IRS Resumes Processing Tax Returns

The Internal Revenue Service said it resumed processing individual and business tax returns at approximately 5 p.m. Thursday following resolution of its system outage. Many of the tools and applications came up earlier on Thursday morning, including “Where’s My Refund” on IRS.gov. The systems had been down since Wednesday (see IRS Systems Outage Shuts Down […]

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New Partnership Audit Rules Starting in 2018

A radical revamping of the partnership audit rules will impact every partnership and LLC taxed as a partnership, starting in 2018. Although mandatory compliance is nearly two years away—and many unknowns exist—now is the time to begin to educate clients, review business structures, and amend partnership and operating agreements in preparation for the impact. To […]

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IRS System Outage Shuts Down Tax Processing

The Internal Revenue Service said Wednesday evening its tax-processing systems have suffered a hardware failure and that tax processing could be affected into Thursday. “The IRS experienced a hardware failure this afternoon affecting a number of tax processing systems, which are currently unavailable,” said the IRS. “Several of our systems are not currently operating, including […]

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New Podcast | 2-1-16

In this episode, the CPAs discuss new IRS regulations that outline retirement age rules for government retirement plans, the repercussions of an IRS failure to abide by the closing agreement of former Oakland Raiders partner Al Davis, and more! You can listen to the podcast here and view its corresponding notes here. To stay current on […]

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New State Board Rules Effective 2/1/2016

NC State Board of CPA Examiners’ Rules Effective February 1, 2016 On October 22, 2015, the North Carolina State Board of CPA Examiners conducted a rule-making hearing to: adopt the rules cited as 21 NCAC 08N .0301 and .0410; readopt with substantive changes the rules cited as 21 NCAC 08A .0301; 08F .0103; 08M .0106; 08N […]

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Congress Makes Changes to Popular Tax Credits

Congress gave taxpayers good news when it permanently extended various expired tax provisions in the middle of December (Consolidated Appropriations Act, 2016, P.L. 114-113). This permanency gives taxpayers and practitioners a better ability to plan for these tax breaks without the annual worry of wondering whether they will be extended and for how long. However, […]

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NCDOR: Repairs on Watch, Clock, Jewelry Taxable on 3/1/2016

IMPORTANT NOTICE: WATCH, CLOCK, JEWELRY, AND OTHER ITEM REPAIR SALES AND SERVICES (100% TAXABLE), CLEANING SALES AND SERVICES, AND ENGRAVING CHARGES Effective March 1, 2016, one hundred percent (100%) of the sales price of or the gross receipts derived from repair charges sold at retail for watch, clock, jewelry, or other items by a watch, […]

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NC DOR Guidance for Tire Re-cappers and Cobblers

The Department of Revenue has been busy issuing notices this week related to sales tax changes from the last legislative session.  The notices this week addressed the taxation of tire recapping services (www.dornc.com/taxes/sales/impnotice012516_recapping.pdf ) and shoe repair and polishing services (www.dornc.com/taxes/sales/shoe_repair_services.pdf ).   If you are in these industries, or have clients in these industries, […]

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