Starting a business in North Carolina?

Did you know that the North Carolina Department of Revenue (NCDOR) Customer Education provides in-person and online seminars, workshops, and online resources to help individuals and businesses understand their tax obligations. Courses are offered periodically throughout the year and at various locations throughout the estate on various topics including:numbers

  • the sales and use tax,
  • basic laws and obligations for a business to be NC tax compliant,
  • withholding tax requirements for hiring new employees, and
  • nonprofit sales and use tax refund procedures.

To find detailed information about all of the events currently offered by the NCDOR, click here.

If you would like to schedule an initial consult for your business formation needs, call 704-755-5254 or email at info@acslawnc.com.

The start of 2018 brings plenty of new changes to the U.S. tax code for individuals and businesses.  One such change involves new limitations on state and local tax deductions for individuals.

Beginning in 2018, the Tax Cuts and Jobs Act (“FCJA”) now generally limits an individual’s ability to claim federal itemized deductions for state and local (and certain foreign) taxes.  The FCJA provides that an individual may claim an itemized deduction for any taxable year — up to a maximum amount of $10,000 for combined state and local personal property taxes, real property taxes, and income taxes paid or accrued during the year.  Married individuals filing separately have a $5,000 per year limit. Certain foreign and sales taxes are also included.

This limitation does not apply to state, local, or foreign property taxes.  It also does not apply to state or local sales taxes that are paid or accrued in carrying on a trade or business or for the production of income.  However, the limitation does apply to state and local income taxes paid or accrued in carrying on a trade or business or for the production of income. 

The limitation on state and local tax deduction has a sunset provision and is set to expire after 2025.