Ideas & Insights

States may not allow the gross income tax exclusion provided by the federal program, resulting in taxable discharge of indebtedness income.

Taxpayers have until Sept. 15, 2020 to participate in the program that may reduce transfer pricing disputes and provide penalty waiver.

Eligible businesses that did not receive certain other COVID-19 relief may qualify for grants up to $250,000.

The state will decouple from the taxpayer-friendly interest expense and net operating loss provisions of the federal CARES Act.

Taxpayer-friendly measures provide interest waivers, extension of limitations periods and assistance to impacted businesses.

North Carolina joins more than 30 states adopting a marketplace facilitator nexus provision effective Feb. 1, 2020.

Senate Bill 523 provides a definition for certain digital goods and clarifies tax treatment for items without a tangible equivalent.

Justices express concern over North Carolina’s tax on the undistributed trust income earned for the benefit of a resident.

Budget bill provides rate reductions for both the corporate income tax and personal income tax, increases the personal deduction

Mechanics of a unique depreciation method in North Carolina allows for bonus depreciation planning opportunities.

North Carolina requires certain corporate taxpayers to submit a market-based sourcing informational report on or before April 15, 2016.

North Carolina enacts important corporate income and franchise tax, individual income tax and sales tax changes.

North Carolina Governor signs the Omnibus Tax Bill to enact major tax reforms, including sweeping changes to the state’s net economic loss deduction.

North Carolina subjects certain sales of service contracts covering the repair or maintenance of tangible personal property to sales tax.