Richey May North Carolina

09/04/2026

Richey May North Carolina will be closed on Monday, September 7, for our employees to enjoy the Labor Day holiday. We will reopen on Tuesday, September 8.

09/02/2026

Giving circles are an increasingly valuable funding source for nonprofits. These groups pool their charitable dollars and collectively decide which organizations to support. They often provide funding quickly and actively engage with the causes they choose. According to the most recent national research, nearly 4,000 U.S. giving groups mobilized more than $3.1 billion between 2017 and 2023, illustrating the movement’s funding power. Building relationships with giving circles can help nonprofits diversify funding and attract dedicated supporters and volunteers. Contact us to discuss giving circles and other strategies to help increase funding.

08/26/2026

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptly and strategically.

If you or your business receives a tax notice from the IRS or a state agency, don’t ignore it. Be mindful of the notice’s deadline and work with your tax advisor to prepare supporting documentation and an appropriate response. If you owe back taxes that you can’t pay in full, explore potential relief options, such as a temporary delay in collection due to hardship, an installment agreement or payment plan, or a settlement plan.

We can help you communicate with tax authorities and create a plan to get your business back on track. Contact us to learn more.

08/25/2026

Richey May North Carolina is pleased to be a Blue Plate Sponsor for the upcoming 2026 Catawba County Hunger Walk! Sign up to walk at www.catawbacountyhungerwalk.org!

A huge thank you to Richey May for joining us as a Blue Plate Sponsor for the 2026 Catawba County Hunger Walk! 💙

Your support helps provide vital food, hope, and stability for individuals and families in need throughout Catawba County. Generous partners like you power our mission and bring our community together.

Together, we can end hunger! 💙💚
🌐 Learn more about Richey May today! www.RicheyMay.com
🌐 Learn more, register, or start a team today: www.catawbacountyhungerwalk.org

08/24/2026

Certain “small” businesses have a choice of using cash or accrual accounting for tax purposes. If you’re one of them, which route should you take?

Cash-basis businesses recognize income when received and deduct expenses when paid, providing greater flexibility in the timing of income and deductions. In contrast, accrual-basis businesses recognize income when earned and deduct expenses when incurred, regardless of the timing of cash receipts or payments.

Even if you meet the eligibility requirements, the cash method isn’t right for every business. And switching methods adds administrative costs. Contact us to learn more about each option.

08/20/2026

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your overall income and IRS thresholds.

Provisional income is your adjusted gross income with some additional calculations. You may have to report up to 85% of your Social Security benefits as taxable income if your provisional income is over $34,000 ($44,000 for joint filers). If you file separately from your spouse who lived with you at any time during the year, the threshold is $0.

Smart tax planning can potentially reduce your liability. We can help project your provisional income and review your overall tax situation to identify strategies that make sense for you.

08/18/2026

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes. For example, if you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains this year, consider selling some depreciated investments to generate losses you can use to offset those gains. And if you’d like help evaluating these and other midyear tax strategies, contact us.

08/12/2026

Whether you’re developing budgets, processing invoices, closing the books or preparing financial statements, identifying and eliminating inefficiencies can help strengthen your accounting operations. Periodically review key financial processes, including month-end reconciliations and invoice processing. Also, make sure you’re getting the most from your accounting software by leveraging automation and reporting capabilities. As your organization grows and technology evolves, your finance function should evolve, too. Contact us for help evaluating your accounting processes and identifying practical ways to improve efficiency.

08/10/2026

It’s easy to focus on the excitement of a big win. But before you spend lottery, gambling or other winnings, be sure you understand the tax impact.

Federal tax law generally treats such winnings as taxable income. Knowing the basic rules can help you avoid surprises when you file your 2026 return next year. For example, if you win more than $5,000, generally the payer (lottery agency, casino, etc.) will withhold 24% for federal tax purposes — which may or may not be enough to cover your tax liability — and send you and the IRS a Form W-2G showing the winnings paid and tax withheld.

08/06/2026

Have you made contributions to charity this year? Are you considering making more? If so, it’s important to be familiar with the tax rules so you can maximize your tax benefit — or at least avoid finding out at tax filing time that your charitable deductions are smaller than you expected.

What you donate affects how much you can deduct and the limits that apply. For example, cash donations are generally deductible up to 60% of adjusted gross income (AGI) while property donation deductions are typically limited to 30% or 50% of AGI. And nonitemizers can deduct only cash gifts, subject to a $1,000 limit ($2,000 if married filing jointly).

Many additional rules apply. Contact us with questions.