WELCOME TO DAVID K. RAYE, CPA, P.C.

davidraye-charlotte-cpa

The accounting firm of David K. Raye, CPA, P.C. is dedicated to excellent client service.  Founded in October, 1996, we have consistently provided exceptional assistance and advice in our client’s tax, financial and business affairs.  We have many loyal clients and would like to have the opportunity to serve your tax and accounting needs.

We want you to get the best financial and tax help possible. Explore our web site to discover the many ways we can serve you. If you have a question that is not addressed here, please contact us via the contact form located at the bottom of this page or by phone at (704) 887-5298

You’ll find that we can take much of the worry and stress out of your financial life. We are ready to assist you in —

  • keeping your taxes as low as the law allows
  • building your personal wealth through sound tax and financial planning
  • designing recordkeeping and accounting systems that help your business function efficiently and profitably
  • helping you solve your business problems
  • preserving your estate for your intended heirs

SERVICES

Professional Tax Return Preparation

Today’s tax laws are so complicated that unless your financial affairs are extremely simple, chances are you will benefit from at least occasional help from a tax professional. It is too easy to overlook deductions and credits to which you are entitled if you prepare only one return a year. Even the use of computer software is no substitute for the assistance of a seasoned tax preparer.

We can prepare returns for a wide range of entities including individuals, corporations, partnerships, LLC’s, estates, trusts and non-profit organizations.

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Business Solutions

Business problems and their solutions are as varied as the kinds of businesses in existence. There are some issues, however, that every business faces. Whatever your business concerns, we can provide the help you need.

Whether you are starting a business or operating an on-going concern, we can help you select the proper organizational structure and help you secure adequate financing. We will work with you and your banker, lawyer, insurance agent, and other advisers to solve your business problems.

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Accounting Services

We can help you design an accounting system that is right for your business so that you will always have current and relevant financial information at your fingertips.

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TAX RESOURCES

 

Tax Organizer

Organize your tax information with our free Tax Organizer.
After you schedule your tax appointment, please print and fill out the organizer. Bring the completed organizer with you to your appointment.

OPEN TAX ORGANIZER NOW

Download Adobe Reader

You will need the free Adobe Reader to view and print the Tax Organizer. If you do not have Adobe Reader installed on your computer, you may download it without charge from the Adobe website.

Download Adobe Reader

 

Calculators

You can get rough answers to your financial questions by using the following calculators and making a few estimates on your part. If we can be of assistance or answer questions for you, please call us.

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Track Your Tax Refund


TESTIMONIALS

  • I’ve worked with David since 2000. Over the last 16 years, he’s taken care of all my business tax needs and personal tax returns. He helped me during the growth and sale of my firm and is taking care of my newest business ventures. I appreciate the extra care he gives his clients and his ability to make complex tax issues simpler for me. I’d recommend him to anyone needing help with their taxes

    – Linda Bready

    Client
  • David has been our CPA for both our business and personal accounts for 19 years.  David is always detail oriented in his work and always delivers the finished product as promised.  Over the past 19 years of working with us, I am constantly impressed with his work ethic and expertise in preparing our different types of tax returns.  I would highly recommend David to any business or individual who is looking for a CPA.

    – J. Dean Lackey, RPh, MBA, Med Data Research, Inc.

    Client
  • I met David Raye in 2009 while participating in the Steele Creek Toastmasters club.  David was developing and honing his public speaking skills.  And he put his presentation skills to work by becoming the president of his Rotary Club.     

    Needless to say, I was/am impressed with David’s personal and professional work ethic.  Over the last 9 years David has continuously demonstrated the ability to stay at the forefront of his accounting profession and he has continued to expand the accounting services and financial consulting offerings of his business.  

     I am totally confident in the accuracy, the timeliness, and the ethical counsel that David provides to me on behalf of my business and family tax portfolios.  And, I look forward to continuing our professional relationship and personal friendship in the coming years.

     Paul Bruno

    Founder/President, REFocus, Inc.   

    Web Client
  • Since 2011, I have trusted David Raye to provide personal accounting services and I have referred many friends and colleagues to David.  David has always delivered as promised and his advice and delivery have always been spot on.  I would highly recommend David to anyone looking for a professional accountant and have done so often.  

    Jim Pfeiffer

    Client

TAX BLOG

I hope you and your families are doing well and staying safe & healthy!

One of the deductions that was eliminated with the Tax Cuts and Jobs Act of 2017 was the home office deduction. Prior to TCJA, employees could deduct from their income a portion of expenses such as interest, property taxes, insurance and utilities. They were deductible as an itemized deduction along with any other employment expenses not reimbursed by their employer. Under the new law, the home office deduction is allowed only as a business expenses for businesses that are run out of the home. It is not deductible for employees anymore.

The coronavirus pandemic has forced millions of Americans to work remotely from their homes. Many companies plan to keep employees working from home through the end of 2020 and many believe that this trend could become permanent. This raises the question: Should the home office deduction be reinstated for employees?

So far, the Covid-19 relief measures passed by Congress have not addressed the home office deduction for employees but I suspect that this problem must be on lawmaker’s minds. Employees have had to alter their lifestyles to conform to the “new normal” and, therefore, have a good case to make for bringing back this tax break.

In the meantime, one possible solution is for employers to reimburse employees for home office usage. These reimbursements would be deductible by corporations and not included as income to the employees. My firm will continue to monitor this situation for possible legislation down the road.

We are committed to serving your tax preparation and tax planning needs. If you have questions or need assistance, please do not hesitate to contact our office.

David K. Raye, CPA        704-887-5298            david@davidrayecpa.com

Fast on the heels of passing the Families First Coronavirus Response Act (a law which ensures paid sick leave and unemployment benefits for employees affected by the COVID-19 pandemic along with payroll tax credits for affected employers), Congress passed and the President signed the CARES Act – a massive economic relief package with numerous tax breaks – on March 27, 2020.

For individuals, the most important form of tax-related relief may be the recovery rebate tax credits, which are direct payments (sometimes referred to as “stimulus checks”) the government will be making to those with income under a certain level. For businesses, key tax-related provisions include a payroll tax credit to encourage employee retention, an extension of the time for paying employment taxes, and a small business loan program with provisions for converting qualifying loans to grants (which do not have to be repaid).

The following are the key tax provisions of the CARES Act.

CARES Act Tax Relief for Individuals

Direct Payments: Single individuals and joint filers can expect to receive a payment of $1,200 or $2,400, respectively, plus $500 for each qualifying child. However, the rebate is reduced (but not below zero) by 5 percent of the amount by which the taxpayer’s adjusted gross income exceeds (1) $150,000 in the case of a joint return, (2) $112,500 in the case of a head of household, and (3) $75,000 in the case of a single taxpayer or a taxpayer with a filing status of married filing separately. Rebates will be issued based on 2019 income tax returns, or 2018 returns for individuals who haven’t yet filed in 2019. The rebates are eligible for electronic disbursement to any account to which the payee authorized, on or after January 1, 2018, the delivery of a refund of taxes or of a federal tax payment, including federal retirement benefits.

Note:  Qualifying child is generally dependents under the age of 17.

Using Retirement Funds Without Penalty: The CARES Act waives the 10% early withdrawal penalty for coronavirus-related distributions from retirement plans and provides the option of recontributing the funds for up to three years after such distributions are made. A “coronavirus-related distribution” is any distribution from an eligible retirement plan made: (1) on or after January 1, 2020, and before December 31, 2020, (2) to an individual (i) who is diagnosed with the virus SARS-CoV-2 or with coronavirus disease 2019 (COVID-19) by a test approved by the Centers for Disease Control and Prevention, (ii) whose spouse or dependent is diagnosed with such virus or disease by such a test, or (iii) who experiences adverse financial consequences as a result of being quarantined, being furloughed or laid off or having work hours reduced due to such virus or disease, being unable to work due to lack of child care due to such virus or disease, the closure or reduction of hours of a business owned or operated by the individual due to such virus or disease, or other factors as determined by the Secretary of the Treasury.

Required Minimum Distribution Rules Waived for 2020: The CARES Act waives the required minimum distribution rules for 2020 for defined contribution plans, including an eligible deferred compensation plan, and individual retirement plans.

Above-the-Line-Deduction for Charitable Contributions of Up to $300: Individuals, whether they itemize deductions or not, can take a deduction of up to $300 for charitable contributions made during 2020 and the limitations on the amount of charitable contributions that a taxpayer may take an itemized deduction for are loosened. In addition, the CARES Act loosens the deduction limitation on contributions of food inventory.

Repayment of Student Loan Debt Excluded from Income: The CARES Act excludes from income certain student loan debt repaid by an individual’s employer. It applies to repayments made after date of enactment and before 2021.

We are committed to serving your tax preparation and tax planning needs.  If you have questions or need assistance, please do not hesitate to contact our office.

Stay safe and healthy!

David K. Raye, CPA                  704-887-5298                          david@davidrayecpa.com

March 25, 2020

I hope you and your families are doing well and staying safe & healthy!

Last week, the Families First Coronavirus Response Act was passed by Congress.  This Act requires businesses with fewer than 500 employees to provide paid sick and family leave to employees affected by the virus.  Details are below:

  • Full time workers must receive 80 hours of sick leave and part-time employees must receive pay in the amount of their average hours in a two- week period.
  • BENEFITS: There are three levels of eligible employees.  Those sick or quarantined would receive full pay up to $ 511 per day for up to 10 days.  Those caring for someone affected by the virus would receive 2/3 of their pay up to $ 200 per day for up to 10 days.  Individuals with childcare needs due to school or daycare closings will have a 10-day wait period and then receive 2/3 pay up to $ 200 per day, capped at a total of $ 10,000.
  • TAX CREDITS: Employers will receive dollar-for-dollar tax credits against Social Security and Medicare taxes due to offset the benefits paid.  Those taxes would normally be 6.2% of wages for Social Security and 1.45% for Medicare.
  • The self-employed are not left out. They would also receive tax credits against self-employment tax which are the same percentages shown above (6.2% and 1.45%)

As I write this, the Senate has come to an agreement on a separate $ 2 trillion stimulus bill and all indications are that the House will take up the bill immediately.  This bill is expected to include several measures that will affect individual income taxes.  Once this bill is officially passed, I will provide more details in a separate post.

We are committed to serving your tax preparation and tax planning needs.  If you have questions or need assistance, please do not hesitate to contact our office.

Stay safe and well.  Our thoughts and prayers are with everyone as we move through this crisis.

David K. Raye, CPA                  704-887-5298                          david@davidrayecpa.com


Contact

13850 Ballantyne Corporate Place, Ste. 500 Charlotte, NC 28277 Ph:704-593-9695

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