North Carolina Tax Blog

Navigating IRS Audits: A Comprehensive Guide for Businesses

February 8, 2024

Receiving a notice from the Internal Revenue Service (IRS) that your business taxes are being audited can be disarming. However, having a clearer understanding of why these audits occur, how they unfold, and what your rights are throughout the process can hopefully help alleviate some of the anxiety you may be feeling about it.  Statistics…

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Disaster Tax Relief: How This Can Help When You Owe Back Taxes

October 19, 2022

In the wake of Hurricane Ian, many North Carolina residents suffered damage to their homes, businesses and personal property. Often insurance claims do not fully compensate for all the losses. This can leave many, especially those in debt with the IRS, in a difficult financial position. A disaster loss is a loss that is attributable…

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Future Trends in Accounting and Taxation

September 26, 2022

Emerging from the pandemic, several future trends in accounting are changing the traditional models of the profession. A new breed of technology-based trends require adaption and change and will impact the field of accounting forever. At Murray Moyer, PLLC, we embrace change and understand the importance of keeping up-to-date on technology to better serve our…

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Are Tax Returns Public Record?

August 22, 2022

Tax returns contain highly confidential information that can relay the entire financial snapshot of  a person or business. Aside from the income, investments and other financial data, tax returns may show political affiliations and charitable contributions. For this reason, many politicians are encouraged to make their tax returns public record as an effort in transparency.…

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Mid-Year Tax Planning Checkup

July 22, 2022

After a stressful tax season and a brief rest after all the deadlines are met, the time for a mid-year tax planning checkup approaches quickly. In July/August each year, small business owners need to reassess several processes to ensure the business is running smoothly. A mid-year tax planning checkup is the perfect opportunity for this…

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Tax Implications of Offshore Banking

June 28, 2022

As attorneys who work with clients facing different types of tax issues, we often get asked about offshore banking and the tax implications for moving money overseas. Using a bank outside of the United States is not illegal in and of itself; however, there are many rules to follow. Each country and banking institution has…

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Legitimate IRS Communications or IRS scams? How to Protect Yourself

May 24, 2022

Now that the filing deadline has passed, the IRS is busy contacting taxpayers who filed reports with errors and audit inquiries. There are also a lot of scammers out there contacting individuals and businesses posing as the IRS. Common IRS scams this tax season may include text-message scams, e-mail schemes, phone scams and unemployment fraud.…

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Common Tax Problems and Solutions

April 25, 2022

While inability to pay your taxes leads the list for common tax problems, there are many other issues involving tax controversy. There are over 20 million Americans who owe the IRS or other taxing authorities more money than they can afford to pay. Over 80% of these tax liabilities are owed by individuals, not corporations.…

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What to Do When You Are Missing Tax Documents

March 23, 2022

With a looming filing deadline, many taxpayers worry about how to complete their returns on time when some necessary tax documents are missing. Missing tax documents are your responsibility, but you can usually file your taxes on time even if you do not have all your tax documents ready. It is important to obtain the…

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Divorce and Taxes

February 25, 2022

The Tax Cuts and Jobs Act of 2017 made sweeping changes to law as they relate to divorce and taxes primarily to eliminate a lot of underreporting of income by alimony recipients. As a result, many new laws became effective that impact tax treatment due to divorce. Alimony For divorce or separation agreements executed after…

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