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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.
Stay Connected Following other jurisdictions that created a workaround from new requirements in the Tax Cuts and Jobs Act of 2017, NorthCarolina first enacted their pass-through entity tax (PTET) election through NorthCarolina Bill 105. These elections became available to businesses on January 1, 2022.
Shipping is not taxed in Nevada, but handling is. When only some of the contents of a shipment are taxable, the shipping charges must be pro-rated in Minnesota, New Jersey, NorthCarolina, North Dakota, Ohio, Rhode Island, South Dakota, Vermont, Washington and Wisconsin (where a “reasonable allocation” is required).
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.
In the most recent episode of Cherry Bekaert’s TaxServices podcast, we focus on the Virginia pass-through entity tax (PTET) election. Join Cathie Shaw , partner at Cherry Bekaert, and Tony Konkol , State and Local Tax Manager, as they navigate the intricacies of this important topic.
Scott has over 15 years of experience and specializes in tax compliance and planning for high-net-worth individuals. He leads the TaxService Line out of Withum’s DC metro area and will soon take over as Partner-in-Charge of the DC office effective July 1.
A mixed package incurs sales tax on the portion of shipping equal to that portion of the package that is taxable goods: This occurs in Arkansas, Minnesota, Nebraska, New York, NorthCarolina and Rhode Island. Tax-free states.
The firm will operate as Dean Dorton and provide accounting, business advisory, and professional services to clients from offices in NorthCarolina, Indiana, Ohio, and Kentucky. Dean Dorton, based in Lexington, KY, and VonLehman CPA & Advisory Firm, based in Fort Wright, KY, announced their marriage on Tuesday.
Examples of civil injunctions obtained by the Tax Division over the last year include: On Jan. The government alleged that Zio prepared tax returns claiming fabricated business income and expenses, as well as various false tax deductions.
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.
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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.
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In a new report from ProofPoint , researchers warned that any businesses with the word “tax” in its domain is at risk of being spoofed by phishing attackers targeting small to medium-sized businesses (SMBs). Indeed, tax season isn’t the only threat hitting SMBs, either.
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million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use? million – $4,999,999 $5 million – $10,000,000 Over $10 million Which practice management system do you use?
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His extensive background in M&A and succession planning-related taxservices, combined with his success in crafting personalized tax strategies for business owners, positions LGA to better serve our clients in today’s ever-evolving tax landscape. 1 following a previously announced acquisition of assets.
2022 tax year 2023 tax year April 18, 2022 April 18, 2023 June 15, 2022 June 15, 2023 September 15, 2022 September 15, 2023 January 17, 2023 January 16, 2024 If you underpay your estimated taxes or don’t pay them by the due dates, you may be subject to penalties. impose taxes on corporate income. in New Jersey.
Under the statute, a provider of software-as-a-service acts as a serviceman. If the provider transfers to the customer an API, applet, desktop agent or remote access agent so the customer to access the provider’s network and services, the customer is receiving computer software that is subject to tax.
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. Sellers’ story is a testament to resilience, adaptability and the transformative power of career services.
These states joined Colorado, Illinois, Indiana, Kentucky, Michigan, NorthCarolina, Pennsylvania, and Utah, which have flat rates. We also see tax rates being lowered in states that have graduated tax rates. in 2025, and Missouris tax rates dropped from 1.5%-5.4% Arkansas saw rates dropping from.9%-7%
million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces? million – $4,999,999 $5 million – $10,000,000 Over $10 million What is the biggest document challenge your firm faces?
million – $4,999,999 $5 million – $10,000,000 Over $10 million What software or tools are you using to manage your engagements, or how does your team currently manage client engagements and reporting processes?
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