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As was posted yesterday, we have been in frequent contact with the Department of Revenue regarding incompatibility of tax-filing software with the NC-3 online portal. We posed a number of questions to DoR yesterday afternoon, and have just received the following responses from them (view this PDF for additional Q&A). o   Is there any possibility…

Last week, we shared the NC Department of Revenue’s responses to a series of tax questions posed by NCACPA members. We received one additional response yesterday: Can a taxpayer deduct more than $10,000 of real estate tax on a North Carolina return?  G.S. 105-153.5(a)(2) allows a taxpayer in calculating North Carolina taxable income to deduct…

By Sharon H. Bryson, M.Ed. NCACPA Chief Executive Officer Each year, the NCACPA Taxation Committee and the Tax Section of the NC Bar Association meet with leaders of the NC Department of Revenue. Last Thursday, our organizations had the opportunity to network over lunch and hear several updates from key representatives within the Department. We…

Our members have sent several questions regarding the NC-3 online portal process with the NC Department of Revenue. The following update should provide clarity on many of the questions posed, and the DoR will have an additional update for us to share with members by the end of this week. In September/October, the DoR gives…

This week’s podcast focuses on the following items: IRS releases more proposed regulations Lack of documentation dooms deduction for taxpayers §199A final regulations sent to OIRA for review Guidance issued on valuing employer-provided parking for parking lot tax Relief given for some tax-exempt organizations first filing Form 990-T to pay parking lot tax Taxpayers who…

By Sean McCabe The American Institute of CPAs announced on Tuesday that it will be launching a new scholarship program sponsored by the AICPA Foundation aimed at helping CPAs pursuing their PhDs. The $10,000 William (Bill) Ezzell Scholarship will be awarded to five accounting PhD candidates who “demonstrate significant potential to become mentors for the…

This week’s podcast focuses on the following items: IRS releases the 163(j) interest deduction limitation proposed regulations Special real property election for infrastructure maintenance company Revenue Procedure released IRS memorandum describes what the IRS can question when an employer excludes meals from employee’s wages under §119 Foreign tax credit proposed regulations issued Automatic accounting method…