Internal Revenue Service Resources for Nonprofit Organizations

The Internal Revenue Service (IRS) has valuable and interesting guidance and resources available for nonprofit organizations.  Their goal is to make sure your nonprofit stays tax-exempt and complies with filing and reporting requirements. Here are links to the top resources for your reference: Compliance Guide:  IRS Publication 4221 highlights basic information on everything from [...]

By | 2017-09-15T08:58:49+00:00 September 14th, 2017|Articles, Not For Profit|0 Comments

IRS Requirements for Public Charities:

What documents must you make available to the general public? As a public charity, the Internal Revenue Service (IRS) requires your nonprofit organization to make several documents available, should they be requested.  If a request is made in person, you are asked to provide this promptly. If the request is written, you have 30 [...]

By | 2017-09-15T08:59:18+00:00 September 14th, 2017|Articles, Not For Profit|0 Comments

Are You in Legal Compliance in North Carolina?

Use this checklist prepared by the North Carolina Center for Nonprofit Organizations, Inc. to be sure you’re complying with selected laws that govern 501(c)(3) nonprofits in North Carolina. This is not a complete list, but it’s a great start! It's in chart format to make it easy for you to follow. For more information on [...]

By | 2017-09-15T08:59:56+00:00 September 14th, 2017|Articles, Not For Profit|0 Comments

Governor Cooper Signs Additional Tax Changes Into Law

Senate Bill 628 was signed into North Carolina law by Governor Cooper on August 11, 2017 with various changes to business and individual taxes.  All provisions, unless stated otherwise, are effective as of this date. Read this article for a summary of income, franchise and sales tax law changes made by this legislation: Filing [...]

By | 2017-08-31T13:14:37+00:00 August 31st, 2017|Articles|0 Comments

Make Sure Your Tax Payments are on Track

The IRS doesn’t wait until returns are filed to collect income taxes from taxpayers. Most people are required to pay tax during the year by making quarterly estimated tax payments to the IRS or having their employers withhold income taxes from their paychecks. It’s important to pay at least as much estimated tax as [...]

By | 2017-08-31T12:14:10+00:00 August 31st, 2017|Articles|0 Comments

North Carolina General Assembly Overrides Governor’s Veto of Budget Bill

On June 28, 2017, the North Carolina General Assembly voted to override North Carolina Governor Roy Cooper's veto of the budget bill for fiscal years 2017-2019, effectively passing the Republican-led bill into law.  The enacted legislation, effective July 1, 2017, contains changes to several business and individual income tax laws. Income Tax   Reduced [...]

By | 2017-08-24T15:46:54+00:00 July 29th, 2017|Articles, Business Taxation|0 Comments

S Corporation Owners: Are You Taking a Paycheck?

Over the years, the IRS has made a point of warning S corporations not to attempt to avoid federal employment taxes by having corporate officer/shareholders treat their compensation as cash distributions, payments of personal expenses, or loans instead of as wages. According to the IRS, distributions must be treated as wages to the extent [...]

By | 2017-07-31T15:23:12+00:00 July 29th, 2017|Articles, Manufacturing|0 Comments

North Carolina IRC Conformity Date Update & Technical Changes

The IRC conformity update includes any provisions enacted as of January 1, 2017 that became effective either before of after that date. For corporate tax purposes, federal corrections that must be reported to the North Carolina Secretary of Revenue have been broadened to include federal tax credits that affect the amount of North Carolina [...]

By | 2017-07-25T13:20:55+00:00 June 29th, 2017|Articles|0 Comments

Think Taxes if You Rent Your Vacation Home

Your home will be considered investment property if you limit your personal use of the home to no more than 14 days a year or, if greater, 10% of the total number of days it is rented out. The tax result: Expenses associated with renting the property, such as utilities and maintenance, generally will [...]

By | 2017-08-22T15:53:46+00:00 June 29th, 2017|Articles|0 Comments

Patient-Centered Outcomes Research Trust Fund Fee

The Patient-Centered Outcomes Research Institute was established under the Affordable Care Act and is funded by fees on issuers of specified health insurance policies and plan sponsors of applicable self-insured health plans.  These fees are often referred to as PCORI Fees. The PCORI Fee applies to specified health insurance policies and applicable self-insured health [...]