New Podcast | 9-19-16

This week’s podcast discusses two particularly interesting cases—one in which a minister’s vow of poverty by itself was not deemed sufficient to exempt income from tax, and another case in which a former spouse’s share of contingent legal fees was found to be alimony. You can listen to the podcast here and view its corresponding notes here. […]

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NCDOR Issues Overview of 2016 Tax Changes

  September 21, 2016 The NCDOR’s Sales and Use Tax Division has issued Form E-505 which includes an overview of the many changes enacted by the 2016 Session of the NC General Assembly to the taxes administered by the Sales and Use Tax Division. This form includes an overview of many changes enacted by the […]

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IRS Urges Employers to Take Advantage of Expanded Work Opportunity Tax Credit

IRS Urges Employers to Take Advantage of Expanded Work Opportunity Tax Credit; Employers Have Until Sept. 28 to Request Certification for Many New Hires WASHINGTON – With a key certification deadline fast approaching, the Internal Revenue Service today urged employers to take advantage of a valuable tax credit designed to help those who hire long-term […]

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NCDOR: Exemption for Certain Products Made of Recycled Materials

Important Notice: Exemption for Certain Products Made of Recycled Materials Effective October 1, 2016, N.C. Gen. Stat. § 105-164.13(68) provides an exemption from sales and use tax for the sale at retail or the storage, use, or consumption in this State of “products that are made of more than seventy-five percent (75%) by weight of […]

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New Report Highlights Achievements of the Enhancing Audit Quality Initiative

Since the Enhancing Audit Quality initiative was launched in 2014, the AICPA has continued to see improvements in audit quality as a result of its collective efforts with state CPA societies. As part of the initiative, the AICPA implemented several programs that promote audit quality and support the profession’s ongoing commitment to quality improvement. A new report, AICPA […]

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New Podcast | 9-12-16

This week’s podcast discusses IRS warnings on multiple attacks on preparers and their systems, as well as a case in which TAM deemed a taxpayer’s groupings not tax-motivated, and thus requiring appropriate economic regrouping. You can listen to the podcast here and view its corresponding notes here. To stay current on federal tax updates, visit our podcasts […]

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NCACPA Continues RMI Discussions with DOR

As an update on NCACPA’s collaboration with the DOR, members of our Tax Modernization Task Force and CEO Sharon Bryson participated in a meeting with the DOR focused on HB1030 on September 7. The meeting was quite productive and served as an opportunity for the DOR to receive feedback on RMI from representatives of multiple professions. In addition to NCACPA […]

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New Podcast | 9-6-16

This week’s podcast discusses an announcement that the IRS will begin notifying victims of employment-related identity theft beginning January 1, 2017. The experts also cover a case in which the Tax Court denied a taxpayer’s attempt to claim an American Opportunity Tax Credit for funds expended to buy a computer for his studies. You can listen to the […]

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IRS Warns of a New Wave of Attacks Focused on Tax Professionals

September 2, 2016 WASHINGTON – The Internal Revenue Service today warned tax professionals of a new wave of attacks that allow identity thieves to file fraudulent tax returns by remotely taking over practitioners’ computers. As part of the Security Summit effort, the IRS urged tax professionals to review their tax preparation software settings and immediately […]

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New PCPS Resource: Transfer of an Accounting Practice Checklist

In an effort to provide members with valuable practice management tools, NCACPA has partnered with the AICPA to bring a new resource to you each month. Last month, an employee engagement survey was shared with members. This month’s tool,  “Transfer of an Accounting Practice Checklist,” can be used to evaluate firms who may be likely […]

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