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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.
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.
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.
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.
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.
Customers of the Falasz Tax and Accounting company say they’re upset because the company didn’t file their taxes on time in April and then missed the October extension date. Earnest and Randell were separately convicted of individual counts of preparing false taxreturns.
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