NCDoR Releases Notice Regarding Impact of TIPA

As shared in the January 13 issue of Member Advantage, the signage of the Tax Increase Prevention Act of 2014 (TIPA) created challenges for both tax payers and tax advisors. This Act extended more than 50 provisions that expired on December 31, 2013, making them effective for January 1 through December 31, 2014. Since the […]

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2015 Tax Filing Season to Begin January 20

Raleigh, NC — The North Carolina Department of Revenue (NCDOR) will officially open the 2015 tax filing season on Jan. 20. In accordance with scheduling outlined by the Internal Revenue Service (IRS), NCDOR will begin processing individual income tax returns on this date. Taxpayers or preparers who submit a filing prior to the season’s opening […]

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NCACPA & AICPA File Amicus Brief with NC Supreme Court

As shared in the November 25 issue of Member Advantage, a North Carolina appellate court has ruled North Carolina accounting firms owe a fiduciary duty to their independent audit clients. Since that time, the Court denied a petition for re-hearing the case. NCACPA, along with the AICPA, officially filed an amicus brief on the issue […]

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Tax Conformity Issues Arise with TIPA

On December 19, 2014, President Obama signed the Tax Increase Prevention Act of 2014 (TIPA). This Act extended more than 50 provisions that expired on December 31, 2013, making them effective for January 1 through December 31, 2014. Since the North Carolina General Assembly was adjourned before TIPA was enacted, NC lawmakers have not yet […]

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NCACPA Board of Director Nominations

The 2015 Nominating Committee is seeking qualified members for director seats on the NCACPA Board of Directors for the 2015–2018 term. Members interested in submitting nominations are encouraged to fill out the electronic nomination form. We are in need of dedicated professionals who are willing to contribute their time and talents to ensure the Association […]

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IRS Releases 2015 Standard Mileage Rates

On December 10, 2014, the Internal Revenue Service issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 57.5 […]

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IRS Video Warns Taxpayers of Scam Phone Calls

Synopsis The IRS released a new YouTube video in response to continuing aggressive telephone scams across the country. The video serves as a warning to taxpayers not to be fooled by telephone scams from imposters posing as IRS representatives. Issue The video advises taxpayers that scam phone callers may demand money or request private information […]

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Troubling NC Court of Appeals Ruling for NC CPAs

A recent harmful and far-reaching ruling by the NC Court of Appeals has the potential to threaten the accounting profession. For the first time, a North Carolina appellate court has ruled North Carolina accounting firms owe a fiduciary duty to their independent audit clients. On November 4, in the case of Commscope Credit Union vs. […]

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NASBA Appoints Walter C. Davenport as 2014–15 Chair

Newly Elected Chair Calls for NASBA and Boards of Accountancy to Embrace the Future The National Association of State Boards of Accountancy (NASBA) is pleased to announce Walter C. Davenport, CPA, of Raleigh, N.C., as chair of its 2014-15 Board of Directors. Davenport, along with a slate of newly elected board members, was installed into […]

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NCACPA Responds to EAQ Discussion Paper

In response to the AICPA’s discussion paper on enhancing audit quality (EAQ), your Association submitted two communications. The issue was thoroughly discussed by the Board of Directors at its October 30 meeting, and a portion of the agenda was focused on NCACPA’s response. Feedback was also solicited from both the Accounting & Attestation Committee and […]

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