpayers and a doubling of [...]

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featured, income tax, tax, tax enforcement

So, How Do These “Pennies on the Dollar” Tax Settlement Programs Work?

March 1, 2012 by Gene Chianelli 0 Comments

This is a question that I’ve heard many times, especially from clients and prospective clients who come to me for advice on handling their tax debt.  We’ve all seen the late-night commercials boasting of settlements for “pennies on the dollar” or “a fraction” of a tax debt, and naturally that’s going to make one wonder [...]

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featured, tax, tax enforcement

A Comparison of Corporate Income Tax Proposals

February 24, 2012 by Gene Chianelli 0 Comments

One of the biggest tax issues in this year’s campaign is what to do about the corporate income tax system.  While there seems to be consensus that the top corporate income tax rate of 35 percent is too high, the candidates disagree about how much the rate should be lowered and what (if any) of [...]

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business tax, corporate tax, featured, income tax

2011 Is Not Over! (Well, maybe not for tax purposes at least)

February 22, 2012 by Gene Chianelli 0 Comments

I’m sure that by now, most of you have already prepared your 2011 tax return and are ready to file.  Or at least have prepared to file your taxes by assembling all the documents you need.  Or thought about it.  OK, OK, maybe you’re afraid to do any of that because of what you might [...]

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income tax, retirement plans

Tentative Deal on Payroll Tax Reduction

February 15, 2012 by Gene Chianelli 0 Comments

I know that this isn’t a political blog, but it is virtually impossible to deny the connection between taxes and politics.  The reduction in the payroll tax has certainly seen its fair share of media coverage, and its fate has been debated so many times in recent months that it is difficult to count.  Ultimately, [...]

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featured, payroll taxes

Even the President Needs Tax Advice

February 13, 2012 by Gene Chianelli 0 Comments

In recent months, the division of wealth in the United States has been a popular subject for debate.  This has carried over to the Republican primary campaign, as much has been made about Mitt Romney’s wealth and sources of income and whether they enhance or detract from his qualifications to be President. Presidents and other [...]

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income tax, Uncategorized
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