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Why do I need a North Carolina Tax Consultant?
State
tax laws are very different from one state to another. Accountants are
encumbered with all tax law responsibility for their clients. The use
of a state tax consultant can greatly assist in the discovery and solving
of potential NC tax problems. If a company does business in multiple states,
the need for a consultant from each state grows tremendously. The state
tax departments do a good job of advising taxpayers, but cannot give full
attention to every state tax matter that develops. Proper understanding
of NC technical issues can best be accomplished by consulting with an
expert who has had work experience for many years with NC taxes.
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If my business is located in South Carolina or Tennessee, how do I know
if
I should report to NC assuming I do business in NC?
Many factors are involved in determining the filing requirements of an
out of NC business, and some include:
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Solicitation of
sales |
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Delivery of product/service
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Storage of product
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Installation of
product |
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Technical assistance
provided |
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Handling customer
complaints |
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Collection of accounts/repossession,
etc. |
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What is the difference between sales tax and use tax in NC?
When a taxable sale occurs within NC, sales tax applies on the transaction
and the seller should collect the appropriate sales tax due. When a taxable
sale occurs from outside NC and the product is shipped into NC, use tax
applies to the transaction and the seller should collect the appropriate
use tax due (assuming the seller is legally engaged in business in NC).
Otherwise, the purchaser in NC should pay the NC use tax due direct to
NCDR.
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Does NC have a written Penalty Policy and a Taxpayers' Bill of Rights?
Yes, since April 1999, the NCDR has a penalty policy that provides 100%
waiver of penalty(ies) assessed for the first time within a 3 year period.
If penalties are assessed a second time during a 3 year look-back period,
only 50% of the penalty assessed is subject to waiver. Yes, the NCDR has
a well-written bill of rights for taxpayers that explains all of the rights
pertaining to collection and assessment of taxes and the proper time-frame
that a taxpayer needs to take action, if taxes are due.
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Are there any special tax credits available for businesses in NC?
Yes! For businesses and individuals engaged in NC business, there are
many opportunities for tax credits. There are general tax credits that
are offered for various types property owned in NC. There are tax incentives
for new and expanding businesses in NC that pertain to companies engaged
in NC in (1) air courier service; (2) central administrative office; (3)
data processing; (4) manufacturing; (5) warehousing; (6) wholesale trade;
(7) customer service center; or (8) electronic mail order house. Certain
specific requirements may apply to qualify for these tax credits. These
credits can be discussed in depth, as necessary.
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For more
in-depth answers to these questions and any others you may have, contact
Crownover Consulting, the NC tax consulting service you can count
on.
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