State and Local Tax

Gambling and Taxes

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.

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 §30D 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.

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.

By |2022-12-09T10:33:23-05:00December 30th, 2019|Articles, State and Local Tax|0 Comments

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.

By |2022-12-09T11:22:54-05:00October 30th, 2019|Articles, State and Local Tax|0 Comments
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