Search Results for: default.asp

In a letter to the chairs of the Senate and House Finance Committees, NCACPA expressed its concerns regarding the 2021 law allowing certain pass-through entities to elect to pay state income tax at the entity level. The letter outlined several recommendations to address these concerns, leading to meetings with lawmakers and the NCDOR. NCACPA later…

In preparation for the upcoming changes to the CPA Exam, NCACPA and the State Board of CPA Examiners formed a Joint Accounting Education Task Force. The group included accounting educators from a variety of universities and community colleges throughout the state, and they held meetings to study and discuss CPA Evolution and other issues impacting…

A bipartisan group of 29 House and Senate candidates backed by the NC CPA Political Action Committee won their primary election on May 17.   May 2022

For the initial round of the Business Recovery Grant program, businesses had to demonstrate a decline in gross receipts using only Form E-500 or Form 1065. This limitation rendered thousands of businesses that do not collect sales tax and are structured as an S Corporation, C Corporation, single-member LLC, or sole proprietorship as ineligible to…

When state legislators created the Extra Credit Grant and the Business Recovery Grant pandemic relief programs, they made the grants tax-free. NCACPA learned that recipients of certain other pandemic relief programs were being taxed on their grants, and the association successfully lobbied lawmakers to correct the inequity. Because of NCACPA’s advocacy, funds awarded to historically…

Because the federal Employee Retention Credit was applied against federal employment taxes and not federal income tax, provisions in state law prevented NC businesses from deducting wages associated with the ERC. NCACPA argued that the law denied the taxpayer a full deduction for an ordinary and necessary business expense without giving the taxpayer—as the federal…

NCACPA joined the AICPA and other state CPA societies to urge the IRS to delay implementation of requirements for Schedules K-2 and K-3 until 2023. The coalition further argued for the suspension of penalty assessments against certain domestic Partnerships or S Corporations for failing to file or failing to timely provide Schedules K-2 and K-3…

CPAs with farming and fishing clients were concerned that the delayed start of the state tax season would mean their clients wouldn’t be able to meet the March 1 state tax deadline. At the urging of NCACPA, state lawmakers unanimously approved legislation to extend the March 1 state tax deadline for farmers and fishermen until…

At the request of NCACPA, all members of North Carolina’s delegation to the U.S. House of Representatives signed a bipartisan letter calling for immediate action by the IRS to provide taxpayer relief and reduce the agency’s processing backlog. The IRS responded by announcing it would suspend certain automated notices and related actions.  January 2022

Thanks to lobbying by NCACPA, the NC Department of Revenue (NCDOR) agreed to temporarily suspend all collection activities related to the addback of expenses associated with forgiven Paycheck Protection Program loans, pending the receipt and examination of a 2020 amended NC return.  January 2022