North Carolina Society of Accountants, Inc. Articles from "THE ACCOUNTANT"

Eastern Chapter

NCSA Website Admin — Tue, 08 Aug 2017 20:24:18 GMT

NCSA EASTERN CHAPTER MEETING

Tuesday, August 22, 2017, at 6:00 PM

H & R Block

629 Red Banks Road

Greenville, NC 27834

You are cordially invited to join us at our August meeting of the Eastern Chapter of the North Carolina Society of Accountants.

Our August meeting will feature Janice Davidson, Assistant Director Sales and Use Tax Division of North Carolina Department of Revenue, presenting on Sales and Use Tax Updates.

To see information about other upcoming meetings, check out www.ncsa1947.org/Eastern.

In order to have enough handouts for all attendees, please RSVP by replying to this email if you plan to attend. As a reminder, each person brings their own meal.

Please contact me with any questions or Linda Leggett at linda.leggett@tax.hrblock.com.

Thank you,

Tori M. Wicker
Accountant

Cape Fear Chapter

NCSA Website Admin — Tue, 08 Aug 2017 20:16:35 GMT

The Cape Fear Chapter will hold their regular monthly dinner meeting as follows:

Date: Monday, August 21, 2017

Time: 6:30 pm

Place: The Brass Lantern Steakhouse - 515 Spring Branch Rd.

Dunn, NC 28334 (910) 892-6309 - (I-95, Exit 72, Dunn, NC)

Cost: $ 25.00 (Make your check payable to the Cape Fear Chapter NCSA)

Speaker: Guido van der Hoeven

Program: Taxing Timber Issues

1 Hour CPE A8FPT-T-00050-17-1

This program will help clarify the basis of timber and many other issues that relate to Timber Taxation.

Please RSVP by Thursday, August 17, 2017, to Marsha Wheeler via email: mwheeler14@nc.rr.com

Or by phone (910) 867-9427.

Hope to see you there.

Sincerely,

Marsha Wheeler

Burlington Chapter

NCSA Website Admin — Thu, 27 Jul 2017 14:09:01 GMT

We had no Guest Speaker this month. Instead we had a Roundtable discussion of tax matters, a Business Meeting, and fellowship.

Our next meeting will be on August 24, 2017 at 6:30 p.m. at Kimbers Restaurant in Gibsonville, NC. Ronald D. Powell, Past President of NCSA, will be our Guest Speaker and his program will be "Due Diligence".

Raleigh Chapter

NCSA Website Admin — Tue, 25 Jul 2017 14:45:57 GMT

Vice President Paula Brown called the meeting to order at 6:30 PM.

The previous meeting's minutes were approved and the Treasurer's report was presented and approved.

After announcements of upcoming events and dinner, Andy Esser presented the program "Federal Taxation and the Brokerage Statement" with a review of form 1099-B as well as form 1099-DIV. He gave some tips on how to save our clients Capital Gains Distributions on form 1099-DIV. After a short Q & A period, the meeting was adjourned at 8:45 PM.

Next Meeting: August 22, 2017
Speaker: Larry Grossman
Topic: "Missing or Incorrect Depreciation and what to do about it"

Charlotte Chapter

NCSA Website Admin — Tue, 25 Jul 2017 13:55:26 GMT

The Charlotte Chapter of NCSA
Monthly Meeting July 25, 2017
Location: Golden Corral, Matthews, NC
Time: 6:00 – 8:30pm

The invocation was given by Hugh Parker and dinner was enjoyed.

The meeting was called to order by Charlotte President Mary Roberts.

President Mary Roberts asked the members to review the minutes from June 25, 2017. The members did not have any questions so President Mary Roberts asked for approval of the minutes. Motion to accept by Jense Creighton and seconded by Bryan Henry. Motion carried.

President Mary Roberts asked members to review the Treasurer’s report. Members had no questions so President Mary Roberts requested approval of the Treasurer’s report. Motion to accept by Heather Myers and seconded by Trina Sthal. Motion carried.

Welcomed 12 members to the meeting.

A report was made on the NCSA Leadership Day, held 07/21/17 at Pinewood Country Club. We had five members from the Charlotte chapter attend the Leadership Day.

The 2017 Carolinas Tax Professional Seminar will be July 31 – August 2 at the Hilton Charlotte University.

Mary Roberts introduced our speaker David R Hedges. He spoke on Small Business Retirement Planning.

Upcoming speakers: August 24, Bill Belchee– Practice Management.

September 21, Lisa Wallace- Social Security Administration.

Starting with the August 24 meeting, we will meet on the fourth Thursday of the month at 6:15pm at the Golden Corral, Matthews.

There being no other business, the meeting was adjourned.

Respectfully submitted,

Ashlyn Miles, Secretary

Central Chapter

NCSA Website Admin — Mon, 24 Jul 2017 14:06:51 GMT

Central Chapter met for our regular monthly meeting on Monday, 24 Jul 2017, 6:00 P.M., at Sagebrush Restaurant in Asheboro, NC. There were 12 members and 3 guests present. President Kevin Robinson called the meeting to order and welcomed everyone to the meeting.

The minutes of the previous meeting had been emailed to members so a motion was made to dispense with the reading of those minutes. The motion was seconded and carried.

Treasurer James Upton presented his final treasurer’s report for the fiscal year, and the duties of treasurer were handed off to the new treasurer, Margie Strider. The checking account balance was $2,767.58 and the chapter had a gain of $373.80 during the 2016-17 year. $660 dues were paid and $2,010 in scholarships were collected and remitted.

Upcoming continuing education opportunities were discussed, including the fall Professional Accounting Seminar, practitioners’ forum, PTI tax schools and NCSU tax schools.

Vice president Julie McNeill reported that Rep. Mark Walker has been invited to speak at our legislative meeting and we are awaiting a reply. The date of the legislative meeting will be determined by Rep. Walker’s response.

The following officers were installed by the chapter for the upcoming year:

President: Kevin Robinson
Vice President: Julie McNeill
Secretary: Lori Stiles
Treasurer: Margie Strider

The evening’s featured speaker was Matthew Smith of Insurance Associates of the Triad. Matthew spoke about insurance issues that relate both to our clients and our own practices, primarily workers compensation, errors and omissions and data breach (cyber liability) insurance. His presentation was helpful and timely.

The meeting adjourned at 8:05 PM.

The August meeting will be held on Monday, 28 August 2017, at Sagebrush Restaurant in Asheboro, NC. The speaker is yet to be determined.

Respectfully submitted,
Lori A. Stiles
Secretary

Wilmington Chapter

NCSA Website Admin — Mon, 24 Jul 2017 13:51:11 GMT

Upcoming speakers and progroms were the main focus of this meeting. Marsha shared many ideas on programs and scheduling for the months to come. Some changes were discussed for our meeting annoucement that we will implement for Aug. Also discussed was how to target new members and who to target.

Old business discussed: New bank account was finally opened at First Bank

Officer Nominations and Elections

Officers Nominated:
Susan Corliss-Bland - President
Julie Williams - Treasurer
Jennifer Foltz - Secretary

Officers were voted in by a unanimous vote.

Our next meeting will be August 28 @ 6pm - we will be having a speaker from the NC Secratary of State on Fraud. Our meeting will be held at McAllisters Deli in Wilmington, NC

Chapter News

NCSA Website Admin — Fri, 16 Jun 2017 16:55:18 GMT

Chapter News

June, the month of graduations, weddings, vacations and our 70th Annual Convention! I’m sure your month is as busy as mine is, and our chapters have been staying busy too. Read on to see what our chapters have been up to, if you have not attended your chapter lately, please make time to support YOUR association and attend your chapter meeting this month!

Burlington

Burlington Chapter met on Thursday, May 25th at Kimbers in Gibsonville. NCSA Past President Ron Powell spoke on “Technology for Today's Accountant”, What technology should be infused into your practice? For more information about the Burlington chapter contact Jim Holmes at jholmes.acct@yahoo.com

Cape Fear

The Cape Fear Chapter met on Tuesday, May 30th in Sanford at The Flame Steakhouse. The meeting was a joint meeting with the Sandhills-Sanford Chapter. David Hooker was on hand to discuss the Quality Assurance Review Assistance Committee and the proposed change to the NCSA bylaws for those members who issue financials for third party use. The meeting was well attended with members attending from as far away as Smithfield. The chapter normally meets the 1st Monday after the 15th each month. For more information, contact Marsha Wheeler at mwheeler14@nc.rr.com

Central

The Central chapter met on Monday, May 22nd at Sagebrush in Asheboro. David Hooker spoke on the QAR Committee and the proposed bylaw change. Ron Powell will speak at the next meeting on June 26th. Central Chapter meets on the 4th Monday of each month. For more information contact Kevin Robinson at kevrob@triad.rr.com

Charlotte

The Charlotte Chapter met on Tuesday, May 23rd at Golden Corral in Matthews. The chapter held a roundtable discussion of many issues including the still confusing NC Sales Tax changes. The next meeting will be on June 27th and will include an installation of officers and presentation by Ron Powell. The Charlotte Chapter normally meets on the 4th Thursday of each month. For more information contact Louise Pistole at pistole9@windstream.net

Eastern

The Eastern Chapter met on Tuesday, May 23rd at H&R Block in Greenville. Ron Powell spoke on Circular 230 & Your Continuing Education Requirements. The Eastern chapter meets on the 4th Tuesday each month at H&R Block in Greenville. For more information contact Karen Spruill at karen.spruill@hrblock.com

Hickory

The Hickory Chapter normally meets the last Monday of each month. For more information contact Susan Dale Moore at susan@dalesaccounting.com

Piedmont

The Piedmont Chapter met on Thursday, May 25th at Kernersville Fourth of July Park. The meeting was the annual Scholarship Bingo Fundraiser, chaired by Nina Livengood, this event is always a highlight of the Piedmont Chapter’s year. Piedmont Chapter normally meets on the last Thursday of each month. For more information, contact David L. Hooker at dlhacct@triad.rr.com

Raleigh

The Raleigh Chapter met Tuesday, May 23rd at Manchesters off Leesville Rd in North Raleigh. Stephen Metelits spoke on Form 1041-Trusts & Estates in an informative meeting. The Raleigh Chapter meets on the 4th Tuesday of each month. For more information contact Stephen Metelits at metelits@usa.net

Sandhills-Sanford

The Sandhills-Sanford Chapter met Tuesday, May 30th at The Flame Steakhouse in Sanford. The meeting was a joint meeting with the Cape Fear Chapter and was well attended. David Hooker was on hand to discuss the Quality Assurance Review Assistance Committee and the proposed change to the NCSA bylaws for those members who issue financials for third party use. The chapter normally meets the last Thursday of the month. For more information, contact April Eads at angelicape@aol.com

Western

The Western Chapter met Tuesday, April 25th at Gondolier Italian Restaurant in Asheville. Bill Gilliland, Action Coach spoke to the chapter. Western Chapter normally meets the 4th Tuesday of each month. For more information contact Beth Evans at Beth.evans@precisionacct.com

Wilmington

The Wilmington Chapter normally meets the last Monday of the month. Contact Chapter President Susan Corliss Bland for more information at susan@intrstar.net

We cannot compile this report without your information. If you have news of your chapter or its members including photos or interesting things that happened at your chapter meeting please email James Upton at jamesupton@rtmc.net or call (336) 873-7690.

Looking for help: If you would love to be a part of Chapter News let Stephen Metelits know, the job starts July 1, 2017, train now!!!

CPE AT THIS YEAR'S CONVENTION

NCSA Website Admin — Tue, 16 May 2017 17:51:09 GMT

At print time for our convention brochures, the CPE for the convention had not yet been approved by the IRS, as indicated in the brochure. This notice is to let you know that the CPE will be approved by the IRS.

LOCAL CHAPTER NEWS

NCSA Website Admin — Tue, 09 May 2017 14:29:12 GMT

Chapter News

James Upton

Tax Season has ended, and we can all breathe a sigh of relief–but before that an apology is needed. You may have noticed some months of The Accountant have been missing your Chapter News. With all that has been going on in life and in taxes (a stepped up deadline for 1099 filings and calendar year partnerships), I needed 32 hours in a day to get it all done, and as you know there are only 24; thus something had to give. Please accept my sincere apologies. I am thankful for the assistance of Candace Cansler in getting the news out for me when I could get it to her. This has been one of the busiest busy seasons I ever can remember almost to the point of insanity at times. I know we have not been in communication nearly as much with our friends, colleagues, and fellow chapter members, but now that tax season is over we should all take time to relax and reconnect. A good place to start is your chapter meeting, and in June we will have our 70th Convention where we all will gather to celebrate our society and the important role it plays in the accounting profession of our state.

Burlington

Burlington Chapter met on Thursday, April 27th at Kimbers in Gibsonville. The meeting was a roundtable discussion and tax season roundup. Burlington chapter normally meets on the 4th Thursday of each month. For more information about the Burlington chapter contact Jim Holmes at jholmes.acct@yahoo.com

Cape Fear

The chapter normally meets the 1st Monday after the 15th each month. For more information, contact Marsha Wheeler at mwheeler14@nc.rr.com

Central

The Central chapter met on Monday, April 24th at Sagebrush in Asheboro. John Maron with NC Secretary of State’s Securities Divi-sion spoke to the chapter on Investment Fraud. The May meeting will be on May 22nd with David Hooker speaking on QAR and Financial State-ment reporting. Central Chapter meets on the 4th Monday of each month. For more information contact Kevin Robinson at kevrob@triad.rr.com

Charlotte

The Charlotte Chapter met on Tuesday, April 25h at Golden Corral in Matthews. The meeting was the chapter’s after tax season social and gathering. The Charlotte Chapter normally meets on the 4th Thursday of each month. For more information contact Louise Pistole at pis-tole9@windstream.net

Eastern

The Eastern chapter meets on the 4th Tuesday each month at H&R Block in Greenville. For more information contact Karen Spruill at karen.spruill@hrblock.com

Hickory

The Hickory Chapter met Wednesday, April 26th, at O’Charley’s. The meeting was a tax season roundup of issues. The Hickory Chap-ter normally meets the last Monday of each month. For more information contact Susan Dale Moore at susan@dalesaccounting.com

Piedmont

The Piedmont Chapter met on Thursday, April 27th at Captain Tom’s in Kernersville. The chapter held a roundtable discussion of tax season issues and David Hooker spoke on the upcoming mandatory QAR requirement. The chapter will meet May 25th for the annual Scholarship Bingo Fundraiser. Piedmont Chapter normally meets on the last Thursday of each month. For more information, contact David L. Hooker at dlhacct@triad.rr.com

Raleigh

The Raleigh Chapter met Tuesday, April 25th at Manchesters off Leesville Rd in North Raleigh. The chapter hosted a speaker from NCDOR with an update on sales tax and other tax changes. The Raleigh Chapter meets on the 4th Tuesday of each month. For more information contact Stephen Metelits at metelits@usa.net

Sandhills-Sanford

The Sandhills-Sanford Chapter met Thursday, April 27th at Bay Breeze in Sanford. Jonetta Appling of NC Department of Revenue was on hand to speak about the New Sales Tax changes and to update the chapter members on developments since her last visit. The chapter normally meets the last Thursday of the month. For more information, contact April Eads at angelicape@aol.com

Western

The Western Chapter met Tuesday, April 25th at Gondolier Italian Restaurant in Asheville. NCSA President Jim Holmes spoke on Simple Estates & Probate. Western Chapter normally meets the 4th Tuesday of each month. For more information contact Beth Evans at Beth.evans@precisionacct.com

Wilmington

The Wilmington Chapter met Monday, April 24th at McAllisters Deli on College Road in Wilmington. The chapter held a roundtable discussion on the tax season. Contact Chapter President Susan Corliss Bland for more information at susan@intrstar.net

Looking for help: If you would love to be a part of Chapter News let Stephen Metelits know, the job starts July 1, 2017, train now!

NCSA LNC Review - By James Upton, President Elect

NCSA Website Admin — Mon, 08 Aug 2016 20:15:33 GMT

Thirty-five NCSA leaders gathered on Friday, July 22nd at Pinewood Country Club in Asheboro for our annual Leadership Day. The day started with Louise Pistole leading a discussion of the need for chapters to update their bylaws if necessary as directed by the Board of Directors.

J.R. Lawson presented our new membership recruiting campaign and the great brochure and mailers that he designed along with David Rollins and the Membership Committee.

Ron Powell spoke on the chapter CPE submission requirements briefly, followed by Louise Pistole addressing the group again this time with a focus toward re-energizing our connection with the National Society of Accountants and the benefits we have as members of an Affiliated State Organization.

President Holmes spoke a few moments about our Legislative Committee and our legislative lobbyist Henry Jones and the work he does to keep in the loop on the activities in the Legislature. Jim challenged every member to make a contribution to the legislative fund which helps ensure that we can fund any challenge to our rights.

David Hooker then took the floor to discuss the implementation of the Quality Assurance Review program and the progress being made in helping us all become more proficient professionals with our financial statement presentations.

The last hour of the day was taken by Jonathan Burris of Burris Consulting Group who guided the attendees through the “Personality Compass”. Each person answered a brief survey that helped to determine their individual personality traits and then every- one was grouped by like personalities. Overwhelmingly the group was dominated by East and North personalities that are proven leaders, accurate, detailed, and steady. These accountants don’t delegate and can be abrasive. Jonathan directed us all to try to consider the people with whom we are dealing and try to engage them in the way that suits their style, leading to better results from our interactions both professional and personal. If you would like to review the test here is a link:

http://www.nelms.org/pdfs/2014/degroff2014si/The%20Personality%20Compass.pdf

As President Elect I appreciate all the attendees and ask that you consider attending this worthwhile function next year. There is no cost to attendees and our chapters are asked to contribute to offset the expenses of the day. I appreciate all the chapter that have already contributed.

Our quote for the day was from Mother Teresa: “You can do what I cannot do. I can do what you cannot do. Together we can do great things.” This fits our NCSA membership completely; we are unstoppable together!

Amended Return Statute of Limitations

NCSA Website Admin — Mon, 08 Aug 2016 16:52:04 GMT

HB 533 provides a procedure for a taxpayer to seek review of the DOR’s conclusion that the statute of limitations bars a refund claim. This legislation requires the DOR to deny a refund and send the taxpayer a notice of refund denial when it determines that an amended return or a claim for refund is filed outside the statute of limitations for refunds. In addition, the legislation provides a taxpayer whose request for refund was denied because the determination that the amended return or claim for refund was file outside the statute of limitations a right to contest that determination.

A taxpayer that believes it has overpaid its taxes may request a refund of the overpayment by taking one of the following actions within the statute of limitations for obtaining a refund:

1. File an amended return reflecting an overpayment.

2. File a claim for refund.

The general statute of limitations for obtaining a refund of an overpayment is the later of 3 years after the due date of the return or 2 years after payment of the tax. If a refund is requested within the statute of limitations and the DOR denies or reduces the refund, the taxpayer may request an administrative review. If the DOR issues a Notice of Final Determination that sustains the denial or reduction, the taxpayer may seek judicial review.

This new law includes two provisions that allow a taxpayer to seek judicial review of the DOR’s determination that a request for refund was filed outside the statute of limitations.

1. Refund denied by the DOR on or after June 30, 2016: A taxpayer that receives a notice of refund denial based on the DOR’s statute of limitations may contest the DOR’s determination by filing a petition for a contested tax case hearing at the Office of Administrative Hearings. The petition must be filed within 60 days of the date of the notice of denial.

2. Statute of limitations determination made by the DOR prior to June 30, 2016: A taxpayer that received a notification from the DOR that an amended return of claim for refund was not filed within the statute of limi- tations and could not be processed by the DOR may contest the DOR’s determination by filing a petition for a contested tax case hearing at the Office of Administrative Hearings.

New Phone Numbers

NCSA Website Admin — Mon, 08 Aug 2016 16:48:44 GMT

On July 22, all IRS Greensboro telephone numbers changed. The old 574 exchange became the 690 exchange for all numbers. They converted to a new system on July 21. With the new system, voice mail messages convert to an e-mail to the recipient to facilitate responses.

NC Tax Law Changes

NCSA Website Admin — Mon, 08 Aug 2016 15:44:26 GMT

According to HB 1030, the standard deductions for 2016 are $16,500 joint and surviving spouse, $13,200 for HOH, and $8,200 for single and separate. The standard deductions for 2017 are $17,500 joint and surviving spouse, $14,000 for HOH, and $8,250 for single and separate.

Exempt from sales and use tax are:

· Inspection fees required by law.

· Services by a relative.

· Services to resales issues on real property completed within 12 months of occupancy.

· Cleaning of real property.

· Services on roads, driveways, parking lots, and sidewalks.

· Removal of waste, trash, debris, and snow from personal property except from portable toilets.

· Home inspections for sale of real property.

· Alteration or repair of clothing.

· Pest control services.

· Moving services.

· Self-service car wash.

Members Only - Revisit the recent Leadership Networking Conference

NCSA Website Admin — Sun, 31 Jul 2016 14:00:00 GMT

Videos of the recent NCSA Leadership Networking Conference; held on July 22, 2016, at the Pinewood Country Club in Asheboro, NC, have been added to the "Members Only" tab of our website.

James P. Upton, III - NCSA President Elect, facilitated this year's event. After some colorful introductions the group got to work with the Chapter's and State's business for the year.

Listing of topics covered in the videos:

Chapter By-Laws Prototype

Membership Recruitment

Chapters Cup Criteria

Chapter CPE Requirements

NSA Member Benefits

Legislative Update and Challenge

Quality Assurance Review Assistance

The Leadership Compass - What type of leader are you?

NCSA Committee Assignments 2016-2017

NCSA Website Admin — Thu, 28 Jul 2016 18:01:00 GMT

The attendees of the Leadership Networking Conference received the following list of NCSA Committees; their chairmen and members. Review the list for your assignment or call a chairman & volunteer today.

NCSA Leadership Networking Conference - UPDATE

NCSA Website Admin — Tue, 26 Jul 2016 15:50:01 GMT

Leadership Day Attendees,

Thank you for attending our event last Friday. We have had so much positive feedback. I hope that the information is something that you can take back to your chapters and to your respective practices and apply successfully to be better leaders. As was discussed at the meeting I am emailing you a link to the AP manual that you can share with your chapter officers as well as a pdf file containing the updated manual. In addition many of you requested the sample chapter bylaws in Word doc format so I have attached that as well. Further I have attached David Hooker’s QAR presentation so that you may share that with your chapters.

Just so we don’t forget here are some reminders from our Leadership Day.

1. Email your chapter bylaws (after updating if necessary) to Louise Pistole at pistole9@windstream.net by 9/30
2. Send your chapter year-end (7/1/15-06/30/16) financial report to John Blanton at jblanton1948@gmail.com as soon as possible
3. Send your 2016-2017 dues paid roster to Marsha Wheeler at mwheeler14@nc.rr.com by 8/31, make sure chapter meeting notices are going out to the board and Marsha.
4. Remember to send out the membership recruiting cards and seek referrals from your chapter members. If you have questions or need more clarification contact J.R. Lawson at jrnsat@gmail.com Encourage chapter only members to join NCSA at the state level.
5. Schedule David Hooker to speak further with your chapter regarding the further implementation of the QAR program. Call David at 336-841-1040 or by email at dlhacct@triad.rr.com
6. Remind chapter members to pay dues online, invoices will be sent at the end of the month. If they need help with paying online or using the website contact Candace Cansler at (828) 695-2520 or by email to candace@ncsa1947.org
7. Encourage everyone to donate to the Legislative Fund, donations can be made online at www.ncsa1947.org or by check mailed to the NCSA office.
8. Make sure your chapter is following proper CPE procedures. Contact Ron Powell at ronald.d@powellaccounting.com with questions or clarifications.
9. Here is the direct link to download the AP Manual (no login required) : http://www.ncsa1947.org/resources/PDF/apmanual.pdf

Thanks for your service to your chapters and to NCSA.

James P. Upton, III

Accountant

Enrolled to Practice before the Internal Revenue Service

Upton Accounting Inc.

Seagrove Professional Village

508 North Broad Street (US Hwy 220 Business)

Seagrove, North Carolina 27341-8583

Phone (336) 873-7690 Fax (336) 873-7650

Email: jamesupton@rtmc.net

Member Passing

NCSA Website Admin — Wed, 13 Jul 2016 16:53:54 GMT

NCSA Life Member Glenwood Sellars of Wilmington passed away on Thursday, June 16, 2016. Here are some highlights from his obituary as published in The Star News of Wilmington.

Glenwood graduated from New Hanover High School in 1938. He joined NC National Guard 120th Infantry his last two years of high school. Because of a baseball injury to his eye during his youth, he was not selected for military duty in the Army.

He was therefore assigned to the US Army Reserve to guard the gold at Ft. Knox, Kentucky. It was here that President Franklin D. Roosevelt visited and said to him, "How are you soldier?" to which he responded, "Fine, Thank you, Sir."

Glen worked with Merita Bakery in Wilmington and then was owner and operated Sellars Accounting Service until his retirement. He was an Enrolled Agent to practice before the Internal Revenue Service. Glen studied finance and accounting at UNC-Chapel Hill and Appalachian State University. He was a life member of N.C. Society of Accountants, Wilmington Optimist Club where he was President from 1994-1995 and a volunteer with Optimist Little League Baseball and he was a member of the American Legion.

Glen was a faithful Carolina Fan. He spent many happy days playing golf, his favorite sport at Municipal Golf Course in Wilmington. He enjoyed travel, music, playing the piano and he and his wife danced on several continents on their vacations. As a young boy, he would ride a barge up the Cape Fear River to Fayetteville with his PaPa to deliver dry goods to businesses along the way.

When arriving in Fayetteville, they would send carrier pigeons to his mother to let her know of their safe arrival. He and his sisters and brothers grew up in the Church of The Good Shepherd. After he married he joined Sunset Park Baptist Church where he was baptized. He was survived by one daughter. See more at: http://www.legacy.com/obituaries/starnewsonline/obituary.aspx?pid=180379634#sthash.L67NfDGm.dpuf

Form 990 Data Available

NCSA Website Admin — Wed, 13 Jul 2016 16:41:00 GMT

In IR-2016-87, the IRS announced that the publicly available data on electronically filed Forms 990 now will be available in a machine-readable format through Amazon Web Services (AWS). The publicly available data does not include donor or other personally identifiable information.

The data include Forms 990, 990-EZ, 990-PF, and related schedules with the exception of certain donor information. The IRS also redacts certain personally identifiable tax-identification numbers to prevent the data’s misuse. Data from Form 990-N is not available, but it can be accessed through irs.gov.

Park Model RV

NCSA Website Admin — Wed, 13 Jul 2016 16:40:00 GMT

Effective July 1 the Park Model RV is exempt from sales and use tax. A park model RV is one which meets the following:

1. It is designed and marketed as temporary living quarters for recreational, camping, travel, or seasonal use;

2. Is certified by the manufacturer as complying with ANSI A119.5; and

3. Is built on a single chassis mounted on wheels with a gross trailer area not exceeding 400 square feet in the setup mode.

The retail sale of a park model RV is subject to the highway use tax of 3% with a maximum of $2,000 payable to the NC DMV

Social Security

NCSA Website Admin — Wed, 13 Jul 2016 16:37:41 GMT

The Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds. The combined asset reserves of the funds are projected to become depleted in 2034 with 79% of benefits payable at that time. The Disability Insurance Trust Fund will become depleted in 2023, extended from last year’s estimate of 2016, with 89% of benefits still payable.

In the Annual Report to Congress, the Trustees announced:

 The assets reserves of the combined OASDI Trust Funds increased by $23 billion in 2015 to a total of $2.81 trillion.

 The combined trust fund reserves still are growing and will continue to do so through 2019.

Beginning in 2020, the total cost of the program is projected to exceed income.

 The year when the combined trust fund reserves are projected to become depleted, if Congress does not act before then, is 2034. At that time, there will be sufficient income to pay 79% of scheduled benefits.

 There were 60 million beneficiaries at the end of 2015.

 During 2015, an estimated 169 million people had earnings covered by Social Security and paid payroll taxes.

 The cost of $6.2 billion to administer the Social Security program in 2015 was only 0.7% of total expenditures.

Get Transcript Online

NCSA Website Admin — Wed, 13 Jul 2016 16:35:44 GMT

In IR-2013-65 and FS-2016-20, the IRS announced an improved Get Transcript Online feature.

Starting last year, the IRS began working to create a new e-authentication platform for Get Transcript Online.

To get started, new users need:

 An email address.

 An SSN or ITIN.

 Filing status and address from last-filed tax return.

 Account numbers for either:

 Credit card, or

 Home mortgage loan, or

 Home equity loan, or

 Car loan.

 Mobile phone. Only US-based mobile phone may be used. User’s name must be associated with the mobile phone account. Landlines, Skype, Google Voice, or similar virtual phones as well as phones associated with pay-as-you-go plans cannot be used.

 A “credit freeze” on the records through Equifax must be temporarily lifted before the process can be completed successfully.

Because the process involves verification using financial records, there may be a “soft notice” placed on the credit report. This does not affect the credit score.

To securely access Get Transcript Online, first-time users must:

 Submit their name and email address to receive a confirmation code;

 Enter the emailed confirmation code;

 Provide their SSN, date of birth, filing status, and address on the last file tax return;

 Provide some financial account information (see account numbers above);

 Enter a mobile phone number to receive a 6-digit activation code via text message;

 Enter the activation code;

 Create a username and password, create a site phrase, and select a site image.

Returning taxpayers who have completed the new secure access process:

 Log in with their username and password;

 Receive a security code text via mobile phone provided with the account;

 Enter the security code into secure access.

If you cannot validate your identity, you may use Get Transcript by Mail. Get Transcript by Mail allows the user to go online and select the mail option. The transcript will be mailed to the address of record and will be delivered within 5 to 10 days.

White Goods Tax

NCSA Website Admin — Wed, 13 Jul 2016 16:34:10 GMT

Effective July 1, the White Goods Disposal Tax law is amended to provide that the tax applies to both in-state and out-of-state purchases of white goods for storage, use, or consumption in NC. A retailer-contractor is liable for the tax for any white good withdrawn from inventory to fulfill a real property contract in NC after July 1.

The statutes define “white goods” as including “refrigerators, ranges, water heaters, freezers, unit air conditioners, washing machines, dishwashers, clothes dryers, and other similar domestic and commercial large appliances.

e-Authorization Process

NCSA Website Admin — Wed, 13 Jul 2016 16:32:40 GMT

In IR-2016-85, the IRS announces the launch of a more rigorous e-authorization process that significantly increases protection against identity thieves impersonating taxpayers to access tax return information through the IRS Get Transcript Online services. After being disabled last Spring, Get Transcript Online now is available for all users to access a copy of their tax transcripts and similar documents that summarize important tax return information. The formal relaunch addresses increased cybersecurity threats by using a new, more secure access framework. This framework enables the IRS to require a two-step authentication process for all online tools and applications that require a high level of assurance.

To access the new Get Transcript Online feature, taxpayers must have an email address, a text-enabled mobile phone, and specific financial account information such as a credit card number or certain loan numbers.

As part of the new multi-factor process, the IRS will send verification, activation, or security codes via email and text.

The IRS continues to support multiple options for those taxpayers who may be unable to access online features or who prefer to obtain information in more traditional ways.

Electric Car Tax Credit

NCSA Website Admin — Wed, 13 Jul 2016 16:30:03 GMT

In addition to the ecological benefits of a “plug-in” vehicle, the buyer of such a vehicle also may benefit from a generous tax credit. The credit, which is claimed on Form 8936, Qualified Plug-in Electric Drive Motor Vehicle Credit, is equal to the sum of $2,500 for a vehicle that draws propulsion energy from a battery with not less than 5 kwh of capacity plus $417 for each kwh of capacity in excess of 5 kwh, not to exceed $5,000 (yielding a maximum credit of $7,500).

To qualify, the following must be met:

 The motor vehicle with at least 4 wheels must be manufactured primarily for use on public roads.

 The vehicle is treated as a motor vehicle for purposes of Title II of the Clean Air Act.

 The vehicle has a gross weight rating of less than 14,000 pounds.

 The vehicle is propelled to a significant extent by an electric motor that draws electricity from a battery that has a capacity of at least 4 kwh and is capable of being recharged from an external source.

 The vehicle is used predominantly in the US.

 The taxpayer is the original user of the vehicle and must have acquired it for use or lease and not for resale.

The credit begins to phase out for a manufacturer’s vehicles when at least 200,000 have been sold for use in the US.

Tax Speaker - A NCSA Member Benefit

NCSA Website Admin — Mon, 11 Jul 2016 17:43:12 GMT

A source of seminars on almost any tax or accounting subject is available from Bob Jennings at his Tax Speaker site. If you go to the NCSA website, then go to Useful Links, it is there. Take that link to the Tax Speaker website and see the extensive catalogs.

Note that if you select a seminar, the price is crossed out and a lower price applies. We get a discount on the seminars by going to his website through our website and NCSA gets some money. However, the 1040 class is not discounted.

Funeral Taxes

NCSA Website Admin — Fri, 10 Jun 2016 16:31:42 GMT

Effective March 1, funeral taxes were repealed. Charges by a person engaged in business as a funeral home retailer continue to be exempt from sales and use tax provided the charges are stated sepa-rately and identified on the invoice or other documentation given to the purchaser at the time of the sale. The list of items is extensive and goes from embalming to lowering a vault or casket into the grave and includes such incidental items as the tent at the grave site.

However, charges by a retailer to a purchaser to place a memorial stone, monument, grave marker, or similar item are part of the sales price of the item sold at retail and are subject to sales and use tax no matter that the charges maybe stated separately by the retailer. The exemption for separately stated installation charges was repealed as of March 1.

Phone Scams

NCSA Website Admin — Fri, 10 Jun 2016 16:31:02 GMT

The Treasury’s Inspector General for Tax Administration (TIGTA) has made arrests of people involved in phone scams aimed at separate populations.

Five persons were arrested for calling people claiming to be from the IRS, and told the victims would be arrested if they did not make payment of overdue taxes immediately. They got an average of $5,700 per taxpayer.

The phony tax collector scam has taken a new twist: targeting college students. NC college stu-dents are reporting calls from imposters posing as IRS agents demanding that students pay a federal stu-dent tax immediately (the tax really doesn’t exist). The scammers claim the tax is connected to student loans and threaten students with arrest or loss of degrees if they don’t pay right away.

No legitimate IRS official will demand that anyone make payments by wiring money or by pre-paid debit cards. Hang up on these fraudulent callers, and report the call to the TIGTA (you can find the address and phone number on the IRS website

Statute of Limitations

NCSA Website Admin — Fri, 10 Jun 2016 16:29:20 GMT

The NC Department of Revenue announced that, effective May 11, the statute of limitations for assessing a person for unpaid taxes of a business is amended to provide that the period of limitations expires the later of one year after the expiration of the period of limitations for assessing the business entity, one year after a tax becomes collectible from the business, when a taxpayer and the DOR agree on a settlement concerning the amount of tax due, when the DOR sends a notice of final determination concerning an assessment and the taxpayer does not file a timely petition for a contested case hearing on the assessment, when a final decision is issued on a proposed assessment of tax after a contested case hearing, or when the Office of Administrative Hearings dismisses a petition for a contested case for lack of jurisdiction because the sole issue is the constitutionality of a statute and not the application of the statute.

Each responsible person in a business entity is personally and individually liable for the princi-pal amount of taxes that are owed by the business entity. If a business does not pay the amount it owes after the amount becomes collectible, the Secretary may enforce the responsible person’s liability for the amount by sending the responsible person a notice of proposed assessment. This applies to all sales and use taxes collected by the business, all sales and use tax due upon taxable transactions of the busi-ness but upon which if failed to collect the tax, all taxes due from the business but upon which it failed to collect the tax, and all income taxes required to be withheld by the business entity.

The following are responsible persons:

 The president, treasurer, or chief financial officer of a corporation.

 A manager of a corporation, a member or company official of a limited liability company, or a partner in a partnership who has a duty to deduct, account for, or pay taxes.

 A manager of a limited liability company or partnership.

 A partner who is liable for the debts and obligations of a partnership.

Conditional Contracts

NCSA Website Admin — Fri, 10 Jun 2016 16:27:05 GMT

The NC DOR says that effective May 11 the state law is amended and provides if a seller transfers an item of tangible personal property as part of a conditional contract, a sale has occurred. The sales price of the item is presumed to be the retail price at which the item would sell in the absence of the condi-tional contract. Sales tax is due at the time of the transfer on the following:

1. Any part of the presumed sales price the consumer pays at that time, if the service in the contract is taxable at the combined general rate.

2. The presumed sales price, if the service in the contract is not taxable at the combined general rate.

3. The percentage of the presumed sales price that is equal to the percentage of the service in the contract that is not taxable at the combined rate, if any of the service in the contract is not taxable at the combined general rate.

The definition of a conditional contract is a contract in which all of the following conditions are met:

1. A seller transfers an item of tangible personal property to a consumer on the condition that the consumer enter into an agreement to purchase services on an ongoing basis for a mini-mum period of at least 6 months.

2. The agreement requires the consumer to pay a cancellation fee to the seller if the consumer cancels the contract for services within the minimum period.

3. For the item transferred, the seller charges the consumer a price that, after any price reduc-tion the seller gives the consumer, is below the purchase price the seller paid for the item. The seller’s purchase price is presumed to be no greater than the price the seller paid, as shown on the seller’s purchase invoice, for the same item within 12 months before the seller entered into the conditional contract.

NSA Moves ahead with Tax Practitioner Bill of Rights

NCSA Website Admin — Mon, 03 Aug 2015 14:34:49 GMT

Hi everyone -

We are moving ahead to promote the Tax Practitioners' Bill of Rights before Congress and the IRS. (See http://www.nsacct.org/tax/bill-of-rights ) We have consulted with NSA's publicist, who recommended that we make a much bigger effort to have more people sign the petition to show there is a need for change. Currently, including those who have signed the petition at the IRS forums (but whose signatures are not shown online), we have over 1,000 signatures. But we need many more signatures!

If you have not signed the petition yet, please do so as soon as possible and add comments in support of the Tax Practitioners' Bill of Rights. Also, if you can have your ASOs endorse the Tax Practitioners Bill of Rights, please have them send an endorsement letter supporting the Tax Practitioners' Bill of Rights (on letterhead) to the NSA office, with a copy of the letter to me.

The petition is shown at http://www.ipetitions.com/petition/nsa-bill Please circulate the petition around and have as many tax practitioners, firm staff, and any taxpayers who agree with the petition - sign the petition. Every signature counts!

Thank you for your help in supporting this effort!

Marilyn M. Niwao, J.D., CPA, ATA, CGMA

NSA President

Members Only Section - NSA Member Insurance Program

NCSA Website Admin — Thu, 16 Jul 2015 16:15:07 GMT

http://www.ncsa1947.org/nsainsurance

The above link is provided to you by the NSA. Play It Safe! is a service of the NSA Insurance Trust, which was formed to provide affordable insurance plans and specialized insurance coverages to members of the National Society of Accountants.

NC Continuing Resolution

NCSA Website Manager — Wed, 01 Jul 2015 16:59:05 GMT

The House and Senate passed a stop gap measure this morning in order to continue government funding and operations. This “continuing resolution” was an expected maneuver, and is customary in the event a formal budget has not been agreed to in time for the end of the current fiscal year, June 30.

The resolution authorizes the director of the budget to continue to allocate funds for recurring expenditures for current operations by state departments, institutions, and agencies, as authorized in the previous year’s budget. The resolution keeps vacant positions open that are subject to proposed budget reductions, keeps state employee salaries from increasing or decreasing, prohibits any salary raises for state employees or teachers while the resolution is in effect, continues funding for public schools, and requires the Department of Health and Human Services to prepare amendments and waivers in anticipation of the formal budgetary reductions or expansion items to Medicaid. Perhaps most important of all, the resolution is set to expire August 14 of this year, and sends the message that both the House and the Senate hope to have a formal budget compromise by at least that date.

Conference appointments should be coming forward soon, and budget negotiations will be taking place soon thereafter. With both bodies taking the week after the fourth of July off, it is expected that the following week will be the start of the long process to compromise.

We will continue to keep you informed of all actions at the North Carolina Legislature, and as always, please contact us if you have any questions or concerns.

Sincerely,

Weldon Jones
Jordan Price Wall Gray Jones & Carlton

Central Chapter takes 2014-2015 Chapter's Cup at NCSA Annual Convention

NCSA Website Manager — Fri, 19 Jun 2015 00:30:00 GMT

Click this link for the video of this event

Tangible Property Regulations

NCSA Website Manager — Mon, 11 May 2015 17:00:12 GMT

The rules for handling tangible property for taxes now are so complex that the IRS has issued a number of Revenue Procedures to help us with applying to materials and supplies and for acquiring, maintaining, or improving property. The final regulations went into effect for tax years beginning on or after January 1, 2014, with "clarifications" that follow in Rev. Procs.:

1. January 24, 2014, Rev. Proc. 2014-16, rules for changing accounting methods.

2. September 18, 2014, Rev. Proc. 2014-54, rules for changing accounting methods to comply with law.

3. January 16, 2015, Rev. Procs. 2015-13 and 2015-14, rules for making accounting method changes.

4. February 13, 2015, Rev. Proc. 2015-20, exceptions to the general procedures.

This article deals with the exceptions in Rev. Proc. 2015-20 It modifies Rev. Proc. 2015-14 to permit a small business, defined as a business with total assets of less than $10 million or average annual gross receipts of $10 million or less for the prior three taxable years, to make certain tangible property changes in methods of accounting with an adjustment under § 481(a) that takes into account only amounts paid or incurred and dispositions.

In addition, for their first taxable year that begins on or after January 1, 2014, small business taxpayers are permitted to make certain tangible property changes without filing a Form 3115.

An expenditure is a capitalizable improvement if it is a betterment, restoration, or adaptation.

An expenditure is a betterment if it corrects a material defect or condition before the taxpayer's acquisition; is for a material expansion, enlargement, extension, or addition; or reasonably is expected to increase productivity.

An amount paid is a capitalizable restoration only if it is for the replacement of a component for which the taxpayer has properly deducted a loss (not a casualty loss); it is for the replacement of a component to which the taxpayer has properly taken onto account the adjusted basis in realizing gain or loss resulting from a sale or exchange of the component; it is for the restoration of damage for which the taxpayer is required to take a basis adjustment; it returns a property to its ordinary efficient operating condition if the property has deteriorated to a state of disrepair and no longer is functional; it results in the rebuilding of the property to a like-new condition after the end of the class life; or it is for the replacement of a part or combination of parts that comprises a major component or substantive structural part of a property.

A taxpayer must capitalize amounts paid to adapt a property to a new or different use not consistent with the taxpayer’s ordinary use of the property.

Under the routine maintenance safe harbor, the amount paid for routine maintenance is not a improvement. Routine maintenance includes the recurring activities that a taxpayer expects to perform to keep the property in the ordinarily efficient operating condition Routine maintenance may be performed any time during the useful life of property, but the activities are routine only if the taxpayer reasonably expects to perform the activities more than once during the class life of the property.

There is a de minimis safe harbor amount that can be expensed for tangible assets. The amount depends on whether or not the business has an accountable financial statement (AFS) [audit]. If there is an AFS, the amount is $5,000; otherwise, the amount is $500. This amount is per invoice.

A taxpayer using the de minimis deduction must calculate a § 481(a) adjustment that does not take into account dispositions in taxable years beginning on or after January 1, 2014.

1095-A

NCSA Website Manager — Mon, 11 May 2015 16:58:55 GMT

Notice 2015-30 provides penalty relief for taxpayers who received a Form 1095-A, Health Insurance Marketplace Statement, that was delayed or that the taxpayer believes to be incorrect and who timely filed their 2014 income tax return, including extensions. Specifically, it provides relief from the penalty for late payment of a balance due, the penalty for failure to pay an amount due upon notice and demand, the penalty for underpayment of estimated tax, and the accuracy related penalty. This relief applies only for the 2014 taxable year.

Excerpt from Parker’s Federal Tax Bulletin - with Permission

NCSA Website Manager — Mon, 27 Apr 2015 17:40:54 GMT

Restauranteur Fails to Pin $1.6 Million Omission on Accountant; Slammed with Fraud Penalty

The Tax Court determined a restaurant owner had vastly underreported his businesses income for multiple years, and found the taxpayer's attempt to shift blame to his accountant unconvincing. The court determined the omission was fraudulent, noting the taxpayer met multiple "badges of fraud," and imposed a 75 percent penalty. Musa v. Comm'r, T.C. Memo. 2015-58.

Alaa Musa formed Casablanca Restaurant, LLC (Casablanca) as a single-member limited liability company in 2005. The restaurant used an industry standard point-of-sale system to fulfill orders and record sales reports from cash and credit card purchases. Musa kept diligent records of credit card receipts, but he would frequently throw away the records of the cash receipts. Musa never deposited more than a minimal amount of Casablanca's cash receipts into the operating account and would generally take the cash home with him.

In early 2006, Musa hired J&M Accounting & Tax Services (J&M) to provide accounting and tax services for Casablanca. J&M prepared monthly sales tax returns for Casablanca based on sales numbers Musa provided over the phone. Musa did not provide J&M with copies of daily sales reports, and the sales numbers he provided were far below what was reflected on the reports.

The IRS audited Casablanca for 2006 to 2009 and issued a notice of deficiency. The audit found Musa had vastly underreported the restaurant's income in excess of $1.6 million, and the IRS assessed a civil fraud penalty under Code Sec. 6663(a).

Musa argued that his accountant at J&M was to blame for the inaccuracies in his tax returns, claiming that J&M had access to his financial records and chose to underreport his income. The tax court found this unconvincing and implausible, noting that J&M did not have access to the point-of-sale reports until after the audit began, that Musa failed to disclose all of his bank accounts, and that he gave no explanation as to why his accountant would be motivated to prepare grossly inaccurate returns. Further, the court noted that under Metra Chem Corp. v. Comm'r, 88 T.C. 654 (1987), as a general rule, taxpayers cannot avoid the duty of filing accurate returns by placing responsibility on a tax return preparer.

Excerpt from Parker’s Federal Tax Bulletin - with Permission

NCSA Website Manager — Mon, 27 Apr 2015 17:34:48 GMT

Hobby Loss Case: Metz v. Commissioner

Focusing on subjective intent, the Tax Court held that because the taxpayers were genuinely optimistic their failing horse farm would eventually be profitable and were able to attribute poor results to weak economic conditions, millions in losses sustained over a six year period were not hobby losses. Metz v. Comm'r, T.C. Memo. 2015-54.

For over two decades, Henry and Christie Metz owned an Arabian horse farm, Silver Maple Farm, Inc. (SMF), an S corporation specializing in "Straight Egyptian" Arabian horses, prized for their elite genetics.

Despite great effort by the Metz’s, the venture was decidedly unprofitable. SMF had only one profitable year, and that was a result of the sale of a piece of real estate used in the business. SMF averaged annual losses in excess of $1,000,000 between 1999 and 2009. Undeterred, the Metz’s attempted to outrun these losses, moving the farm several times in the hopes of finding a better market and eventually settling in California.

During its lifespan, SMF lost over $14.5 million, leading the IRS to determine the business couldn't possibly be motivated by a desire to turn a profit. The IRS issued notices of deficiency for 2004 through 2009 disallowing the passthrough losses from SMF, as well as related net-operating-loss carry forwards.

Reg. Sec. 1.183-2(b) provides a nonexclusive list of nine factors relevant in ascertaining whether a taxpayer conducts an activity with the intent to earn a profit. The factors listed are: (1) the way the taxpayer conducts the activity; (2) expertise of the taxpayer or his advisers; (3) time and effort the taxpayer spends in carrying on the activity; (4) expectation that assets used in the activity may appreciate in value; (5) taxpayer's success in carrying on other similar or dissimilar activities; (6) taxpayer's history of income or losses with respect to the activity; (7) amount of occasional profits earned, if any; (8) taxpayer's financial status; and (9) elements of personal pleasure or recreation.

After analyzing the factors the court held that the losses were allowable. Practitioners with clients who have businesses at risk of being deemed a hobby may want to study this case.

Unwanted Calls

NCSA Website Manager — Mon, 27 Apr 2015 17:32:13 GMT

The Federal Trade Commission (FTC) talks about unwanted telephone calls. You signed up for the "Do Not Call Registry" ages ago, but you're still getting a bunch of unwanted calls. what can you do? Hang up. When you get illegal sales calls or robocalls, don't interact in any way. Don't press buttons to be taken off the call list or talk to a live person. That just leads to more calls. Instead, hang up and file a complaint at donotcall.gov.

Your number is on the Do Not Call Registry, so why are you still getting calls? Because of scammers. Most legitimate companies don't call if your number is on the Registry. If a company is ignoring the Registry, there's a good chance that it's a scam.

The FTC has sued hundreds of companies and individuals for placing unwanted calls. The FTC also is leading several initiatives to develop technology based on solutions. Those initiatives include a series of robocall contests that challenge tech gurus to design tools that block robocalls and help investigators track down and stop robocalls.

You filed a complaint-–or several complaints–and you wanted to know when you'll hear from the FTC. Due to the volume of complaints, the FTC can't respond directly to each one. But please keep to complaints coming because the FRC and other law enforcement agencies analyze complaints to spot trends and to take legal action against wrongdoers. To date, the FTC has brought more than a hundred lawsuits against companies and individuals for Do Not Call violations.

But I gave you the phone number of the company that called me! Current technology makes it easy for scammers to fake or "spoof" called ID information, so the number you reported in your complaint probably isn't real. Without more information, it's difficult for the FTC to identify the actual caller. Nonetheless, the FTC analyses complaint data to identify illegal callers based on calling patterns. The agency also is pursuing a variety of technology based solutions to combat illegal calls and practices.

Identity Verification

NCSA Website Manager — Mon, 27 Apr 2015 17:29:41 GMT

In a press release, the IRS reminded taxpayers who receive requests from the IRS to verify their identities that the Identity Verification Service website at idverify.irs.gov offers the fastest, easiest way to complete the task. Taxpayers may receive a letter when the IRS stops suspicious tax returns that have indicators of being identity theft but contains a real taxpayer's name and/or SSN. Only those taxpayers receiving Letter 5071C should access idverify.irs.gov.

The website will ask a series of questions that only the real taxpayer can answer. Once the identity is verified, the taxpayers can confirm whether or not they filed the return in question. If they did not file the return, the IRS can take steps at that time to assist them. If they did file the return, it will take approximately six weeks to process it and issue a refund.

Letter 5071C is mailed through the USPS to the address on the return. It asks taxpayers to verify their identities in order for the IRS to complete processing of the returns if the taxpayer did file it or reject the returns if the taxpayers did not file it. The IRS does not request such information via e-mail, nor will the IRS call a taxpayer directly to ask this information without you receiving a letter first. The letter number can be found in the upper corner of the page.

The letter gives taxpayers two options to contact the IRS and confirm whether or not they filed the tax return. Taxpayers may use the idverify.irs.gov site or call a toll-free number on the letter. Because of the high volume on the toll-free numbers, the IRS-sponsored website, idverify.irs.gov, is the safest, fastest option for taxpayers with web access.

Inside NCSA

NCSA Website Manager — Fri, 05 Dec 2014 19:47:26 GMT

Members Lottie Neal of Greensboro and Alene Dale of Granite Falls both suffered heart attacks this month. Alene says she is not sure she had a heart attack and doesn’t show any ill effects. She was battling a kidney stone also. Lottie did some time in Moses Cone Hospital but made it out in time to travel with Sarah McKoy to PTI in Myrtle Beach. Keep these ladies in your prayers for continued healing. Also in another note Jack Williams continues to be alive and well. He was spotted at the recent Hickory Chapter meeting. Keep going Jack!

Real Property Contracts

NCSA Website Manager — Fri, 05 Dec 2014 19:43:13 GMT

The NC Department of Revenue issued an important notice stating that, effective January 1, 2015, the general 4.75% state and applicable local and transit rates of sales and use tax apply to the sales price of tangible personal property sold to a real property contractor for use by the real property contractor in erecting structures, building on, or otherwise improving, altering, or repairing any real property.

A taxpayer that operates as a retailer prior to January 1, 2015, and that makes retail sales of tangible personal property that is installed or applied to a real property and that furnishes the labor to install or apply the tangible personal property sold at retail that becomes a part of real property is required to apply the tangible personal property sold at retail that becomes a part of real property is required to adopt the new application of sales and use tax to such transactions on or after January 1, 2015.

A real property contractor is a person that contracts to perform construction, reconstruction, installation, repair, or any other service with respect to real property and to furnish tangible personal property to be installed or applied to real property
in connection with the contract and the labor to install or apply the tangible personal property that becomes part of real property.

A retailer-contractor is a person that acts as a retailer when it sells tangible personal property at retail and as a real property contractor when it performs real property contracts.

NC Tax Law Changes - 2014

NCSA Website Manager — Fri, 05 Dec 2014 19:37:52 GMT

The NC Department of Revenue issued a 1 page "summary" of tax law changes. Here are some of the item:

Tax rates for individuals are 5.8% and businesses 6%.

The standard deductions are $7,500 single and separate, $15,000 joint and widow(er), and $12,000 head of household.

Itemized deductions are limited to charitable contributions and the limited amount of up to $20,000 for mortgage interest on a qualified residence and real estate property tax.

The child tax credit for children under age 17 may increase for some taxpayers.

Personal exemptions, credit for child and dependent care, and earned income credits are gone.

The $50,000 deduction of net business income is gone.

For retirees, the deductions for retirement benefits received from vested NC State, local, and federal governments pursuant to the Bailey settlement still is available
as is the deduction for taxable Social Security Benefits.

The deductions for other government retirement income (up to $4,000) and private retirement income (up to $2,000) no longer are available.

SERVICE CONTRACTS

NCSA Website Manager — Wed, 05 Nov 2014 21:48:50 GMT

Effective October 1, a privilege tax at the 4.75% general state and applicable local and transit rates of sales and use tax are imposed on a retailer to the sales price of or the gross receipts derived from a service derived from a service contract sold at retail. A service contract is defined as a contract where the obligor under the contract agrees to maintain or repair tangible personal property or a motor vehicle. An obligor is a person who is legally or contractually obliged to provide the services for the service contract purchaser. A facilitator is a person who contracts with the obligor of the service contract to market the service contract and accepts payment from the purchaser.

FARMERS

NCSA Website Manager — Wed, 05 Nov 2014 21:45:56 GMT

Qualifying farmers get an exemption from sales and use tax for certain tangible personal property, digital property, and services. Effective July 1, a qualifying farmer is a person who has an annual gross income for the pre- ceding income tax year of $10,000 or more from farming operations or who has an average annual gross income for the 3 preceding income tax years of $10,000 or more from farming operations. A qualifying farmer includes a dairy operator, a poultry farmer, an egg producer, a livestock farmer, a farmer of crops, and a farmer of an aquatic species. For purposes of the exemption, an item is used in farming operations if it is used for planting, cultivating, harvesting, or curing of farm crops or in the production of dairy products, eggs, or animals. To apply for a qualifying farmer ex- emption certificate number, complete and submit Form E-595QF, Application for Qualifying Farmer Exemption Certificate Number, to the DOR.

A person who does not meet the definition of qualifying farmer may apply to the DOR for a conditional farmer exemption certificate number. A conditional farmer may purchase qualifying items exempt from sales and use tax to the same extent as a qualifying farmer. To receive a conditional farmer exemption certificate, the person must certify that the person intends to engage in farming operations and that the person will timely file state and federal tax returns that reflect income and expenses incurred from farming operations. The certificate number is valid for 3 years and cannot be renewed or extended. To apply for a conditional farmer exemption certificate number, complete and submit Form E-595CF, Application for Conditional Farmer Exemption Certificate Number. The DOR may not issue a conditional farmer exemption certificate to a person who has had a conditional farmer exemption certificate issued during the prior 15 income tax years.

Same Sex in NC

NCSA Website Manager — Wed, 05 Nov 2014 21:32:12 GMT

In PD-14-3, the NC DOR announced that same-sex couples who are legally married under any state law by December 31, 2014, generally must file a NC income tax return using the same filing status claimed on the federal tax return. However, if one spouse is a nonresident individual and has no NC taxable income for the tax year, the spouse that is a resident of NC or has NC taxable income may elect to file a return as married separate. Individuals in a domestic partnership, civil union, or long-term relationship, but not legally married, must claim the filing status of single or, if qualified, head of household or qualifying widow(er).

Same-sex couples who were legally married prior to 2014 but who have not filed original returns for those tax years as of October 24, 2014, also generally must file a NC income tax return using the same filing status claimed on the federal return. Individuals who entered into a same-sex marriage prior to 2014 and filed a federal income tax return with a filing status of married filing joint or married filing separate but filed separate NC income tax returns prior to October 24, 2014, claiming the filing statues of single or, if qualified, head of household or qualifying widow(er) as previously required by NC law may, but are not required to, amend their NC income tax returns for any corresponding tax years within the statute of limitations. Use Form D-400X to amend a NC individual income tax return.

Cafeteria Plans

NCSA Website Manager — Tue, 14 Oct 2014 01:02:07 GMT

Notice 2014-55 expands the permitted change rules for coverage under a Cafeteria Plan for two situations in which the employee wants to purchase coverage through a competitive marketplace established under an Exchange or a Health Insurance

R.T.R.P.

NCSA Website Manager — Tue, 14 Oct 2014 00:58:46 GMT

Since the Loving suit, the IRS is reluctant (officially, cannot) use the term RTRP. Technically, RTRP is allowed to be grandfathered into the Annual Filing Season Program (AFSP) with the conditions of RTRPs meeting the required CE course renewal requirements. As far as the IRS is concerned, AFSP is what RTRP becomes because the IRS cannot legally use the term RTRP even though the IRS cannot prohibit RTRPs from using it. All AFSPs will be listed in the new IRS tax preparer directory.

Serving a Maturing Nation - Seminar Review

NCSA Website Manager — Tue, 14 Oct 2014 00:34:15 GMT

Wow! 59 attendees came to Cary for the seminar held on September 25-26 at Embassy Suites. The chapters were represented well at the recent seminar. It was good to see Wilmington members Marie Izzo and husband John as well as Ruth McClellan and Susan Corliss Bland in attendance. Kudos to these chapter members for taking part in NCSA events. Also seminar chair James Upton was called away on day one due to an emergency back home, but Cheryl Hudson, Florence Black, Marsha Wheeler and Gale Champie stepped in to assist with keeping things running smoothly. Mary Fuller fell and was hurt after day one and was not able to come back the second day, hopefully Mary is on the mend. Thanks to NCSA President Margie Strider for planning this seminar; lots of great information was shared, and now we all know that we need to increase our fees to save for our own retirement!

Thanks to each of the NCSA members who attended: Peggy Bartsch, Florence Black, John Blanton, Paul Bum- garner, Gale Champie, Susan Corliss Bland, Jense Creighton, Richard Davis, Nona Fisher, Wayne Frank, Mary Fuller, Lynanne Gray, Larry Grossman, Dean Gunter, Denise Hammond, Cheryl Hudson, Marie Izzo, Curt Lee, E.L. Lemonds, Pamela Lowrie, Ruth McClellan, John McKinney, Sarah McKoy, Julie McNeill, Stephen Metelits, Lottie Neal, Carole Owenby, Joyce Padmos, Wayne Parker, Rena Pilkenton, Yvonne Potter, Ron Powell, Kevin Robinson, David Rollins, Marjorie Scott, Margie Strider, Catherine Thomas, James Upton, and Marsha Wheeler. Without member support our events cannot be successful, thanks to all of you for supporting NCSA!

Sales & Use Tax

NCSA Website Manager — Wed, 20 Aug 2014 23:08:35 GMT

Effective October 1, the local rate of sales and use tax in Davidson County is 2.25%, along with the 4.75% general sales and use tax brings the total to 7%.

The total general state and applicable local and transit rates of sales and use tax is 6.75% in 72 counties; 7% in Alexander, Buncombe, Cabarrus, Catawba, Halifax, Harnett, Haywood, Hertford, Lee, Martin, Montgomery, New Hanover, Onslow, Pitt, Randolph, Robeson, Ropwan, Sampson, Surry, and Wilkes Counties; 7.25% in Mecklenburg County; and 7.50% in Durham and Orange Counties.

North Carolina Society of Accountants, Inc. Articles from "THE ACCOUNTANT"

Eastern Chapter

Cape Fear Chapter

Burlington Chapter

Raleigh Chapter

Charlotte Chapter

Central Chapter

Wilmington Chapter

Chapter News

CPE AT THIS YEAR'S CONVENTION

LOCAL CHAPTER NEWS

NCSA LNC Review - By James Upton, President Elect

Amended Return Statute of Limitations

New Phone Numbers

NC Tax Law Changes

Members Only - Revisit the recent Leadership Networking Conference

NCSA Committee Assignments 2016-2017

NCSA Leadership Networking Conference - UPDATE

Member Passing

Directory

Form 990 Data Available

Park Model RV

Social Security

Get Transcript Online

White Goods Tax

e-Authorization Process

Electric Car Tax Credit

Tax Speaker - A NCSA Member Benefit

Funeral Taxes

Phone Scams

Statute of Limitations

Conditional Contracts

NSA Moves ahead with Tax Practitioner Bill of Rights

Members Only Section - NSA Member Insurance Program

NC Continuing Resolution

Central Chapter takes 2014-2015 Chapter's Cup at NCSA Annual Convention

Tangible Property Regulations

1095-A

Excerpt from Parker’s Federal Tax Bulletin - with Permission

Excerpt from Parker’s Federal Tax Bulletin - with Permission

Unwanted Calls

Identity Verification

Inside NCSA

Real Property Contracts

NC Tax Law Changes - 2014

SERVICE CONTRACTS

FARMERS

Same Sex in NC

Cafeteria Plans

R.T.R.P.

Serving a Maturing Nation - Seminar Review

Sales & Use Tax