Monthly Archives: February 2016

NC Sales Tax on Labor – Will you need to collect sales tax?

Contractor, electrical, plumbing, landscape, cabinet makers and other subcontractors should see updates here. 1/1/2017 UPDATE and CAUTION:  The blog following was posted before NC adopted new laws effective January 1, 2017 extending sales tax to building, electrical, plumbing and other contractors on smaller repair, maintenance and installation (RMI) services related...
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How do I? Prove business expenses

Everyone in business must keep records. Among other things, good records will help a business prepare the business tax returns, and will support items reported on tax returns. Taxpayers also must keep their business records available for inspection by the IRS. In order to claim any deduction, a business owner,...
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Tax-related identity theft remains serious problem as filing season begins

In recent years, identity theft has mushroomed and as the filing season starts, tax-related identity theft is especially prevalent. Identity thieves typically file fraudulent returns early in the filing season, before unsuspecting taxpayers file their legitimate returns. Criminals gamble that the IRS will not detect the false return and will...
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February 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2016. February 1Individuals. Individuals may file their 2015 Form 1040...
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Transit benefits parity made retroactive and permanent

The Protecting Americans from Tax Hikes Act of 2015 (PATH Act) extended and enhanced many popular tax breaks for individuals and businesses. Included in the large number of extended incentives is transit benefits parity. Moreover, Congress made transit benefits parity permanent. Many individuals may benefit from this tax break, depending...
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