North Carolina Tax Payment Deadline Extended for Corporate, Franchise and Individuals

The N.C. Department of Revenue (NCDOR) announced that they will extend the April 15 tax filing deadline to July 15 for individual, corporate, and franchise taxes to mirror the announced deadline change from the Internal Revenue Service. However, under current regulation, the state is legally obligated to charge interest on late payments.  Therefore, unless state…

FRSCPA Requests all Data for Monthly Accounting Services, Business and Personal Income Tax be sent Electronically Effective Immediately

As our team works diligently to prepare for the unknown as it relates to COVID-19 and our business, we are steadfastly working on solutions to help our beloved clients.  While it has not yet been mandated for our office to close, most of our team is working remotely.  Our technology permits all of our staff…

Good News: SBA Offers Economic Injury Disaster Loan Program

We understand that many of our Small Business Clients are being severely impacted by COVID-19.  This impact includes loss of revenue, liquidity concerns, potential employee layoffs, and the concern of making payroll.  Small Business owners are now eligible to apply for low-interest loans due to the COVID-19. The SBA is providing working capital loans of…

Families First Coronavirus Response Act Provides Tax Credits to Both Employers and the Self-Employed

Tax Update – Families First Coronavirus Response Act Provides Tax Credits to Both Employers and the Self-Employed On Wednesday, March 18th, 2020, President Trump signed into law the Families First Coronavirus Response Act (FFCRA). The FFCRA provides various legislative responses to the COVID-19 crisis and includes tax credits for both employers and the self-employed. Employer…

Treasury Secretary Announces 90-Day Payment Extension For Most Taxpayers

As President Trump declared a national emergency, Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020, that individuals taxpayers can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10 million of tax payments for 90 days. The $1 million limit for individuals was established…