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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.
Justin Prusiensky, GP CPA
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.
A CFP® is a Certified Financial Planner professional that focuses on taking a holistic approach to goals-based planning.
IRS has begun sending letters to virtual currency owners advising them to pay back taxes, file amended returns; part of agency’s larger efforts
IRS has begun sending letters to taxpayers with virtual currency transactions that potentially failed to report income and pay the resulting tax from virtual currency transactions.
At the rate the company is going, you will end up with an $18,000 tax bill at the end of year.
Before the Tax Cuts and Jobs Act (TCJA), your purchase of the vehicle you were leasing did not qualify for either Section 179 expensing or bonus depreciation. But times have changed.