The North Carolina general sales and use tax rate is scheduled to decrease from 5.75% to 4.75% on July 1, 2011. As a result, 82 counties in North Carolina will have a combined state and county tax rate of 6.75% with 17 other counties taxing at 7%. Mecklenburg County rates are the highest in the state weighing in at 7.25%.
Many of the larger point of sale computer systems will update the sale tax computations automatically. If your system needs to be manually programmed or an update downloaded, be ready to implement the change.
The NC Department of Revenue has announced no new forms will be provided for reporting and businesses should report the 4.75% rate on the preprinted forms previously mailed. The Department is encouraging businesses that collect sales to check the website frequently at http://www.dornc.com/ for any changes that may impact sales tax.
Is your business collecting sales tax properly? Have you remitted use tax on purchases as required by law? Are your remitting the sales and use taxes required by other states? These are just some of the sales tax issues Blackman and Sloop is ready to assist you with! Give us a call today for a sales and use tax checkup.
About Blackman & Sloop CPAs, P.A.:
Blackman & Sloop is a full-service CPA firm headquartered in Chapel Hill, North Carolina and is actively involved in auditing, taxation, management consulting, financial planning, and related services. The firm directs a large part of its services toward providing management with advice on budgeting, forecasts, projections, financing decisions, financial analysis, and tax developments. The firm also performs review and compilation services and prepares not-for-profit, corporate, individual, estate, retirement plan, and trust tax returns as well as technology consulting services regarding installation and training on QuickBooks. Blackman & Sloop provides services in Raleigh, Durham, Chapel Hill, RTP, Hillsborough, Pittsboro, Charlotte, and the rest of North Carolina. To find out more please visit http://www.blackmansloop.com
Contact: CPA firstname.lastname@example.orgToll Free: 1-877-854-7530
The Exchange West
1414 Raleigh Rd, Suite 300 Chapel Hill, NC 27517