How Long Should You Keep Tax Returns and Business Records?

You know it’s important to hang on to your tax returns, receipts, and financial paperwork, but you also know there has to be a point when you can finally clean out your file cabinet. Is it safe to go ahead and throw out the tax returns from 2012 or should you keep them for a […]

CARES Act: Key Tax Provisions for Businesses & Individuals

With COVID-19 forcing business closures and massive unemployment, the U.S. government sought to mitigate the negative financial effects as much as possible by passing a stimulus package for individuals, small businesses, and corporations. The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed the House of Representatives and the Senate, and was signed into law […]

NC Department of Revenue & IRS Tax Updates due to Coronavirus

The effects of COVID-19 (coronavirus) are widespread. Even those who are healthy are missing work, missing school, and having their lives rearranged. In order to provide relief during this time, especially for those who are unable to work, both state and federal departments of revenue are changing some of their policies, and we wanted to […]

North Carolina Annual Reports Change

Effective January 1, 2018, North Carolina annual reports must be filed directly with the Secretary of State. Prior to 2018, North Carolina corporate annual reports could be attached to the income tax return. Payment of the annual report fee now has to be sent to the NC Secretary of State rather than the NC Department of Revenue.