New Sales Tax Rules

Major changes in North Carolina Sales and Use tax rules become effective March 1, 2016 as the North Carolina sales and use tax begins to apply to certain repair services and service contracts.  The North Carolina Department of Revenue (NCDOR) has been busy during February issuing Directives and Notices to...

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...

Stancil & Company Employee Update

Stancil & Company would like to announce that David J. Piscorik has been named Partner. David has been with the firm since 2003 and formerly held the positions of Audit Director and Director of the Business Resource Group. Recent additions to our staff include Matthew Markoff as Tax Associate, Anna Crane...

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...

Tax Extenders Bill Passes

Ho, Ho, Ho, Congress delivers an early Christmas present to taxpayers.  On December 18, Congress passed and the President signed a bipartisan tax extenders bill called the “Protecting Americans from Tax Hikes (PATH) Act of 2015”.  The good news is that this bill makes several of the tax provisions permanent,...

Making Federal and NC Tax Payments Online

When making tax payments to the IRS or to the NC Department of Revenue (NCDOR), paying online is an available option.  Payments for Tax Due with Returns, for Estimated Taxes and for Extensions can be made online for both Federal and NC by bank draft at no charge. To Make...

Roth IRA Opportunities

Dear Friends, As I sit in the office on a rainy Saturday, it seems like an appropriate time to consider putting into practice the proverbial phrase, “When life gives you lemons, make lemonade”. Those who are watching noticed that the stock market took another tumble this week (although it did...

Health Insurance Reimbursements Reminder

Dear Friends, We wanted to update you on a matter we have previously communicated with you about, an un-anticipated aspect of the Affordable Care Act (ACA) that impacts small businesses and non-profit organizations.  Employers are no longer allowed to reimburse their employees’ individual health insurance policies.  There is a very limited...

Employment of Children

Dear Friends, Whether summer jobs or after-school employment, many of you have children seeking employment.  Perhaps you have a small business is which you are considering employing your children.  Below are several tips for those facing this situation. Tax Savings:  Employing a child in a family business can result in...

Reporting Foreign Financial Accounts Due June 30th

Good day to everyone!  We wanted to touch base with all of our clients to make sure that proper reporting is completed for foreign financial accounts.  The deadline for the report of foreign bank and financial accounts is approaching.  The deadline is June 30, 2015. As was the case last year, the...