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The NC DoR posted an important notice on its website regarding two important issues: Automatic waiver of the penalty for failure to file the 2019 Form NC-3, along with required W-2 and 1099 statements, electronically Administrative change to the requirement to file 2019 federal Form 1099-MISC statements with the Department if the statements do not…

This week’s podcast focuses on the following items:  IRS releases final regulations on §501(c)(4) notice Taxpayers who paid certain French taxes may have refund opportunities Six new compliance initiatives announced by IRS Minor relief granted to file superseding returns to some CPAR covered partnerships IRS releases a new draft version of Form 1099-NEC for the…

This week’s podcast focuses on the following items:  Taxpayer who failed to file a signed Form 8332 with his return was denied the dependency exemption even though he eventually got a signed form IRS updates list of allowed preventive care for high deductible health plans IRS debuts new Form 1040-SR and revises Form 1040 to…

This week’s podcast focuses on the following items:  Taxes-Security-Together Checklist for tax professionals issued by the IRS Tax Court found that taxpayer was victim of a bookkeeping error and had sent IRA rollover contribution to custodian, late rollover allowed IRS discovers 31 years after the fact that a typo fix never was picked up in…

On July 8, 2019, Governor Cooper signed House Teacher Contract Changes into law. This bill includes a provision requiring North Carolina high school students to pass a course on economics and personal finance in order to graduate; specific professional development will also be required of high school educators teaching this curriculum. As you may recall…

At the conclusion of the AICPA’s 2019 Spring Meeting of Council, hundreds of CPAs from across the nation met with members of Congress to ask them to support consolidating existing IRS units into a Practitioner Services Division to more efficiently resolve taxpayer issues. As mentioned in our preview news post, NCACPA representatives met on Capitol Hill…

This past May, at the conclusion of the AICPA’s Spring Meeting of Council, several hundred CPAs from across the nation met with members of Congress to ask them to support consolidating existing IRS units into a Practitioner Services Division so that taxpayer issues are more efficiently resolved. Representatives from the North Carolina Association of Certified…

This week’s podcast focuses on the following items:  The Taxpayer First Act of 2019, signed into law on July 1, 2019 The Supreme Court decides one trust due process case is enough for a single term IRS proposed a change in MEP to allow a solution to the one bad apple problem IRS goes back…