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North Carolina Extends PTET Election Due Date and Clarifies Franchise Tax Base Cap Computation

Cherry Bekaert

Contributors: Tony Konkol, Manager, State & Local Tax North Carolina 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.

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IRS Extends Tax Deadlines for Hurricane Debby Victims in the Southeast

Withum

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 North Carolina, and part of Georgia that were affected by Hurricane Debby.

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Finding Your Niche: Lessons from Accountants on the Specialization Journey

PANALITIX

Specifically, they want to work with clients who VALUE their skills and insights, rather than ‘checking tax returns’. In the words of the founder of a North Carolina-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.

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IRS Extends Tax Deadlines Until May For Helene Victims

CPA Practice

The IRS on Tuesday announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina, and South Carolina, as well as parts of Florida, Tennessee, and Virginia. 25 in North Carolina, South Carolina, and Virginia; and Sept.

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Monthly Sales and Use Tax Update

TaxConnex

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 tax returns for the months of March, April and May 2021. North Carolina revenue collections for the year ending June 30 will be $1.9

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ERC IRS Audit Representation: Your Comprehensive FAQ Guide

MyIRSRelief

During an ERC audit, the IRS reviews the business’s records, including payroll records, tax returns, 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?

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How the Accounting Community is Rallying Around Victims of Hurricane Helene

CPA Practice

3 that was attended by members from the Georgia Society of CPAs, North Carolina 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.