The NCDOR is offering tax relief for victims of the April 15 tornadoes and storms that affected several counties in North Carolina. The agency’s penalty policy allows for waivers for taxpayers unable to file returns or pay taxes on time because of a natural disaster.
Read the notice about the tax relief.
The NCDOR has published a directive regarding repair, maintenance and installation services to real property and real property contracts. The directive addresses a number of issues concerning the application of sales and use taxes for services to real property. The issues addressed are based on recent law changes and inquiries or suggestions received by the department.
The notice serves as a reminder that effective July 1, 2018, Article 5F of Chapter 105 of the North Carolina General Statutes is repealed for sales and purchases occurring on or after such date.
A written determination applies the tax law to a specific set of existing facts furnished by a particular taxpayer. A written determination is applicable only to the individual taxpayer addressed and as such has no precedential value except to the taxpayer to whom the determination is issued.
A written determination applies the tax law to a specific set of existing facts furnished by a particular taxpayer. A written determination is applicable only to the individual taxpayer addressed and as such has no precedential value except to the taxpayer to whom the determination is issued.
The NCDOR has published a directive that clarifies the definition of a holding company. The clarification should help in calculating a corporation’s annual franchise tax liability.
The form was updated to incorporate legislative changes enacted by the 2017 Session of the General Assembly. Generally, services to real property are retail sales of or the gross receipts derived from repair, maintenance, and installation services, unless a person substantiates that a transaction is subject to sales and use tax as a real property contract, a mixed transaction contract, or the transaction is not subject to sales and use tax.
The NCDOR has introduced a revised penalty policy that is effective for penalty waiver requests considered on or after March 1, 2018.
In the matter of the N. C. Department of Revenue v. First Petroleum Services, Inc., the NC Business Court (“Court”) reversed the Office of Administrative Hearings’ decision and remanded with instruction to enter partial summary judgment in favor of the Department.
The North Carolina Department of Revenue has published a notice on how the federal tax law changes in the Tax Cuts and Jobs Act passed in December and the Bipartisan Budget Act of 2018 passed in February will affect North Carolina individual income and corporate income tax returns.