Repeal of NC Privilege License Requirement for Many Occupations

by | Jul 1, 2024 | Business Consulting, Healthcare, Hospitality & Restaurants, Professional Services, Real Estate & Construction, Strategic Financial & Outsourced Accounting, Tax Watch

Important Information for Professionals and Businesses: Effective July 1, 2024 the North Carolina Department of Revenue (NCDOR) has repealed the requirement for certain professions and businesses to obtain a yearly privilege license. N.C. Gen. Stat. § 105-41 is...

Tax Reporting: 1099 Forms and Their Significance in Recording Financial Transactions

by | Jan 24, 2024 | Business Consulting, Manufacturing & Distribution, Strategic Financial & Outsourced Accounting, Tax Consulting, Tax Watch

There are several types of 1099 forms, such as 1099-NEC (Nonemployee Compensation payments to independent contractors) and 1099-Misc (Miscellaneous Income payments), used for reporting transactions that occurred during the previous tax year. These informational...