No Sales Tax Holiday in North Carolina This August!
As back-to-school shopping season is near, many parents will be disappointed to discover there is no sales tax holiday in North Carolina this year. In years past, clothing items, computers and many back-to-school supplies were exempt from sales during the first weekend in August in our state. However, the statute that made that possible has been repealed and 2014 will be the first year in a decade North Carolina will not enjoy the sales-tax-free weekend. Read more HERE.
Where’s My Refund?
Wondering where your IRS tax refund is? It’s easy to find out by clicking HERE.
Many Tax-Exempt Organizations Must File with IRS By May 15 to Preserve Tax-Exempt Status
With a key May 15 filing deadline facing many tax-exempt organizations, the Internal Revenue Service today cautioned these groups not to include Social Security numbers (SSNs) or other unneeded personal information on their Form 990, and consider taking advantage of the speed and convenience of electronic filing.
Form 990-series information returns and notices are due on the 15th day of the fifth month after an organization’s tax year ends. Many organizations use the calendar year as their tax year, making Thursday, May 15 the deadline for them to file for 2013.
Read more HERE
Jayne Frazier Awarded Honorary Life Membership in General Federation of Women’s Clubs of North Carolina
Our own Jayne Frazier was recently awarded an Honorary Life Membership in the General Federation of Women’s Clubs of North Carolina (GFWC-NC). The award was presented at the GFWC-NC’s annual convention, in recognition of her 17 years of dedicated service to the Charlotte Women’s Club, the GFWC Junior Women’s Club of Charlotte, and the Charlotte community. Congratulations Jayne! We’re so proud of you!
Pictured: Back row L to R: GFWC-NC President Wendy Carriker, GFWC-NC Junior Director Crystal Sharpe, Jayne Frazier. In the front row are Mrs. Frazier’s two sons who were on hand for the award ceremony.
IRS announces additional one-year delay in health coverage penalty for midsize employers
The IRS announced on Monday that it is delaying the so-called shared-responsibility requirement under Sec. 4980H for employers who have 50 to 99 full-time equivalent employees in 2014. These employers will now have until 2016 to offer health care coverage to their employees or be subject to the shared-responsibility payments. However, these employers will still be required to report on their workers and health care coverage in 2015. Read more HERE
Seven ways for small businesses to rein in health care costs
The Journal of Accountancy has a very timely and insightful look at ways small businesses can save money on health care costs. Although delayed one year, the employer mandate in the Patient Protection and Affordable Care Act takes effect Jan. 1, 2015 and businesses with 50 or more full-time-equivalent employees will be forced to pay a penalty if they don’t provide minimum essential health insurance coverage. Read more HERE.
Tax Changes May Bring Surprises for Taxpayers
Our own Jayne Frazier, CPA authored an important article on tax changes which was featured on the front page of Carolina Business Connection. Read it HERE.
IRS Tax Season Begins Today! Yipee!
Break out the champagne and confetti: the IRS opens the 2014 filing season today, January 31, 2014.
Okay, usually only tax pros like us– or those getting a decent refund– actually get that excited about the opening of tax season. But after the government shutdown pushed the opening of the season forward ten days – from January 21, 2014, to January 31, 2014 – taxpayers all over the country are ready for tax season to begin. You can begin e-filing today. For a lot more info, check out this Forbes article HERE!
Scharf Pera & Co., PLLC celebrates FanFriday and shows their Panther Pride!
IRS Lowering Mileage Allowances For Business Travel
The IRS has announced that the optional mileage allowance for owned or leased autos (including vans, pickups or panel trucks) will decrease by $.05 to $.56 per mile for business travel starting January 1, 2014. This rate can also be used by employers to reimburse tax-free under an accountable plan employees who supply their own autos for business use, and to value personal use of certain low-cost employer-provided vehicles.
The rate for using a car to get medical care or in connection with a move that qualifies for the moving expense will also decrease by $.05 to $.235 per mile. The rate for service to a charitable organization is unchanged at $.14 per mile. Notice 2013-80, 2013-52 IRB ; IR 2013-95