The COVID19 reports by all government authorities state that the key to slowing the spread of the virus is social distancing. We are implementing precautionary measures to promote the safety and health of our personnel.
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.
Several changes to the rules for deducting meals and entertainment were made by the Tax Cuts and Jobs Act (TCJA). Prior to the TCJA, meals and entertainment were either 100% or 50% deductible, depending on the nature of the expense.
Since donors play such an important role in the operation of a nonprofit, it is important for your organization to acknowledge each donation for a number of reasons.
Gilliam Bell Moser’s staff stepped out of the office and on to a construction site to help Habitat for Humanity of Alamance County. Our staff spent two days working on a house that will become a home for a much deserving family.
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.
Major revisions to the withholding tables were made in January 2018 as a result of the 2017 Tax Cuts and Jobs Act. A new version of Form W-4 is expected to be released in November.
The establishment of core values in the early stages of a nonprofit’s operations is important because these core values allow donors to better understand the purpose of the organization.
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.
The company auto is still a valued fringe benefit. Part II of this article focuses on the rules for personal use valuation, recordkeeping requirements, and business auto deductions for the employer.
