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GP CPA Charlotte Sales Tax News Update
October 14, 2019
Estimated Reading Time: 1 minute 35 seconds
Charlotte area residents have a major sales tax decision coming up, which will have an impact on businesses that collect and remit sales tax.
As many area businesses know (OR SHOULD KNOW!), Charlotte’s sales tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling. The city council recently authorized a 0.25% increase to be added to the upcoming November 5th election, in which voters can make the choice of passing or halting the tax increase. If the increase is passed, the good news is that the proceeds will stay in Charlotte and are allocated according to a specific formula, heavily favoring the arts.
The bad news is that the sales tax rate increase would raise [sales] taxes on everyone. The Charlotte Agenda has a solid take on both sides and be sure to vote on November 5th.
Justin Prusiensky, GP CPA
GP CPA was featured on WCNC Charlotte about “Are Unemployment Benefits Taxable?”
We are glad to inform you that Justin Prusiensky, Chief Executive Officer of the GP CPA P.C. was featured on WCNC Charlotte coverage about “Are Unemployment Benefits Taxable”.
The Employee Retention Credit (ERC)
The Employee Retention Credit (“ERC”) has had some upgrades and retrofits to some of the basic calculations with the most recent (12.27.20) CARES Act changes.
Good Riddance, 2020
What is new in 2021? Meals in 2021 are once again 100% deductible, the next round of PPP funding is coming and the Employee Retention Credit (ERC) has been changed.
How to Persuade Clients to Change Banks. Listen to Justin Prusiensky’s Guest Appearance on the Relay Financial Webinar
Our expert accountant Justin Prusiensky was recently interviewed as a guest speaker by Relay Financial to discuss how to persuade clients to change banks.
What Tax Breaks Changed From 2018?
Congress extended some of the tax breaks retroactively to January 1, 2018. They now expire on December 31, 2020. Learn more about tax breaks that have been extended.
Dear Client, I have good news!
Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly.