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


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.


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.


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.




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.


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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.

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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.


Track Your Tax Refund


  • 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

  • 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.

  • 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



Tax reform jumped another major hurdle this past weekend when the Senate passed its tax bill. The next step will be a House-Senate conference committee that will meet and reconcile the two bills and hammer out a final version that both chambers will then vote on.

The House and Senate generally agree on these changes:

  • Eliminate deductions for state and local income and sales tax. Preserves a deduction for real estate taxes capped at $ 10,000
  • Standard deductions increased to $ 12,000 for singles & $ 24,000 for married couples
  • Corporate tax rate lowered from 35% to 20%. (Senate effective date would be 1/1/19)
  • Personal exemptions will be eliminated.
  • Estate tax exemption is doubled to about $ 11 million (House would repeal the estate tax entirely in 2025)

There are still some major areas of difference between the House & Senate plans:

  • Tax rates – House would reduce to four brackets with top rate remaining at 39.6%.  Senate would have seven brackets with lower rates and a top rate of 38.5%
  • Health insurance – House no change. Senate would repeal the individual mandate to purchase health insurance.
  • Pass-throughs – House would cap the top rate at 25% for LLCs, partnerships and S corporations.  Senate would introduce a deduction of 23% of pass-through income.
  • Alternative Minimum Tax – House would repeal the AMT. Senate would keep it.

Congress will continue the effort to finalize these tax changes before the end of 2017. Most provisions will be effective January 1, 2018.

Stay tuned……


David K. Raye, CPA, P.C.




*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. 

House Republicans finally released their tax reform plan last week. Now the debating and special interest lobbying can begin in earnest!  The following are highlights of some of the major tax provision changes contained in the bill.

  • Individual tax brackets – The current seven brackets would be compressed to four under the GOP plan. The new brackets for married couples filing jointly are as follows:
    •   12%        $24K to $90K taxable income
    •   25%        $ 90K to $ 260K taxable income
    •   35%        $ 260K to $ 1,000,000 taxable income
    •   39.6%     Over $ 1,000,000 taxable income
  •  The standard deduction would nearly double to $ 12,000 for singles and $ 24,000 for married filers. This could eliminate the need for many taxpayers to itemize deductions. However, personal exemptions for taxpayer’s and their dependents would be dropped.
  • Most itemized deductions would be done away with including medical expenses, state & local income taxes, property taxes on vehicles, second home interest, unreimbursed employee business expenses and the home office deduction.
  • Three major deductions survive but with limitations: real estate taxes, mortgage interest and charitable contributions.
  • The deduction for real estate property taxes would be capped at $ 10,000.
  • Mortgage interest deductions would only be allowed on loans up to $ 500,000 down from the current $1,000,000 while interest on home equity loans would be eliminated. These provisions would apply to loans taken after November 2, 2017. Existing loans would be grandfathered in with the current limits.
  • Deductions for charitable contributions would be preserved.
  • The child credit would increase to $ 1,600 per child and a new $ 300 credit for taxpayer, spouse and non-child dependents would be implemented. These credits would be phased out for higher income individuals. The earned income credit would not be touched.
  • The alternative minimum tax (AMT) would be repealed.
  • The estate tax exemption would double to $ 10,980,000 and the entire estate tax would be repealed in 2024. There would be no change in the basis step-up rules for estates of any size.
  • For businesses, the corporate tax rate would be slashed to 20%, down from the current 35%. Maximum tax rates for many pass-through entities like S-corporations and LLC’s would fall to 25% although many special rules & limitations would apply.
  • Businesses would be allowed to write off 100% of fixed asset purchases in the year of purchase with the cap on this deduction dramatically increased to $ 5 million.
  • The American Opportunity tax credit for college tuition would remain the same but other education tax credits would be eliminated.
  • For investors, the deductions for IRA and 401k contributions remain unchanged and tax rates for capital gains and dividends would also remain the same.

The GOP tax bill represents major changes for individuals and businesses alike. Lots of heated debate will follow in the House while the Senate continues work on its own version of tax reform which will probably differ greatly from the House plan.  Stay tuned for more updates as the legislative process continues.


David K. Raye, CPA, P.C.



*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. 

A trust is a legal entity in which someone acting as a fiduciary holds property for the benefit of another.  Trusts are used extensively in the areas of financial and wealth management.  Most people think of trusts as something only used by the “super rich” but individuals and families of modest means would find them useful in their planning.  This post will explore some of the practical uses of trusts and discuss the taxation of trusts.

Purpose of trusts

Trusts can be used for various purposes including the following:

  • Protect property for beneficiaries
  • Provide income for minor children or others incapable of handling money
  • Control the distribution of assets after the grantor’s death
  • Save on estate taxes by removing appreciating assets from the grantor’s estate
  • Charitable purposes

Taxation of trusts

A trust is taxed much like an individual.  Trust income such as interest, dividends and capital gains must be reported on an income tax return (Form 1041).  However, there are some important differences in the taxation of trusts as compared to an individual.

  • Trusts do not get a standard deduction and their exemption amounts are much lower than individuals.
  • The rate brackets of a trust are compressed so that a trust may pay higher taxes than an individual. For example, the top individual tax rate of 39.6% starts at an income of only $12,500 for trusts vs. $ 415,050 for a single individual or $ 466,950 for a married couple.

The high rate of taxation caused by the compressed tax rate brackets can be avoided by distributing income to the beneficiaries.  In that case, the income would be taxed to the individual beneficiaries instead of to the trust.  This income would be reported to the beneficiaries on a Schedule K-1.

As you can see, it is usually not wise to accumulate income within a trust because of the high tax rates on retained income.  This income should instead be distributed to individuals who will usually be in lower brackets.  This distribution can be a good method to shift income to minor children who will typically be taxed at lower rates but watch out for the kiddie tax rules which can limit this technique (more about the kiddie tax rules in a future post!).

David K. Raye, CPA, P.C.



*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. 


13850 Ballantyne Corporate Place, Ste. 500 Charlotte, NC 28277 Ph:(704) 887-5298


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