NC Tax Rates Lowered
On June 28, 2017, the North Carolina General Assembly voted to override North Carolina Governor Roy Cooper’s veto of the budget bill for fiscal years 2017-2019, and enacted legislation that reduces various tax rates.
Sales and Use Tax for Real Property
In March of 2017, the North Carolina Sales and Use Tax Division published a notice on its website containing general guidance on the taxability of real property contracts and retail sales of repair, maintenance, and installation services. More recently, a second notice has been published and mass distributed by the North Carolina Department of Revenue, alluding to and simplifying the original Sales and Use Tax notice.
Hiring New Workers? Think Work Opportunity Tax Credit
The Work Opportunity Tax Credit (WOTC) is a long-standing income tax benefit that encourages employers to hire designated categories of workers who face significant barriers to employment. The credit, usually claimed on Form 5884, is generally based on wages paid to eligible workers during the first two years of employment.
February 27, 2017/Accounting and Auditing, Tax
Should You Challenge Your Property Tax Value?
2017 is a big valuation year for property taxes in North Carolina, with several Triad counties up for revaluation. There is a window of opportunity for businesses that own real property in the counties mentioned below to appeal their 2017 value and realize potentially significant savings. The optimum time to appeal is within thirty days of receiving your 2017 valuation.
February 13, 2017/Tax, Press Release
Smith Leonard Welcomes New Tax Senior Managers
Smith Leonard PLLC announces that Adrienne McKinney, CPA, and Maria Williamson, CPA, have joined their team as a Tax Senior Managers.
IRS Alert: W-2 Phishing Scam Growing
The Internal Revenue Service is warning about the growth of a W-2 email phishing scam in which fraudulent emails are sent to human resources departments seeking information about employees’ tax data. The scam is now targeting schools and other organizations in addition to for-profit companies, according to the IRS.
New Due Date for W-2, W-3, and 1099 Tax Forms
File Required Tax Forms on Time to Avoid Penalties: There is a new due date of January 31, 2017 for W-2s, W-3s, and Forms 1099-MISC which are being filed to report non-employee compensation in box 7. All other Forms 1099-MISC are due by February 28, 2017.
November 28, 2016/Tax, Family Wealth
Are Gifts a Good Idea?
With the election of Donald Trump as President, and the Republicans maintaining majorities in both houses of Congress, many clients are beginning to ask if the estate tax is going away. Furthermore, they are wondering if they should continue to make gifts given this possible change.
Overtime Rule Effective December 1 On Hold
The US Department of Labor rule that raised the threshold on employees exempt from overtime has been blocked via an emergency injunction. Set to take effect on December 1, this rule and its widespread impact are currently on hold. Employers who had been ready to provide overtime to employees making up to $47,476 (instead of the previous $23,660 threshold) as of December are now given a break. Appeals are expected, but for now, the current rules apply.
2016 Individual Year-End Planning
It’s that time of year again. Time to focus on year-end planning strategies. Year-end planning for individuals is particularly important this year given the large number of recent tax law changes that offer new tax savings opportunities, in addition to the many “time-tested” tax savings techniques that continue to apply.
