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Form 1099-S North Carolina: What You Should Know

Carolina's income tax withheld. Oct 11, 2023 — North Carolina requires that, to be paid in advance under a pay arrangement, the payer must establish a withholding tax account for paying withheld income tax and make payments into that account. This requirement also applies to payments made to North Carolina withholding tax accounts maintained by third parties. Oct 5,2018 — Paying tax withholding by electronic transfer or bank transfer does not replace manual withholding. No changes to the requirements or the method of payment. Feb 10, 2023 — The state no longer collects the 10-percent electronic fee on all quarterly filings to ensure fairness to taxpayers. This annual fee is waived for those who electronically file a state quarterly return. Tax-exempt organizations have several options as to their ability to file a 1099 tax report on behalf of a non-exempt public charity. The options available are: • A non-exempt public charity, by itself, can use Form 990-EZ. • The public charity may be a registered charitable organization with an operating foundation. • A public charity must file an annual return as a tax-exempt public charity. The annual return may be filed with the State Form 990-B, North Carolina Tax Return. • Form 990-NEC can also be used as an alternative to Form 990-B, North Carolina Tax Return. The forms do not require an annual filing. • A public charity, by themselves, can use Form 990-S. To file, the public charity must have a Form 990-EZ, Non-Voluntary Nonprofit Corporation Income Tax Return. Tax-exempt public charities must include the non-exempt public charity's annual operating expenses with Form NOC-1. This filing must be made on the Schedule B attached to Form 990-EZ. For the purposes of this form, it means the organization's cumulative annual gross revenue, less its operating expenses. For purposes of the Form 990-EZ, expenses may include the following: • The cost of property transferred to the non-exempt public charity from a contributor or donor. • A legal or accounting fee, if it is paid to a person other than the non-exempt public charity. • A tax-deductible administrative fee, if any. • A charitable donations tax paid by the non-exempt public charity. • A charitable donations tax paid on the following. • A charitable contributions tax paid by a non-exempt public charity.

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