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E-mail
your OFFICERS
(click on the name
for e-mail address)
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Computer Corner
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Microsoft Excel Tip of the Month
Press Ctrl+1 to open the Format
Cells dialog box, where you can change the way Excel displays text or
numbers in a single cell or a range of cells. Even if you normally
never use keyboard shortcuts, you should learn this one, which is
universal and can save you a startling number of mouse clicks.
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Board
Member Spotlight
"Calling ALL Board Members"
This is your chance to relish in a moment of fame. We are in
need of a board member's bio!
Please e-mail your bio to jblakey@plan4taxes.com
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North Carolina News
Preparing you for the FUTURE
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President's Message
I hope everyone had an enjoyable, safe holiday
season, so we could now turn our attention to the upcoming tax season.
We just completed an unprecedented electoral season and new changes
are in store for all Americans. We, as tax preparers, will be in the
forefront of providing guidance to our clients. It has never been
more important that we keep on top to the changes and to convey those
changes to our clients in a timely manner. With regards to the
operation and administration of our practice, numerous changes were
enacted to protect taxpayers and their personal information. The buzz
words of the campaign season, "Transparency" and
"Openness" ring true for us as well. Continue your diligent
efforts in protecting your client's valuable personal information and
don't be shy about explaining how you do this for them. Being
proactive will show your clients that their trust in you is well
placed. With the pending rules to regulate preparers on the horizon,
a well informed tax preparer will be able incorporate and
appropriately react to whatever any regulatory agency puts in place.
It has never been more important than now to make use of all of
NATP's resources, as well as your fellow members. Don't be hesitant
about picking up the telephone or email a fellow member when an issue
presents itself that requires putting more than one head together to
achieve the correct result for your client. Don't forget about the
free telephone call National included with your membership pertaining
to any tax issue. The National staff is eager to assist.
Our NC chapter concluded another successful annual conference and
seminar in December. The quality and depth of information presented
by L.G. Brooks and Marilyn Meredith was enormous. Attendees expressed
their satisfaction through completing their conference surveys. My
personal thanks go to all the members who contributed towards making this
years conference a great one.
I would like to personally welcome back to the board of directors,
Joyce Workman and Jerry Temple. We look forward to their
contributions and insights to our chapter operations.
In addition I would also like on, behalf of the existing membership,
to extend a warm heartfelt welcome to the 42 new members who joined
our chapter in the last quarter of 2008. We look forward to getting
to know you through your involvement with chapter activities and
attendance at our next annual conference. Our chapter membership now
stands at 506. We are one of the largest chapters of NATP. Thank you
to all those members who promote NATP, proudly, and recruit new
members.
In response to our requests we have moved up to date and changed our
location for our 2009 Annual Conference and Seminar. This year we
will be holding our event at the Holiday Inn Cherokee from October 25
- 27. Our focus on North Carolina taxes and issues will be the
emphasis for this year's seminar. Read further to see the particulars
of topics, and speakers we have engaged to present them. It is our
state board's goal to be the premier source for everything North
Carolina. We encourage you to sign up early and secure your seat.
As the tax season quickly looms upon us I, once again, want to remind
you to work hard, but above all work smart. In today's environment it
is ever more important to remain steadfast to your convictions and
continue to produce the quality work and services that makes us proud
of the profession we have chosen. Above all, don't forget those close
to you, for without their support, our tax season days would seem
even longer.
Sincerely,
Gerard F, Cannito, CPA, CFP®
President, NC NATP
gcannito@bellsouth.net
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With
the world focused on Debt these days, it is time to ask the question:
.....How much debt does NC have?
Let's start with what we know:
· The
taxes paid by NC taxpayers helps to pay back the debt.
· The cost to run the State
has consistently increased.
· Nobody has been afraid of
debt for a very long time.
Let's add some facts:
· Population of NC
9,069,370
· State of NC Debt
$7,200,074,403
· Local Units Debt
$26,217,915,026
· Per Capita
Debt
$3,684
Let's add some details:
· Debt
Service Cost
FY08-09
$643,133,287
· General Fund Debt
categories:
o Higher
Education
51%
o Public
Schools
20%
o
Clean
Water 11%
o Prison
Facilities
8%
o Repairs and
Renovations 5%
o
Other
5%
Let's conclude, the facts and
details are not surprising. Generally the debt is associated to
categories where one would envision. The amount of debt is by and large
manageable. However, the appetite for $100's of millions more each
year should give all taxpayers pause.
Sources: NC Bond Reporter -
December 2008, Debt Affordability Study - February, 2009
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Small Business Tax Help
Interesting piece of history. In 1929 North Carolina
imposed a $50 tax on every store after the first owned by a single
individual or corporation. North Carolina's state courts, which had
previously invalidated a tax on chains with more than five outlets,
gave their assent to the new levy. "There is a real and
substantial difference between merchants who exercise the privilege
of carrying on their business in this State by means of two or more
stores and those who maintain and operate only one store," said
the state supreme court. Chains could be regulated through the tax
system because multiunit enterprises were inherently different from
single-unit stores.
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Impress your Golfing Buddies
with this NC Sales Tax Fact:
SECTION 105-164.12A Sales Tax Electric golf cart and battery charger
considered a single article. The sale of an electric golf cart and a
battery charger that is not physically attached to the golf cart is
considered the sale of a single article of tangible personal property
in imposing tax under this Article if the battery charger is designed
to recharge the golf cart and is sold to the purchaser of the golf
cart when the golf cart is sold. (1985 (Reg. Sess., 1986), c. 901.)
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Appropriations Approved
FY2008-09 General Fund Budget
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$ 7,802,046,538
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UNC System
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$ 2,683,257,614
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Community Colleges
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$ 933,282,701
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Education
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$ 11,418,586,853
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Medicaid
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$ 3,179,171,463
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Health and Human Services
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$ 4,914,916,942
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Correction
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$ 1,226,917,398
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Justice and Public Safety
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$ 2,088,869,859
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Natural and Economic Resources
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$ 583,259,846
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General Govt
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$ 459,387,180
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Debt Service
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$ 643,133,287
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Other
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$ 1,128,731,405
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Total Operating Appropriations
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$ 21,236,885,372
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Capital Improvements
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$ 129,082,062
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TOTAL GENERAL FUND
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$ 21,365,967,434
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New Debt
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$ 857,500,000
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GRAND TOTAL
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$ 22,223,467,434
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What to plan
for if you win Big!
Section
105-163.2B North Carolina State Lottery Commission must withhold
taxes. The North Carolina State Lottery Commission, established
by Chapter 18C of the General Statutes, must deduct and withhold
State income taxes from the payment of winnings in an amount of
six hundred dollars ($600.00) or more. The amount of taxes to
be withheld is (7%) of the winnings.
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 Something to think about.......
- Barak
Obama 2007 tax return included a yes check mark in the
Third Party Designee selection:
How would you like to be that preparer?
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