NORTH CAROLINA TAX CHANGES EFFECTIVE JANUARY 1, 2014
Throughout 2013, several tax bulletins and updates were released that communicate changes effective in the 2014 tax year. Changes include reduction in the corporate and personal income tax rates, the elimination of the NC Estate Tax, a cap on the state gas tax, and tax added to the sales price of a service contract. We’ve done our best to summarize and highlight the changes that may affect you or your business.
NCDOR ANNOUNCES EMPLOYEES MUST COLLECT NEW EMPLOYEE WITHHOLDING FORMS
The North Carolina Department of Revenue has announced that beginning in 2014, employers must collect a new employee’s withholding allowance certificate, also known as the NC-4 form.
2013 YEAR-END CORPORATE/BUSINESS INCOME TAX PLANNING
It’s once again time to begin thinking of year-end tax planning strategies to reduce the tax burden of your business. Year-end planning is particularly challenging this year given the rapid pace of recent tax law changes and the extensive list of business tax breaks scheduled to expire at the end of 2013.
2013 YEAR-END INCOME TAX PLANNING FOR INDIVIDUALS
As the end of 2013 approaches, it’s time to consider planning moves that could reduce your 2013 taxes. Year-end planning is particularly important given the rapid pace of tax law changes and the extensive list of current tax breaks scheduled to expire at the end of 2013. In addition, there are several 2013 law changes providing new tax saving opportunities as well as the many “time-tested” tax saving techniques that continue to apply.
FINAL SECTION 263(a) TANGIBLE PROPERTY “REPAIR” REGULATIONS: OVERVIEW AND ACTION ITEMS
On September 13, 2013, the Department of the Treasury and the Internal Revenue Service filed with the Federal Register the final tangible property regulations (T.D. 9636). The final regulations provide guidance for taxpayers in determining whether a taxpayer must capitalize costs incurred in acquiring, maintaining, or improving tangible property under sections 162(a) and 263(a).
