North Carolina Tax Blog

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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Summary of the New IRS Policies for an Offer in Compromise (OIC)

January 19, 2022

Summary of the New IRS Policies for an Offer in Compromise (OIC) By Roy Hill, Tax Representative For those burdened by tax debt, an offer in compromise (OIC) may present some welcome relief. An OIC allows taxpayers to settle their tax debt for less than the full amount owed. The IRS conducts a financial analysis to determine…

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Tax Audit Horror Stories

October 27, 2021

Bad Bookkeeping Can Lead to Tax Audit Horror Stories Some small business owners attempt to cut costs by either maintaining their own books or using some type of online service provider. This leads to mistakes that could result in failing to pay the appropriate tax liability. An audit may ensue that would increase the amount…

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Top 5 Questions to Ask When Hiring a Bookkeeper

September 27, 2021

Many growing North Carolina businesses make the wise decision to outsource bookkeeping. You may start by wondering – What does a bookkeeper do? For starters, bookkeepers help you get back to business. To learn more about the specific tasks that can be outsourced to bookkeepers at Murray Moyer, PLLC, read our post, Bookkeepers Help You…

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Bookkeepers Help You Get Back to Business

July 21, 2021

Finding the right bookkeepers for your small business makes a tremendous difference in productivity and your bottom line. Bookkeepers record all the financial transactions and reconcile your company’s accounts on a monthly basis. Below is a brief list of the services offered by Murray Moyer, PLLC’s bookkeepers for small businesses: Record Keeping and Reconciling Using…

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Failure to Pay Taxes – What Happens Next

June 7, 2021

Wrapping up another tax season has some taxpayers owing more than expected this year resulting in a failure to pay taxes. Those taxpayers may have filed their taxes by the May 17, 2021 deadline, but without the funds to pay all they owe, may finds themselves in a situation where they cannot pay. There is…

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Common Tax Prep Mistakes for 2020 Filing

March 8, 2021

As the tax filing deadline quickly approaches, each tax return preparer should take note of the following mistakes commonly found in this year’s tax preparation. Mistake #1: Stimulus Checks Many tax return preparers list the income received from government stimulus checks as ordinary income. These stimulus checks are NOT taxable income and do not need…

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5 Tips to Prepare for Tax Filing Season

January 29, 2021

Now is the time to start reviewing your financials and getting your affairs in order to prepare for tax filing season. There has been a learning curve with the Tax Cuts and Jobs Act of 2017 for many tax preparers and filers alike. The IRS is now accepting 2019 tax returns with a filing deadline…

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End of Year Tax Preparation Tips

December 9, 2020

As we finish up Q4 of an extremely unusual year, it is time to ensure your documents are organized and ready for tax preparation. We often advise our clients that tax preparation is a full-time, year-round endeavor in collecting and organizing records, receipts and other important documentation. The tax preparation professionals at Murray Moyer, PLLC…

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IRS Targeting Taxpayers Who Failed to File Tax Returns

November 12, 2020

For those who failed to file tax returns, the IRS may be reaching out to you soon. Due to new and improved technology and processes, the IRS is actively focusing on taxpayers who have not filed their return(s). This is an increased effort by the IRS to compel compliance and enforce tax laws. The ultimate…

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