The Department of Revenue is in the process of posting two important notices on the its website today. One notice will address the State’s response to the federal provisions enacted under the Federal Tax Cuts and Jobs Act (“TCJA”) and the Bipartisan Budget Act of 2018 (“BBA”). The other notice provides guidance to taxpayers on how […]
News
New Podcast | 8-20-18
This week’s podcast covers the following developments: Oregon Supreme Court rules no physical presence required to be subject to corporate income tax Idaho sends out notices to retailers that it’s moving forward with affiliate rule for collecting sales tax IRS prevails over AICPA on question of issuing credential for unenrolled tax preparers AICPA sends comments […]
Tax Pros Must Maintain EFINs; Monitor EFINs, PTINs, and CAFs
The Internal Revenue Service and the Security Summit partners warned tax professionals that savvy cybercriminals target IRS-issued identification numbers to help impersonate practitioners as well as taxpayers. To help protect against this threat used on the Dark Web, the IRS, state tax agencies and the tax industry reminded practitioners that they must maintain, monitor and […]
CPE Alert: Don Farmer to Present on Sec. 199A on 9/18
Let the analysis begin! Since the issuance of Sec. 199A regulations by the IRS on August 8, NCACPA has been working on developing an eight-hour course for tax practitioners specific to this topic. We turned to Don Farmer to comb through the 180 pages of information on the qualified business income deduction section added to […]
IRS Issues Sec. 199A Regulations
The IRS released three components of Section 199A guidance – below are links to each: The proposed regs (Proposed regulations concerning the deduction for qualified business income under section 199A) A notice about W-2 wages (Notice 2018-64: Methods for Calculating W-2 Wages for Purposes of Section 199A) FAQs (Section 199A – Deduction for Qualified Business […]
NCACPA Annual Meeting With IRS & Department of Revenue
The NCACPA Taxation Committee will hold its annual meeting in the fall with key IRS and NC Department of Revenue personnel, at which time there will be an opportunity to pose questions and submit comments. Each year, NCACPA asks the membership to help provide questions for these meetings. Please add questions or comments you wish […]
CPA Day of Service 2018 is Coming Up!
The seventh annual CPA Day of Service is coming up on Friday, September 21, 2018! Nearly eight years ago, this day of service arose from a simple yet powerful challenge a member brought to the NCACPA Board of Directors—to plan a day where members could take to their communities and give back in some way. […]
Resource—NC Sales Tax Compliance in Wake of Wayfair Ruling
By Bill Nelson On August 7, 2018, the North Carolina Department of Revenue issued a Directive (SD-18-6) requiring remote sellers to begin collecting North Carolina sales tax on sales of goods and services to North Carolina customers. The Directive is a response to the United States Supreme Court’s ruling in South Dakota v. Wayfair, Inc., which eliminated […]
NC Department of Revenue Issues Economic Nexus Directive
The Association participated in a meeting this morning at the North Carolina Department of Revenue to discuss a new directive the Department issued earlier this afternoon regarding economic nexus. Effective November 1, 2018, businesses making annual sales in excess of $100,000 or 200 transactions will be required to collect sales tax regardless of whether they […]
New Podcast | 8-6-18
This week’s podcast covers the following developments: Proposed regulations for 965 are issued, others on state and local tax workarounds submitted to OMB Majority of states that impose a sales tax now have published post-Wayfair remote seller collection requirements and start dates Proposed regulations on which taxpayers may rely issued on bonus depreciation Automatic accounting […]