Just in: TCJA/Bipartisan Budget Act Guidance From NCDOR

The Department of Revenue has just provided the Association an important notice to address the income tax changes in the Tax Cuts and Jobs Act passed by President Trump on December 22, 2017, and the Bipartisan Budget Act of 2018 signed into law on February 9, 2018. The Department’s notice provides guidance to both individual and […]

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How the Tax Cuts and Jobs Act Will Impact Individual Taxpayers

By Chris Baysden Individual taxpayers have plenty of questions about how the new tax reform law will impact them. So we asked Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, to provide some clear, easy-to-understand answers to some of the most common questions. If you care about […]

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New Podcast | 2-12-18

This week’s podcast covers the following developments: The Bipartisan Budget Act of 2016 includes extenders and other items IRS updates priority guidance for TCJA items, adding 18 TCJA projects Special relief granted to those with pyrrhotite damage, allowing losses to be claimed on 2017 returns Qualified plan and IRA 2018 inflation adjusted figures will not […]

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Reported AICPA Spam

NCACPA just learned of a spam email sent to some AICPA members. Here is the message we received: Dear Peer Review Administrators, We were recently notified that the spam email shown below was sent to some AICPA members. We do not know how many members received the email. The AICPA IT Team is currently investigating. […]

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IRS Announces 2018 Pension Contribution Limits Under Tax Cuts and Jobs Act

By Sally P. Schreiber, JD The IRS announced that the 2018 dollar limitations on retirement plan contributions, outlined in IR-2017-177 and Notice 2017-64, were unchanged by P.L. 115-97, known as the Tax Cuts and Jobs Act (IR-2018-19). Although the new law made changes to the method of calculating cost-of-living increases, after applying the new methods, the contribution limits […]

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Free February PCPS Tool: Overcoming Pricing Objections Tool

Are you concerned about how to handle pricing objections from clients or prospective clients? Most will pay reasonable fees for quality, valuable service so it’s important to have conversations to help address any concerns. Here are some tips to guide the dialogue. This PCPS Overcoming Pricing Objections Tool is an example of the turnkey practice […]

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New Podcast | 2-5-18

This week’s podcast covers the following developments: The AICPA sends a letter to Treasury regarding areas needing immediate guidance on TCJA – and the list is long IRS issues interim Form W-4 guidance until they can update the forms for TCJA A new proposed regulation added to the Centralized Partnership Audit Regime (CPAR) guidance IRS […]

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Notification of Error on 2017 DOR Form 1099-INTs

The Association heard from a representative at the Department of Revenue that an error has been discovered on 2017 Form 1099-INTs mailed the week of January 22, 2018. In the Recipient’s Identifying Number box, the oldest tax year in which interest was paid during the year is printed to the left of the identifying number […]

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North Carolina Individual Income Tax Season Opens Today

RALEIGH – The North Carolina Department of Revenue (NCDOR) officially opened the 2018 tax filing season and began accepting and processing individual income tax returns on Monday, Jan. 29. The Internal Revenue Service opened the federal tax filing season on the same day. NCDOR is making available free online filing (eFile) for qualifying taxpayers with […]

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Tax on Executive Compensation Over $1 Million May Impact Your Organization

By John Huskins and J. Calvin Marks One of the headline pieces of the Tax Cuts and Jobs Act of 2017 that impacts tax-exempt organizations is the excise tax on compensation paid to certain employees in excess of $1 million. The tax generally applies only to compensation paid to the five highest-compensated current and former […]

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