Connect with BRC |  View our profile on LinkedIn Follow us on Twitter Like us on Facebook
In This Issue
Raleigh Office Move & Open House
Your BRC Raleigh office has expanded into a larger location. Please stop by our Open House on Thursday, September 25th.

Your BRC Team
Leading our annual school supplies drive, Ginny Colvin and Crystal Campbell made delicious homebaked goods for contributors.

Allison Mills and the rest of the BRC team is signing up now to help various not-for-profit organizations on September 19th, the annual CPA Day of Service.

BRC Annual Meeting on 8/12 - an impactful day of personal, professional and firm development.
  
  
Noteworthy Links
2014 Annual Reports - Social Security and Medicare Boards of Trustees
Social Security and Medicare Report - 4 Things to Watch
August 26, 2014 
Strategic Guidance & Updates REGISTER NOW!

Every program was designed with your success in mind! Select the related links below for details and registration. Register now and forward these community-wide events to a peer/colleague! We look forward to seeing you soon! Limited seating.

 

  • BRC Privately Held Business Forum - Succession Planning - Transferring the Values & Desires Beyond the Documents - Triad only 9/23/14
  • BRC Not-for-Profit Board Effectiveness Seminar - Triad 10/21/14 | Triangle 10/23/14
  • BRC Financial Symposium - Triad 10/27/14 | Triangle 10/30/14
  • BRC Privately Held Business Forum - Avenues to Maximizing the Value of Your Business - Triad only 12/16/14
  • BRC Privately Held Business Forum - Defending the Return; How to Prepare Before the Audit Begins - Triad only 3/17/15

Review agendas and register here.  

Tax Talk - Planning Tips
Keeping up with the code... Below are some favored tax planning tips your team wants to make you aware of...
  
Selling a Home Converted to a Rental  
- Heads Up from John Robinson, CPA, Senior Manager: 
 
You may lose a tax break if you sell a rental property that was previously your primary residence. For example, a taxpayer purchased a house and lived in it as his main residence for two years. He then rented it at a loss for the following three years before selling it at a gain.  Although he was unable to deduct the passive losses during the period it was rented, he was able to exclude the gain resulting from the sale because it was his primary home for two out of the five previous years. While suspended losses are permitted to offset taxable gain, they are not allowed to offset tax-free gain, and thus may be lost.

 

  

Consider Hosting Your Next Company Retreat at Your Second Home
- Heads Up from Freddy Robinson, CPA, Partner:

 

If you rent a second home for less than 15 days during the year, the IRS does not consider its primary function a rental. Under what is called the de minimis rule, rent received is not included in taxable income. While it does not matter how substantial the amount, the rental rate paid must be reasonable and comparable to similar properties. However, note that only property taxes and mortgage interest are deductible. (There is no deduction allowed for operating costs or depreciation.)
Accomplishing More with Less
ROI with... Excel Proficiency 
by Casey Cox, CPA, IT Consultant

MS Excel has maintained its flagship position for decades among the finance and accounting profession.  Throughout the years it has quietly grown in features and abilities to encompass almost every aspect of data organization and analysis. But is your 10 year old spreadsheet really getting the best use out of that familiar program?  Read more.
Independent Contractor or Employee?
Solving the Dilemma of Worker Classification
by Brittany Grubbs, CPA, Supervisor

As a small business owner, it can be difficult to determine whether your worker should be classified as an employee or independent contractor.  "What's the big deal," you ask, "as long as I am reporting the amount I paid them to the IRS?"  That may seem logical, but the IRS does think worker classification is a big deal and can impose interest and penalties, as well as additional tax, on misclassified workers. Read more.

Bernard Robinson & Company | (336) 294-4494 | pmcmillan@brccpa.com |
1501 Highwoods Blvd, Ste 300
Greensboro, NC 27410

Connect with BRC | View our profile on LinkedIn Follow us on Twitter Like us on Facebook


Copyright 2013. All Rights Reserved.