Written by Jack Schmoll, CPA As I am sure many of you saw SCOTUS ruled on South Dakota v. Wayfair yesterday. The court found for South Dakota and overturned Quill v. North Dakota (1992). Quill had held that a business had to have some type of physical presence in a state before a state could […]
News
New Podcast | 6-18-18
This week’s podcast covers the following developments: IRS indicates that TCJA UBIT provisions may be delayed, but no specific commitment Physician’s attempt to claim that social security disability is not taxable fails Taxpayer found to be solely in the business of selling controlled substances Shareholder barred from unilaterally changing S corporation’s election not to claim […]
New Podcast | 6-11-18
This week’s podcast covers the following developments: Updated timeline for some TCJA guidance Court accepted father’s testimony for where son lived during tax year Dad denied deduction for payments related to revenue collected for son who lacked a general contractor’s license The IRS grants some relief for §965 transition tax payments Memo deals with confusion […]
State Budget Passes, Includes State Tax Return Extension Provision
As of today, June 12, 2018, both chambers of the North Carolina General Assembly have voted to override Governor Cooper’s veto of the new state budget, allowing it to become law. Included in the budget was a state extension proposal NCACPA worked diligently on over the past several months. The provision requires any taxpayer granted […]
Registration Now Open for Annual Business Meeting
As previously shared on our website, the Annual Business Meeting has been rescheduled to Wednesday, June 27, at 11:00 am. This year’s meeting will be conducted online and registration information can be found at this link. We expect the meeting to last no more than 30 minutes. The order of business shall be as follows, […]
New Podcast | 6-4-18
This week’s podcast covers the following developments: Fact sheet on how the IRS contacts taxpayers–and how it doesn’t Ruling issued on how funds sent to state under abandoned property laws is treated for withholding and reporting purposes Taxpayer was found to be a statutory employee, deductions allowed above the line IRS issues proposed regulations that […]
Free June PCPS Tool—Exploring FASB’s NFP Financial Reporting Standard ASU
Firms, not-for-profit entities (NFPs), and their boards of directors will soon see some changes to NFP financial statements as a result of recent FASB Accounting Standards Update (ASU) 2016-14. The Center for Plain English Accounting has produced this report explaining the new NFP standard changes with examples to illustrate the effects of the changes. Use […]
General Assembly Begins Budget and Tax Hearings
Today the NC General Assembly is considering the Senate Bill 99 Appropriations Act of 2018 Conference Report that was posted on the website of the General Assembly last evening. This report cannot be amended, except by a subsequent act of the General Assembly. We are pleased to report to our members that included in the […]
New Podcast | 5-29-18
This week’s podcast covers the following developments: FBAR penalty limited to lower amount in old regulation Taxpayer had not started a business yet, so no current deduction allowed for expenses incurred IRS to issue regulations on SALT/charity workarounds, raises substance over form issue DC Circuit agrees with Ninth Circuit that partnerships with disregarded entity partners […]
Aspiring NC CPAs Recognized for CPA Examination Performance
The American Institute of CPAs has recognized Alison Mackay, Wesley Sweigart, and Katherine Warlick as winners of the 2017 Elijah Watt Sells Award. The award is bestowed upon candidates who have obtained a cumulative average score above 95.50 across all four sections of the Uniform CPA Examination, passed all four sections of the Examination on […]