Dwayne M Dills, CPA, CFP®
Welcome! We offer a range of tax return preparation, tax planning services, and small business consulting services. We will focus on your unique tax, planning and consulting needs.
Services are limited at our offices and likely will be for some time. Please contact us using. dwayne@dwaynedillscpa.com, karen@dwaynedillscpa.com and debra@dwaynedillscpa.com
Hurricane Helene Information - Please Scroll This Entire Page For FEMA, State And Local Links. Updated 12/14/2024.
Below is a link to Congressman Chuck Edwards comprehensive list of Federal, State and Local relief:
https://edwards.house.gov/media/press-releases/hurricane-recovery-update-30
IMPORTANT INFORMATION REGARDING PROPERTY TAXES -- THERE WILL BE NO EXTENSION OF TIME TO PAY PROPERTY TAXES. THESE TAXES ARE DUE AT THE NORMAL DUE DATES FOR EACH COUNTY. THIS RELATES TO A STATE LAW THAT FORBIDS THE COUNTIES FROM CHANGING DUE DATES, EVEN IN THE CASE OF A NATURAL DISASTER.
IMPORTANT INFORMATION REGARDING THE CORPORATE TRANSPARANCY ACT. A FEDERAL JUDGE HALTED ALL ACTION ON COMPLYING WITH THE CORPORATE TRANSPARANCE ACT (BENEFICIAL OWNER REPORTING) IN EARLY DECEMBER. THIS HAS BEEN APPEALED BY THE ADMINISTRATION TO THE 5TH CIRCUIT COURT OF APPEALS. PLEASE WATCH THIS CAREFULLY AS THE APPEALS COURT COULD OVERRIDE THE TEXAS ORDER. INITIAL COMPLIANCE WAS DUE BY 12/31/2024. NO EXTENSION OF TIME MAY BE AVAILABLE, EVEN IN THE HURRICANE HELENE ZONE.
NOTE THAT WE ARE NOT ASSISTING ANY CLIENTS WITH COMPLIANCE IN THIS AREA.
Filing and payment relief - IRS
The tax relief postpones various tax filing and payment deadlines that occurred beginning on Sept. 22, 2024, in Alabama; Sept. 23 in Florida; Sept. 24 in Georgia; Sept. 25 in North Carolina, South Carolina and Virginia; and Sept. 26 in Tennessee. In all of these states, the relief period ends on May 1, 2025 (postponement period). As a result, affected individuals and businesses will have until May 1, 2025, to file returns and pay any taxes that were originally due during this period.
This means, for example, that the May 1, 2025, deadline will now apply to:
- Any individual or business that has a 2024 return normally due during March or April 2025.
- Any individual, business or tax-exempt organization that has a valid extension to file their 2023 federal return. The IRS noted, however, that payments on these returns are not eligible for the extra time because they were due last spring before the hurricane occurred.
- 2024 quarterly estimated income tax payments normally due on Jan. 15, 2025, and 2025 estimated tax payments normally due on April 15, 2025.
- Quarterly payroll and excise tax returns normally due on Oct. 31, 2024, and Jan. 31 and April 30, 2025.
Note -- required IRS payroll tax deposits will have penalties abated for those due through October 9, 2024. This may change. We will update as information becomes available. This includes penalty relief to businesses that make payroll and excise tax deposits. Relief periods vary by state. Visit the Around the Nation page at https://www.irs.gov/newsroom/around-the-nation for details.
North Carolina Department of Revenue
On October 7, 2024 -- North Carolina released information that mirrors the IRS relief above. It's nearly identical including the need to resume payroll tax deposits as of 10/10/24 and that all taxes not paid through 10/09/24 must be paid by 10/10/24 to have penalty relief. NOTE -- NC is NOT granting this relief automatically -- each person must apply using Form NC Form 5500 (with Hurricane Helene written on top) but the relief will be granted upon application.
https://www.ncdor.gov/important-notice-tax-relief-victims-hurricane-helene-0/open
North Carolina Unemployment Tax - NC Dept of Commerce
On October 8, 2024 -- North Carolina Department of Commerce moved the due date of unemployment tax for Quarter 3, 2024 to December 31, 2024.
IMPORTANT -- DISASTER UNEMPLOYMENT BENEFITS
Benefits will now be available under the Disaster Unemployment Benefit program. These benefits will extend to self-employed and other individuals that otherwise would not qualify for benefits. See the web page below.
The link below has further information on how to file.
https://www.des.nc.gov/dua-brochure/open
IMPORTANT -- FEMA Information
FEMA has opened Individual Assistance. Call 800-621-3362 or go to https://www.disasterassistance.gov/. You can also use the FEMA Weather App on your mobile device and start applications there. This can provide things such as Gas, Medication, Food, Shelter, Clothing, Medical Equipment if you have been forced from your home. This can even include things such as reimbursements towards generators and chain saws (please keep receipts).
FEMA has also opened the Disaster Economic Injury programs to homeowners, renters, nonprofits and businesses of any size. See this web page for more information.
NOTE -- FEMA Disaster Grants and assistance are NOT taxable income as long as any reimbursements received from FEMA are not also covered and paid by insurance.
https://www.fema.gov/disaster/current/hurricane-helene
https://www.disasterassistance.gov/
Below are links that shows all areas eligible for aid:
North Carolina https://gis.fema.gov/maps/dec_4827.pdf
South Carolina https://gis.fema.gov/maps/dec_4829.pdf
Tennessee https://gis.fema.gov/maps/dec_4832.pdf
Georgia https://gis.fema.gov/maps/dec_4830.pdf
We will post more as we get more information.
IMPORTANT -- Small Business Administration Information.
The US Small Business Administration has opened Economic Injury Disaster Loans to small businesses, small agricultural cooperatives and most private nonprofit organizations. Note that these are loans that must be repaid, but these loans carry very favorable terms. Please see the following website for more information.
Loans are also being made for Home Disaster and Business Physical Disaster.
https://www.sba.gov/funding-programs/disaster-assistance/economic-injury-disaster-loans
Here's a summary website of things being made available from the US Government:
https://www.usa.gov/hurricane-helene
Here's a summary website of North Carolina Links:
https://www.ncdps.gov/our-organization/emergency-management/hurricane-helene
Here's a link to Buncombe County Government, Asheville City, Haywood County, Henderson County and Yancey County Pages with various Helene Info:
https://www.buncombecounty.org/default-hh-updates.aspx
https://www.ashevillenc.gov/helene/
https://www.hendersoncountync.gov/em/page/emergency-information
Member : American Institute of CPAs, North Carolina Association of CPAs
Please note that any tax advice contained in this website and any pages thereof, is not intended or written to be used as a complete tax opinion of any matter related to either Federal or State tax codes. Each tax situation involves unique circumstances that may require analysis of tax code, court cases, regulations, or other guidance to form a full opinion of the treatment of the situation posed. As such, the information contained in this site and any pages thereof is general in nature. You should seek competent professional advice for your unique situation.
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