This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Contributors: Tony Konkol, Manager, State & Local TaxNorthCarolina Senate Bill No. 508 (Session Law 2024-1) was signed into law on May 15, 2024 and provides an extended July 1, 2024 due date for partnerships to make a tax year 2022 pass-through entity tax (PTET) election. House Bill No.
On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and NorthCarolina, and part of Georgia that were affected by Hurricane Debby.
Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking taxreturns’. In the words of the founder of a NorthCarolina-based 12-person accounting firm, “Changing my mindset was the first important step I took in reforming my business. Carve out time for things you enjoy.
The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, NorthCarolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 25 in NorthCarolina, South Carolina, and Virginia; and Sept.
percent sales tax created three years ago to address a budget crisis, has been sent to the governor for executive approval. Maryland is offering a vendor credit of up to $3,000 on sales taxreturns for the months of March, April and May 2021. NorthCarolina revenue collections for the year ending June 30 will be $1.9
During an ERC audit, the IRS reviews the business’s records, including payroll records, taxreturns, and supporting documentation related to ERC claims. Certain factors, such as high claim amounts or inconsistencies in reported data, may trigger an audit. ERC IRS Audit Process 2.1 What Happens During an ERC Audit?
3 that was attended by members from the Georgia Society of CPAs, NorthCarolina Association of CPAs, South Carolina Association of CPAs, Tennessee Society of CPAs, and the Virginia Society of CPAs on disaster recovery. The webpage features an infographic on the process to qualify a natural disaster for tax relief.
The scope of disaster relief encompasses individuals and businesses throughout Alabama, Georgia, NorthCarolina, and South Carolina, as well as 41 counties in Florida, eight counties in Tennessee, and select areas in Virginia, including six counties and a city.
IRS migration data was gathered using federal taxreturns filed in 2020 and 2021 on which taxpayers indicated that they moved (between 2019 and 2020) from one state to another. Californians flee to low-tax states In terms of people looking for low-tax states, California lost more residents than any other state, according to the data.
The Department of Justice is warning taxpayers to choose their return preparers wisely as the April 18 federal tax filing deadline approaches. Unscrupulous preparers who include errors or false information on a taxreturn could leave a taxpayer open to liability for unpaid taxes, penalties and interest.
Location, location, location 501(c)(3) organizations are exempt from sales tax on their purchases in Colorado and in Utah. Sometimes nonprofits and not-for-profits must pay sales tax when they buy items, at least initially, as in NorthCarolina. But as always with sales tax, rules vary state to state.
million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their taxreturn. billion in refunds remain unclaimed because people haven’t filed their 2019 taxreturns yet. Need to file a 2019 taxreturn?
For any charitable contribution of property exceeding $500, you must include with your taxreturn for the year the deduction is claimed a description of the property contributed.
For tax year 2022, the Iowa PTE Tax election must be made after January 2, 2024, or the due date for filing the taxpayer’s 2022 IA 1065 or 2022 IA 1120S return, including extensions. NorthCarolina On October 3, 2023, House Bill 259 (Session Law 2023-134) , NorthCarolina’s 2023 budget bill, was enacted.
A few of them: your company doesn’t have nexus in a state or jurisdiction anymore and you don’t expect to have it again soon; the state has enacted marketplace facilitator laws and now the marketplace is responsible for collecting and remitting the sales tax; your business is passing to new ownership. And do you always want to do it?
Most states with economic nexus laws also employ marketplace facilitator laws (it is best to consult with a sales tax expert or CPA to find the most updated laws). Recently Hawaii, Texas, Wisconsin, Illinois, Michigan, Iowa, Louisiana and NorthCarolina added laws. returns for direct sales and indirect sales.?.
For the 2025 tax filing season, Direct File will also be available in Alaska, Connecticut, Idaho, Kansas, Maine, Maryland, New Jersey, New Mexico, NorthCarolina, Oregon, Pennsylvania and Wisconsin. It guides taxpayers through a series of questions to prepare their federal taxreturn step-by-step.
A federal jury sitting in Atlanta has convicted Jack Fisher and James Sinnott of conspiracy to defraud the United States, conspiracy to commit wire fraud, aiding and assisting the filing of false taxreturns and subscribing to false taxreturns. King for the Western District of NorthCarolina for her office’s assistance.
Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking taxreturns’. In the words of the founder of a NorthCarolina-based 12-person accounting firm, “Changing my mindset was the first important step I took in reforming my business. Carve out time for things you enjoy.
The IRS issued a news release providing tax relief for taxpayers affected by Hurricane Helene. This includes the entire states of Alabama, Georgia, NorthCarolina, and South Carolina, 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia.
“We asked ourselves why some corporations pay more taxes and some pay less,” said Jaron Wilde, associate professor of accounting. Wilde’s team analyzed more than 94,000 taxreturns of U.S. businesses with at least $10 million in assets that used an external tax preparer between 2005 and 2016.
State income taxes. Business income taxes. Local income taxes. Assessment taxreturn and short taxreturn. Income tax deadlines. Income tax extension: when is the last day to file income tax? Federal income tax brackets 2021 vs IRS income tax brackets 2022.
LaDonna Keener, CPA has been a Certified Public Accountant licensed in the state of NorthCarolina since 1997. As a CPA, John has considerable experience in public and private accounting for the technology industry. For more information, visit www.drakesoftware.com.
As a general rule, taxpayers should make estimated tax payments if they expect: To owe at least $1,000 in taxes for 2024 after subtracting their withholding and tax credits. Late and skipped estimated tax payments can incur penalties even if a refund is due when a taxreturn is filed.
Attorney’s Office, Western District of NorthCarolina ] A federal grand jury in Charlotte has indicted Mandy Deann Urban, 47, formerly of Charlotte, with wire fraud, for allegedly embezzling more than $1.1 Attorney for the Western District of NorthCarolina. million from her employer, announced Dena J.
The tax savings opportunity is not available to sole proprietorships or single member LLCs who are disregarded entities. Most businesses that file a taxreturn separate from inclusion in an individual return are eligible. Considering the corresponding regulations that come in to play, what is the practical application?
Combining with CH&B will provide us with the opportunity to work together to grow our firm and our service offerings in NorthCarolina and beyond,” Citrin Cooperman Executive Chairman Joel Cooperman and CEO Alan Badey said in a joint statement. “We
Starting in January, residents of Maryland and NorthCarolina will be able to file their state taxes online for free using Code for America’s FileYourStateTaxes tool. Integrated with the IRS’s Direct File program, it expands on the federal service, which currently only offers no-cost filing for federal returns.
3 that was attended by members from the Georgia Society of CPAs, NorthCarolina Association of CPAs, South Carolina Association of CPAs, Tennessee Society of CPAs, and the Virginia Society of CPAs on disaster recovery. The webpage features an infographic on the process to qualify a natural disaster for tax relief.
Key measures include: Tax Deadline Extensions : Taxpayers in affected areas have been granted extensions for filing and payment deadlines, now postponed to May 1, 2025. This relief is available in parts or all of Georgia, South Carolina, NorthCarolina, Alabama, Tennessee and Florida. Information is available here.
To help accounting professionals, especially those entering the profession, this article will explore how fiduciary income tax is different from estate tax, who files a fiduciary taxreturn, what defines estates and trusts, and more. What is fiduciary tax? Who files a fiduciary taxreturn?
have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their taxreturn, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 taxreturns yet. People face a July 17 deadline to file their returns. million people across the U.S.
have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their taxreturn, the IRS said on Wednesday. billion in refunds remain unclaimed because people have not filed their 2019 taxreturns yet. People face a July 17 deadline to file their returns. million people across the U.S.
Gambling losses are not deductible in Connecticut or NorthCarolina. Even if no federal income tax is due, gambling outside one’s native state can trigger tax filing requirements in that state. Your clients can also consult a tax attorney if they are new to professional gambling and unsure how to proceed.
Tax ERC abuse brings renewed push for regulation of paid tax preparers [ Journal of Accountancy ] buse of the employee retention credit (ERC) by aggressive promoters who make questionable promises has pushed Treasury to renew the call for the regulation of paid taxreturn preparers, an action that has the AICPA’s support.
Along came the devastation of Hurricane Helene and the appropriate extensions granted in seven jurisdictions, including the entire states of Alabama, Georgia, NorthCarolina, and South Carolina, plus parts of Florida, Tennessee, and Virginia. And wait again! Clients are ready.
Jared is a popular speaker and advisor due to his expansive knowledge of current tax policies, cybersecurity, and industry trends. Ann Campbell , CPA CIA, joined Drake Software in 2021 as a Tax Software Trainer.
Since joining the firm in 2021, Brianna has excelled in accounting, auditing, compliance, financial statement preparation, taxreturn preparation, and special projects. Nathan, who joined the firm in 2022, has shown outstanding proficiency in accounting, compliance, taxreturn preparation, business valuations, and special projects.
The IRS taxes corporations as separate legal entities, which opens them up to double taxation. The IRS then taxes them at the corporate income tax rate. Shareholders still must file their personal income taxreturns and report the corporate dividends and capital gains they get as part of their taxable income.
The Delaware franchise tax A franchise tax is a state charge on corporations to conduct business in their state. Other states that have a franchise tax include Alabama, Arkansas, Delaware, Georgia, Illinois, Louisiana, Missouri, New York, NorthCarolina, and Oklahoma.
A franchise tax is a charge by states on corporations to conduct business in their state. Currently, Alabama, Arkansas, Delaware, Georgia, Illinois, Louisiana, Missouri, New York, NorthCarolina, and Oklahoma have a franchise tax. The amount of franchise tax and how each state calculates the tax varies.
The IRS has posted a final version of the 2021 Form 941 , Employer’s Quarterly Federal TaxReturn and its instructions that take into account the COVID-19 tax credit extensions provided for in the Consolidated Appropriations Act, 2021. Legislation introduced to keep unemployment tax rate increases. 2021 Form 941.
NorthCarolina CFO Sentenced to 18 Months in Prison in Multi-Million Tax Fraud Case [ U.S. Attorney’s Office, Eastern District of NorthCarolina ] Christopher Scott Harrison, 56, of Fayetteville, N.C., In addition to his prison sentence, Harrison was ordered to pay more than $4.6
Mississippi Return Preparers Found Guilty of Tax Fraud [ Department of Justice ] A federal jury in Jackson, Mississippi, convicted Adam Earnest, Christopher Randell and James Klish yesterday of conspiracy to defraud the United States. Earnest and Randell were separately convicted of individual counts of preparing false taxreturns.
We organize all of the trending information in your field so you don't have to. Join 237,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content