The United States is currently experiencing a gambling boom. As gambling expands across the U.S. in the form of casinos, sports betting, fantasy sports leagues, lotteries and more, it’s important to understand the income tax implications of gambling winnings and losses. Find out more.
Click above for some tips on preparing a complete and accurate business personal property tax listing for the county in North Carolina in which the property is located.
Due to the recent surge in gasoline prices, the Internal Revenue Service (IRS) has revised the optional standard mileage rate, increasing it by 4 cents for the remainder of 2022. Click above to learn more.
Investing in an electric vehicle can be an effective way to reduce the environmental impact of gasoline emissions and cope with rising gas prices. IRC §30D provides a credit for qualified plug-in electric motor vehicles. Click above to learn more.
For tax years beginning after 2021, partnerships and S Corporations can make a Pass-Through Entity Tax (Taxed PTE) Election to pay North Carolina income tax at the entity level creating a deduction against pass-through federal income. Click above to find out more.
On November 18, 2021, North Carolina State Governor, Roy Cooper, signed the Current Operations Appropriations Act of 2021 (the Act). Click to learn more.
The 2021 payroll tax rates and auto mileage rates have been released. Click above for the complete list of rates.
Any individual or business owning or possessing personal property used or connected with a business (or other income producing purpose) must file a business personal property tax listing. Click here to learn how to file your business personal property tax listing.
On November 8, 2019, North Carolina Governor Roy Cooper signed legislation adopting market-based sourcing for corporate income tax apportionment purposes and requiring marketplace facilitators to collect and remit sales and use tax.
The N.C. Department of Revenue recently published Form E-505 which summarizes recent sales and use tax law changes enacted by the 2019 Session of the General Assembly.