New Partnership to Connect Small Businesses with Corporate Supply Chains

Tax season is here and making it easy for taxpayers to understand and file their taxes is a top priority for the North Carolina Department of Revenue.  Providing the correct information and remembering a few simple tips will help ensure you have an error-free tax return that can be processed quickly and correctly.

NCDOR offers the following easy tips and recommendations as you prepare your taxes this year.

1. Extended filing date- Individual income taxpayers will have until April 17, 2012, to file returns, extensions and payments normally due on April 15. The extension is to accommodate Emancipation Day, a legal holiday in the District of Columbia. Get more details on the extension.

2. Gather all your income and tax documents before you file- Filing before you receive all W-2s and 1099s often leads to errors that require you to file amended returns once you have the correct information. Employers are required to mail W-2s and other documents by Jan.31.

3. File electronically and request direct deposit for refunds-This is the most convenient, accurate and the fastest way to file your taxes. Electronic filing will identify common math errors and direct deposit to your bank account means you get your money sooner. Some taxpayers may qualify for free or low-cost electronic filing. Find out how to E-file and if you qualify for low-cost filing.  Some taxpayers with low-to moderate- incomes may qualify for free tax preparation through the Volunteer Tax Assistance Program. To locate the nearest VITA site, call 1-800-906-9887 or visit the IRS website.

4. File electronic federal and state returns at the same time-Failure to file both returns at the same time could require taxpayers to amend North Carolina returns if the IRS detects any errors with their federal return.

5. Check your address-Every year, thousands of refund checks are returned to the Department of Revenue because of incorrect addresses, and the law forbids the forwarding of those checks. Carefully check the mailing address you provide on your return.

6. Do not file photocopies of tax forms-Use pre-printed or downloaded forms from the department’s website. Photocopies may not scan correctly and could cause delays in processing your return. Taxpayers can request forms online, download forms from the NCDOR website, or call 1-877-252-3052.

7. Make checks payable to the N.C. Department of Revenue if you owe state taxes-Some taxpayers mistakenly send checks made out to the Internal Revenue Service for their state taxes. Payments may also be made on-line through our secure website. Just visit www.dornc.com and click on Electronic Services for Individuals.

8. File on time regardless of ability to pay-Make sure you file on-time to avoid the automatic failure-to-file penalty of five percent per month, up to a maximum of 25% of what you owe in state taxes. You are better off filing your taxes by the April 17 deadline and contacting the department at 1-877-252-3052 to arrange a payment plan if you cannot pay all at once.

9. Check to see if you qualify for common credits, deductions or exemptions-You could qualify for popular credits such as the Earned Income Tax Credit both federally and with the state.  Some severance pay may also be exempt if you were laid off from your job.

10. Find and use a reputable tax preparer- Taxpayers get billed for millions of dollars in state taxes each year as a result of deliberate errors made on their returns by fraudulent tax preparers.  Be wary of preparers who: claim they can obtain larger refunds than others, ask you to sign a blank tax return, base their fees on a percentage of a taxpayer’s refund and who are reluctant to offer references.  If you see information on your return that is wrong or confusing, you should question the preparer and if not satisfied with their response, called the NC Department of Revenue at 1-800-232-4939. 

Questions, need more information or don’t have access to the Internet?

If you have any questions or need more assistance, please call our Taxpayer Assistance Center at 1-877-252-3052.

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SBA Elevated to Cabinet | Get Ready for Reporting Season: Filing W-2s, 1099 Forms, and More

Small Business Administration sent this bulletin at 01/19/2012 10:52 AM EST

Governor               

State of North Carolina

Office of the Governor

20301 Mail Service Center • Raleigh, NC 27699-0301 

Nov. 30, 2011

Contact: Chris Mackey

Office: (919) 733-5612         

Recovery Program Now Helping More than 1,000 Small Businesses

RALEIGH –  The Small Business Taxpayer Recovery Program launched by the NC Department of Revenue and the N.C. Small Business Commissioners Office in July is now helping more than 1,000 small businesses get back on their feet after facing financial hardships during the economic downturn.

“Our top priority is creating and sustaining jobs in North Carolina, and we all know that small businesses are the primary engine of job growth,” Gov. Bev Perdue said. “More than 1,000 small businesses are now able to keep their doors open and their employees working. These are the types of programs that ease regulatory burdens and make doing business with state government more efficient.”

The program offers penalty and fee waivers, as well as longer-term payment plans to companies that have fallen behind on sales, withholding and other trust taxes. With a total cost savings of almost $6.8 million in fees and penalties, 1009 businesses are now participating in the program. 

“Companies from the mountains to the coast are benefiting from the state’s help during these tough economic times,” said Secretary of Revenue David Hoyle.  “We have everything from restaurants, automotive centers, and healthcare services to landscaping and building companies that are using this program to get back on their feet.”

Businesses with 200 or fewer employees qualify for the program and must agree to use the counseling services of the Small Business and Technology Development Center (SBTDC) or the NC Small Business Center Network (SBCN).  Both organizations are available to assist with financial planning and other business needs.   All services are confidential and protected from public information requests. 

The program runs through June 2013.

Interested business owners should contact the department at 1-877-252-3052 and visit the “Information for Businesses” section of www.dornc.com to learn more about eligibility and participation.

###

Mark Johnson

Deputy Communications Director

Office of the Governor

1 East Edenton Street

Raleigh, NC 27601

919-733-5612

919-520-0311 cell

The information  will help you understand farming as a business.  Course starts January 5th, 2012 lasting for eight weeks.  Call Cathy Wheeler at 336-342-4261 Ext 2316 or email her at wheelercc@rockinghamcc.edu to register.

Call Cathy Wheeler at 336-342-4261 Ext. 2316 or email her at wheelercc@rockinghamcc.edu with questions or to register.

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Mark your calendar for North Carolina Department of Revenue’s small business seminar Tax Implications of Starting a Business.  The event will be held November 7, 2011 from 10:00 a.m. – 12:00 p.m. at our Greensboro Service Center located at 5 Centerview Drive, Suite 100, Greensboro, NC 27407.   It’s a great opportunity to learn about the North Carolina tax laws governing your business and your responsibilities as a business owner.   

We will also share information about the Small Business Taxpayer Recovery Program which offers longer-term payment plans, as well as penalty and fee waivers to businesses that have fallen behind on sales, withholding, and other trust taxes.

Seating is limited, so please contact Jonetta Appling at (336) 315-7001 to reserve your seat in this seminar.  We look forward to seeing you at the small business seminar.  A map link is provided for your convenience.  http://www..mapquest.com.

 We have a lot to offer, so check out the November Seminar Page.  Call Cathy Wheeler at 336-342-4261 Ext. 2316 or email her at wheelercc@rockinghamcc.edu.