SB 726, IRC Update, Wins Final Passage in House and Senate

SB 726, IRC Update, received final approval from the House and Senate just this afternoon, excluding the House’s proposed amendment regarding leaking underground fuel storage tanks. The conferees agreed on the Senate’s original version of the bill, which was then adopted by both chambers. The House voted in favor 71-39. The Senate voted in favor […]

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Update on Incorrect Extension Denials from NCDOR

We are aware of a significant number of letters that taxpayers have received from the NC Department of Revenue indicating that their extension was denied as a result of it not being filed timely. The association contacted the department to find out the cause for these letters, as many were supported by certified mail receipts showing […]

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New Podcast | 5-23-16

This week, the experts discuss the IRS’ finalization of regulations eliminating the requirement that each disbursement from a designated Roth account be treated as a separate distribution. They also examine a case in which an accountant attending law school was denied deductions for his tuition and fees, challenging a regulation set in place since 1967. You can […]

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Department of Labor’s Overtime Final Rule

The Department of Labor has released its final rule “Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees” which outlines updates to the Department’s overtime rule. The rule goes into effect December 1, 2016. These changes include: An increase in the standard exemption from $455/week to $913/week or approximately $47,476 […]

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Conferees Announced for SB 726, IRC Update

Conferees to work on SB726, IRC Update, have been identified for both the North Carolina House and Senate. They are as follows: House Rep. William Brawley, Chair Rep. Jason Saine Rep. Julia C. Howard Rep. John Szoka Rep. Rick Catlin Rep. Ken Goodman Senate Sen. Bob Rucho, Chair Sen. Bill Rabon Sen. Jerry W. Tillman […]

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House Passes Bill to Help Victims of ID Theft Tax Fraud

The House passed bipartisan legislation Monday to prevent taxpayer identity theft and help victims whose tax refunds have been stolen by identity thieves. The bill was co-sponsored by a CPA turned lawmaker whose own identity was stolen last tax season. HR 3832, Stolen Identity Refund Fraud Prevention Act of 2016, would establish a centralized point […]

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New Podcast | 5-16-16

This week, the experts discuss a change in IRS policy coming out of the National Taxpayer Advocate forums, whereby the IRS will no longer initiate audit contact with taxpayers via phone. You can listen to the podcast here and view its corresponding notes here. To stay current on federal tax updates, visit our podcasts page, where we upload a […]

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SB 726, IRC Update, Stalled in Senate

As of May 11, 2016, SB 726, IRC Update, has not moved forward in the General Assembly. Senator Rucho asked the Senate yesterday afternoon not to concur with the House’s addition of the leaking underground storage tank provision, which consequently was agreed upon by a vote of 45-1. The next step will be for the […]

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New Podcast | 5-9-16

This week, the experts discuss the new comprehensive list of automatic accounting method changes by the IRS, as well as the case of an acquiring corporation forced to seek IRS relief for requesting late QSST election relief. You can listen to the podcast here and view its corresponding notes here. To stay current on federal tax updates, […]

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NC SB 726 Status

The Senate of the North Carolina General Assembly met briefly this morning without taking up any bills for consideration, including SB 726, IRC Update. The Senate has placed the bill on its calendar for Tuesday, May 10. The association’s legal counsel has contacted several legislators to urge quick passage and enactment of the bill, and […]

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