How many taxpayers have asked you this question: “Can I get a partial refund on my property taxes if I sell the property in the middle of the year?” The short answer is normally, “No, we don’t prorate property taxes.” But that’s not the complete answer.
Under the Machinery Act (the odd name for the portion of North Carolina General Statutes Chapter 105 that governs local property taxes), property taxes are a bit like pregnancy; property is either taxable for the full year or it’s not taxable for any of the year. There is usually no in-between.
On May 18, 2021, the Internal Revenue Service published Notice 2021-31, Premium Assistance for COBRA Benefits. This 41-page document makes clear that in the case of fully-insured health plans, the IRS will treat the employer as the entity providing the premium credit and the employer will be the entity entitled to the tax credit for the premium assistance.
Update: On January 6, 2022, the U.S. Department of the Treasury issued the Final Rule, which governs the eligible uses of Coronavirus State and Local Fiscal Recovery Funds (“SLFRF”) under the American Rescue Plan Act (“ARPA”). The Final Rule makes several … Read more
As detailed in a previous post, the federal American Rescue Plan Act of 2021 (ARP) includes substantial aid for state and local governments.
As detailed in a previous post, the federal American Rescue Plan Act of 2021 (ARP) includes substantial aid for state and local governments.
On August 13, 2020, the Office of Management and Budget (“OMB”) published revisions to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 C.F.R. Part 200) (the “Uniform Guidance”). Among other things, the revisions to the … Read more
On August 13, 2020, the Office of Management and Budget (“OMB”) published revisions to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 C.F.R. Part 200) (the “Uniform Guidance”). Among other things, the revisions to the Uniform Guidance allow some non-Federal entities to raise, via annual self-certification, the generally applicable micro-purchase threshold of $10,000 to a “higher threshold consistent with State law.”
On August 13, 2020, the Office of Management and Budget (“OMB”) published revisions to the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (2 C.F.R.
As detailed in previous posts (here, here, and here), the General Assembly has granted local government utilities (including municipalities, counties, water and sewer authorities, sanitary districts, county water and sewer districts, metropolitan water districts, metropolitan sewerage districts, metropolitan water and … Read more
As detailed in previous posts (here, here, and here), the General Assembly has granted local government utilities (including municipalities, counties, water and sewer