NCACPA Meets with FinCEN to Address BOI Reporting Challenges
NCACPA’s chief lobbyist met with representatives from the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) on September 20 to discuss concerns related to the Corporate Transparency Act and Beneficial Ownership Information (BOI) reporting. The meeting focused on several key issues facing the accounting profession, including the risk of Unauthorized Practice of Law (UPL) for…
A&A Resource Group Comments on Two Issues: 1) International Non-Profit Accounting Guidance & 2) PEEC’s Tax Services
NCACPA’s Accounting & Attestation Resource Group submitted letters in response to requests for comment on the following topics: Comment letter on CIPFA’s proposed International Non-Profit Accounting Guidance, Exposure Draft 3 Read the exposure draft here. Comment letter on AICPA Professional Ethics Executive Committee’s proposed revised interpretation “Tax Services” (ET sec. 1.295.160) Read the expsoure draft…
North Carolina to Join IRS Direct File Program in 2025
Governor Roy Cooper and North Carolina Department of Revenue (NCDOR) Secretary Ronald Penny announced North Carolina will join the Internal Revenue Service (IRS) Direct File program for the upcoming tax filing season. Beginning in 2025, approximately 1.25 million eligible North Carolinians will be able to utilize the free Direct File tool to submit both state…
Summary of Tax Law Changes from the 2024 Legislative Session
Please see this summary of all material changes to the state’s tax code enacted by the General Assembly during the 2024 legislative session. The summary was prepared by attorney Bill Nelson, a partner at the Smith Anderson law firm. In addition to serving as one of NCACPA’s contract lobbyists, Bill also chairs the Tax Committee…
Q2 Unemployment Wage Reports Due by July 31 and Other Reminders from DES
Please see the following announcement from the NC Division of Employment Security (DES): The deadline for second quarter 2024 unemployment wage reports is July 31, 2024. DES is collecting employee SOC codes and hours worked when quarterly wage reports are submitted. The Standard Occupational Classification, or SOC, is a federal standard coding system to help…
Bill Requiring Antitrust Training for Licensing Boards Advances
The House Judiciary Committee approved a rewrite of SB 640 on June 12. The revised bill aims to strengthen transparency and ensure compliance with antitrust laws among all occupational licensing boards, including the NC State Board of CPA Examiners. The bill is a response to a decision by the U.S. Supreme Court in North Carolina…
Mark P. Soticheck, II, CPA, CGMA, Named NCACPA CEO
NCACPA’s Board of Directors recently held a specially convened meeting and unanimously approved the CEO Search Committee’s recommendation for the successor of Sharon Bryson, who retired earlier this year. The Board enthusiastically announces the appointment of Mark P. Soticheck, II, CPA, CGMA, as the new Chief Executive Officer, effective July 1. Mark has been an…
