Updates

Important NC Sales Tax Update

A major revision to the North Carolina Sales Tax rules in 2016 created major headaches for many small businesses and consumers.  In August, the NC Legislature passed legislation that is intended to alleviate one aspect of the headache.  No, it is not repeal of the “RMI” provisions (sales tax applicable...

2016 Standard Mileage Rates

The Internal Revenue Service issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016 the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will...

New 1099 Reporting Penalties

With the due date for preparing and filing Form 1099’s looming, we felt it prudent to re-send information we provided earlier regarding a substantial increase in the penalties for failure to file 1099’s.  Form deadline for providing 1099’s to payees and filing with the IRS is January 31.  Keep reading...

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