Important Notice—Kaestner Trust Case
The Department of Revenue released an important notice today regarding the U.S. Supreme Court Kaestner trust case.
Update—NC-3 e-Filing for Tax Year 2019
On February 19, 2019, NCACPA met with Department of Revenue leaders to discuss the Department’s responses to our proposed solutions for NC-3 e-filing. The Association could not have done this work without the help of members Barb Sarvis, Elizabeth Monday, Jack Harris, and Drew Edmundson—as well as the many members who shared input on Connect….
Monitor “Returns Filed Per PTIN” for Suspicious Activity
Beginning the week of Feb. 25, 2019, the IRS is expanding the availability of “Returns Per PTIN” information in the PTIN system to all PTIN holders. Previously the information had been available only to PTIN holders with a professional credential or who participated in the Annual Filing Season Program. A minimum number of 50 returns…
Nominating Committee Report
The Nominating Committee met in Charlotte on January 31,2019, and is pleased to present the following slate of officers and directors, which will be voted upon during the Annual Business Meeting scheduled for May 2, 2019. Austin Wachter (Nuveen, Charlotte) will become the 2019-20 Chair, and Scott Showalter (North Carolina State University, Raleigh) will assume…
The Annual Cost of Retirement in North Carolina
By Michael B. Sauter The cost of living varies nationwide, meaning the amount of money necessary for retirement differs from...
Issues and Guidance from the IRS
Below, you’ll find resources, provided by the IRS, to guide you through tax season. TCJA Guidance: Publication 5318, TCJA: What’s New for Your Business This electronic publication covers many of the TCJA provisions that are important for small and medium-sized businesses, their owners and tax professionals to understand. Due Diligence/EITC Awareness/Practitioner Toolkit: Review the EITC…
Tax Cuts and Jobs Act Resources & Corrected Section 199A Regulations
Below are resources provided by the IRS to aid with the Tax Cuts and Jobs Act. Also included is the corrected draft of the final regulations under section 199A on the new qualified business income deduction. Publications and Flyers: Pub 5330 – Reminder from the IRS and the American Payroll Association (with APA logo) Pub…
The Eternal Question: What are a Taxpayer’s Chances of an IRS Audit?
By Jim Buttonow As IRS budgets and audit staff continue to diminish, audit numbers are at an all-time low. But...
Just In: Transcript Faxing Update From IRS
The IRS will extend its transcript faxing service beyond the planned February 4 end date. The IRS is reviewing options for a new time frame. We are committed to providing you with advanced notice of the new date. As a reminder, you can now have unmasked wage and income transcripts sent to your e-Services secure…
FAQs on Resumption of IRS Activity
The IRS has provided FAQ documents on both collections and exam activities following the agency’s resumption on January 28, 2019.