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.

OPEN CALCULATORS 

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!

Just wanted to provide an update on our tax season operations given the extraordinary developments related to the coronavirus epidemic.

  • We are working as we normally would. I am in the Ballantyne office daily and my employee, Vicki continues to work from home.  You are welcome to set up an appointment, if needed and our receptionist is available if you wish to drop off your tax materials.
  • We successfully met the business tax filing deadline on Monday, March 16 and have now turned our attention to the individual tax deadline of April 15th.
  • Yesterday it was announced that Federal tax payments would be extended until July 15 without penalty. The April 15 filing deadline remains in place as of now.  It was unclear whether the payment extension applied to the first quarter estimated tax payments for 2020.  More information should be coming on that.
  • We are working diligently to prepare your tax returns on time. We will continue to monitor the situation and let you know if there are any other developments regarding this year’s tax deadline.

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.  We are still taking new clients and welcome your referrals as well.

Stay safe and well.  Our thoughts and prayers are with everyone during this crisis.

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

Roth Conversions

As more and more baby boomers continue to reach retirement age, many are looking at the benefits of converting traditional IRA accounts to Roth IRAs.  The way a Roth conversion works is that tax would be due on the converted amount since it was compiled with pre-tax dollars.  The Roth account would then grow tax-free and future distributions would be tax free.  Obviously, this only makes sense if you expect that your tax rates will go up in the future.

Of course, future tax rates are the big wild card!  No one can predict for sure where rates will go.  Some feel that with the national debt growing and massive Social Security liabilities coming due, that higher rates are inevitable.  They argue that folks should be taking advantage of today’s historically low rates.   The lower rates that came in with the Tax Cut and Jobs Act are temporary and generally have an end date of December 31, 2025.  So, could this be the day of reckoning?  Maybe.  But then again, President Trump has already floated the idea of making the TCJA tax cuts permanent, so maybe there is still hope?

The bottom line is that we have to work with the facts as they are now and determine if your particular situation is ideal for a Roth conversion.  Generally, if you are in the two lowest brackets of 10% and 12%, it would be wise to do only enough conversions to stay in that bracket.  The 12% bracket jumps up to 22% at taxable income of $ 78,950 for joint returns.

Another downside of conversions is that converted amounts need to be held five years to avoid a 10% penalty on withdrawals.  So, you would need to pay the taxes out of other funds, not the converted funds.  This could be a deal breaker for some.

Therefore, if you are wondering if a Roth conversion is right for you, the answer is the same as for most other tax situation: IT DEPENDS!  Every situation is unique so if you are considering this tax move, please give me a call.

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

*The information in this blog post is general in nature and not intended as specific advice.  Please consult a tax advisor to see how this information applies to your specific situation. 

Stretch IRA strategy curtailed under new law

Last month, in the midst of all the impeachment proceedings, Congress quietly passed legislation that would make significant changes to the tax laws governing retirement plans.

The most significant provision would require many beneficiaries of inherited IRAs to take out distributions over 10 years rather than their life expectancies.  This would significantly accelerate the taxation of these benefits and prohibit IRA owners from deferring taxes for long periods of time by leaving their accounts to young beneficiaries – the so-called Stretch IRA.  There would be exceptions to these distribution rules for surviving spouses, minor children, and heirs within 10 years of age of the original IRA owner.  IRAs inherited before 2020 would remain under the old law but the new law takes effect for IRA owners who die after December 31, 2019.

Here are some of the other highlights of the new legislation:

  • Starting in 2024, part-time employees would be allowed more access to 401(k) plans. Employers would be required to offer these plans to employees who work at least 500 hours per year for three years.
  • The age for making required minimum distributions from IRAs or 401(k) plans would increase from the current age 70 ½ to age 72. The new age limit would only apply to individuals who turn 70 ½ after December 31, 2019.
  • The age cap for making IRA contributions would be removed. This would allow workers to continue making retirement plan contributions after age 70 ½.
  • The bill would make it easier for employees to convert their retirement savings into a lifetime stream of income by purchasing annuities in a 401(k) plan. Employers would also be required to report to participants on an annual basis how much of an income stream that their retirement account balance represents.
  • In a move to assist families, the bill would allow penalty-free distributions of up to $ 5,000 from retirement plans if made within one year of the birth or adoption of a child.

This new legislation presents some tax planning opportunities.  With the Stretch IRA losing some of its punch, this may be a good time to review your beneficiary selections on IRA accounts.  Also, the new law does not require annual withdrawals during the 10-year payout period.  This would allow Roth IRA heirs, for example, to wait the full ten years before taking a withdrawal, which would allow for maximum tax-free growth.

As always, I am here to answer your questions about how these tax laws will affect you personally.

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

*The information in this blog post is general in nature and not intended as specific advice.  Please consult a tax advisor to see how this information applies to your specific situation. 


Contact

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

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