Tips for Preparing Business Personal Property Tax Listings
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.
IRS Announces Standard Mileage Rate Increase Beginning July 1, 2022
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.
Qualified Plug-In Electric Motor Vehicle Credit
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 ยง30D provides a credit for qualified plug-in electric motor vehicles. Click above to learn more.
Update on North Carolina Pass-Through Entity Tax and 2022 Estimated Tax Payments
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.
The Current Operations Appropriations Act of 2021
On November 18, 2021, North Carolina State Governor, Roy Cooper, signed the Current Operations Appropriations Act of 2021 (the Act). Click to learn more.
Tax Rates 2021
The 2021 payroll tax rates and auto mileage rates have been released. Click above for the complete list of rates.
Business Personal Property Tax Listings
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.
North Carolina Legislative Update
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.
N.C. Department of Revenue Publishes Overview of Recent Sales and Use Tax Changes
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.
NCDOR Publishes Notice Related to Filing of Forms NC-3 & 1099-MISC
Recently, the Secretary of Revenue announced an automatic waiver of penalties associated with the failure to file Form NC-3 and the required W-2 and 1099 statements electronically for tax year 2019.