ONLINE CPE REGISTRATION UPDATE
As NCACPA completes its system migration, registration for online CPE courses will temporarily close at 12:00 a.m. on the day prior to each program to allow for accurate attendance and CPE processing. We appreciate your understanding and will share updates once this step is no longer necessary. Please contact Solutions Support at 800-469-1352 with questions.
In response to lobbying by NCACPA’s Advocacy volunteer leaders and staff, the N.C. Department of Revenue will issue revised guidance this week to clarify when taxpayers should add back expenses paid using the proceeds of a forgiven Paycheck Protection Program (PPP) loan. The timing of the addback of expenses has been the subject of questions…
NCACPA worked with the office of Senator Richard Burr (R-NC) this month in support of action to ensure that businesses can fully participate in the Paycheck Protection Program (PPP) and claim the Employee Retention Tax Credit (ERTC). Following our meeting with his legislative staff, Senator Burr co-signed this letter with Senator Maggie Hassan (D-NH) to…
The North Carolina Department of Revenue officially opened the 2020 individual income tax filing season and began accepting and processing individual income tax returns today, Feb. 12. The Internal Revenue Service (IRS) also opened federal tax filing season today. The IRS opening date delayed the state opening this year. Tax returns are due this year…
The Internal Revenue Service, state tax agencies and tax industry today warned tax professionals of a new scam email that impersonates the IRS and attempts to steal Electronic Filing Identification Numbers (EFINs). The Security Summit partners said the latest scheme, arriving just before the start of the nation’s tax season, should serve as another reminder…
On February 10, Governor Roy Cooper signed SB 36, a bill that makes several technical changes to last year’s COVID relief bill. The new law contains a provision supported by NCACPA that allows practitioners to easily apply for the $335 Extra Credit Grant on behalf of their qualifying clients who did not automatically receive the…
The AICPA provided the following recommendations for Administrative, Filing, & Payment Relief for State and Local Taxes during the Coronavirus Pandemic.
Please see the announcement below from the NC Department of Revenue: NCDOR officially opened the 2021 business income tax filing season and began accepting Corporate Income and Franchise, and Partnership tax returns effective Jan. 11. The agency began accepting Estate & Trust tax returns on Feb. 1. Taxpayers who filed before the Jan. 11 opening…
NCACPA joined with AICPA and other state CPA societies to successfully lobby Congress to ensure tax deductibility for business expenses associated with forgiven Paycheck Protection Program (“PPP”) loans. The IRS had previously declared such deductions would be disallowed. H.R. 133 (Public Law 116-120) clarifies that deductions are allowed for otherwise deductible expenses paid with the…
Raleigh, N.C.— The North Carolina Department of Revenue (NCDOR) will follow the Internal Revenue Service (IRS) and officially open the 2021 individual income tax filing season and begin accepting and processing individual income tax returns on Friday, Feb. 12. Tax processing procedures and guidelines force the NCDOR to follow the IRS opening. Taxpayers who file…
This week’s podcast focuses on the following items: Amounts advanced by partner were a debt leading to income for other partners Auto valuation COVID-19 relief for employers Final qualified plan loan offset rules Opening of electronic filing pushed back to February 12 IP-PIN program now open nationwide You can listen to the podcast, view the video version, and…