Monthly Archives: January 2017

January 2017 Tax Compliance Calendar

January 5Employers. Semi-weekly depositors must deposit employment taxes for Dec 28–Dec 30. January 6Employers. Semi-weekly depositors must deposit employment taxes for Dec 31 and Jan 1–Jan 3. January 10Employees who work for tips. Employees who received $20 or more in tips during December must report them to their employer using...
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How do I? Know what Records to Discard

A new year may find a number of individuals with the pressing urge to take stock, clean house and become a bit more organized. With such a desire to declutter, a taxpayer may want to undergo a housecleaning of documents, receipts and papers that he or she may have stored...
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IRS Releases 2017 Standard Mileage Rates; Business and Medical/Moving Rates Drop

  The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes. The updated rates are effective for deductible transportation expenses paid...
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All Eyes on Tax Reform in 2017

Congress ended 2016 passing a few targeted tax bills and lawmakers focused on the incoming Trump administration and tax reform in 2017. President-elect Donald Trump campaigned on tax cuts for individuals and businesses. Already, lawmakers from both sides of the aisle are preparing for what is expected to be a spirited...
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NC Contractor, Electrical, Plumbing and Sub-Contractor – Sales tax on contractors – Will you need to collect sales tax on jobs?

Dateline:  1/1/2017.  This is a work in progress, check back for updates as we don’t have all the answers yet.  IF IN DOUBT AS TO WHETHER OR NOT TO COLLECT SALES TAX, WE SUGGEST YOU STRONGLY CONSIDER COLLECTING THE TAX AND/OR CONTACT THE NC DEPARTMENT OF REVENUE FOR GUIDANCE.   Remember...
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