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In response to lobbying by NCACPA, the NCDOR published guidance that dramatically reduced the workload for tax professionals. The guidance stated that amended Schedule K-1s would not be required as documentation for amended returns of taxpayers impacted by retroactive PPP expense deductibility provisions in the 2021 Appropriations Act.   December 2021 

Following months of negotiations, Governor Roy Cooper signed into law a compromise budget bill that included several policy priorities championed by NCACPA. The 2021 Appropriations Act (Session Law 2021-180) replaced the state’s flat 10% late tax payment penalty with a graduated penalty of 2% per month up to an aggregate cap of 10%. The Act also corrected an unintended consequence of decoupling from Section 163(j) provisions in the federal CARES…

After a Connect post highlighted the possibility that the Department of Revenue was erroneously issuing notices assessing a penalty for late filing, NCACPA reached out to the NCDOR about the issue. The NCDOR soon identified the technology glitch causing the erroneous notices and took steps internally to ensure that additional returns were not impacted.  September 2021 

In a letter to members of North Carolina’s U.S. House delegation, NCACPA urged support of H.R. 3855, the Accounting STEM Pursuit Act. The bill would recognize accounting in the Science, Technology, Engineering, and Math (STEM) curriculum under the technology field. The bill would also allow for federal funding to be used to strengthen accounting education in K-12 schools, particularly by providing high-quality accounting…

SB 582 (Session Law 2021-48) allows accountants and other professionals to contract with local boards of education to teach high school courses in their area of specialized knowledge or work experience. When the bill was debated, bill sponsor Senator Jim Burgin (R-Harnett) specifically mentioned the importance of making it easier for accountants to teach courses on financial literacy, economics, or mathematics. Burgin said his bill is a way for…

In a letter to state lawmakers, NCACPA called for full funding of financial literacy instructor training in the state budget. NCACPA led the effort in 2019 to pass a law mandating the Economics and Personal Finance course for high school students, but a breakdown in budget negotiations that year meant that no state funds went to professional development for teachers of…

A top legislative priority for NCACPA was signed into law by Governor Roy Cooper on April 27. Under HB 279 (Session Law 2021-16), North Carolina waived the interest that would have accrued on the underpayment of individual income taxes between April 15, 2021, and the extended filing deadline of May 17, 2021. The measure passed with bipartisan, unanimous support…

Hundreds of members used the NCACPA Advocacy Center to email federal lawmakers asking that the tax filing deadline be extended to June 15, 2021. In response, the North Carolina congressional delegation unanimously signed a letter to the IRS and Treasury Department in support of our request. Although the IRS extended the deadline to May 17 instead of June 15, NCACPA appreciated the delegation’s bipartisan solidarity with the accounting profession.   March 2021 

In response to a request from NCACPA, the NCDOR issued revised guidance to clarify when taxpayers should add back expenses paid using the proceeds of a forgiven PPP loan. The timing of the addback of expenses has been the subject of questions and concerns raised by NCACPA members on our Connect platform, especially after Congress passed legislation in December 2020 ensuring that such expenses…