The North Carolina Department of Revenue has issued an important notice regarding the extension of time to file franchise and corporate income tax returns. This notice addresses significant updates, including changes to the North Carolina Administrative Code and the process for corporate taxpayers to obtain a seven-month extension. Background The Secretary of Revenue (the “Secretary”)…
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When it’s time to prepare your taxes, you may find yourself debating between a national tax service and a local accounting firm. While both options can assist with filing your returns, the differences between these two approaches can have a significant impact on your financial outcomes. Understanding these distinctions can help you make a more…
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The IRS has announced key inflation adjustments for the 2025 tax year, and these changes will impact taxpayers across the board. Understanding how these updates affect you can help you plan ahead and avoid surprises come tax season. Here’s a summary of the most notable adjustments. New Federal Tax Brackets for 2025 The tax brackets…
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Tax fraud is a growing concern for individuals and businesses alike. From phishing schemes to identity theft, criminals continually devise new ways to exploit taxpayers. To combat this, the IRS has dedicated International Fraud Awareness Week to educating the public on recognizing, preventing, and reporting tax-related fraud. At Murray Moyer PLLC, we are committed to…
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In the wake of Hurricane Helene, North Carolina families and businesses affected by the storm are eligible for tax relief. The IRS has announced a series of deadline extensions aimed at providing financial flexibility for those impacted. This relief applies to individuals and businesses located in disaster areas, offering much-needed time to recover without the…
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For individuals and businesses in the path of natural disasters, dealing with taxes is often the last thing on their minds. Fortunately, the IRS has announced tax relief for victims of Hurricane Debby, including extended filing deadlines and other crucial support. If you or your business were affected by this storm in South Carolina, most…
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It’s every business owner’s worst nightmare: finding an IRS audit notice in the mail. If the IRS has sent you an audit notice, you’re probably wondering why. Will you have to pay penalties? How far back will the IRS agent look? First of all, don’t panic. IRS audits are rarely as frightening as they’re made…
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Finding yourself in the middle of an IRS tax controversy can be extremely stressful. You believe that you filed your taxes correctly, but the IRS thinks differently or life’s circumstances have hindered your ability to pay your taxes. You now risk forced collection action along with penalties and interest, but you aren’t sure of how…
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Many small business owners struggle with recording payroll correctly in all their tax documents. With complex and often changing IRS guidelines, it’s easy to make a mistake if you aren’t a tax law professional. These errors can trigger a stressful IRS audit and possible penalties. Moreover, the IRS could discover that you owe payroll tax…
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Tax time is here, meaning it’s time to file your annual return. Unfortunately, if you’re not careful, you could make a mistake that could trigger an IRS audit. Luckily, if you know what to look for, you can avoid these mistakes. In this article, we review a couple of common tax mistakes we see in…
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