Tax Info for Businesses
Click here for the IRS guidelines in making the determination.
A Form 1099 must be filed each year for individuals and unincorporated entities (including LLCs) to whom your business paid $600 or more for professional services, business services or rent. A Form 1099 must also be filed if your business paid an individual or unincorporated entity more than $10 in royalties.
PRO TIP: To protect your business from steep penalties related to noncompliance with Form 1099 rules, request a Form W-9 upon hiring/contracting with a person or unincorporated entity for business services. Do not pay them until you receive the completed and signed form.
For Employers – See below for links to employer payroll forms
• Form W-4 – Must be given to employees upon hiring. Used to calculate Federal income tax withholdings.
• Form NC-4 – Must be given to employees upon hiring. Used to calculate NC income tax withholdings. Most employees can use Form NC-4EZ. The second link here contains the full NC-4.
Business Mileage Log & Guidance – The 2024 Federal standard mileage rates are 70 cents per mile for business, 21 cents for medical and 14 cents for charity. This log (click here to download) can be downloaded and printed to keep track of your business mileage. There are also a variety of apps that can be downloaded on your phone to track mileage.
Have an LLC in NC? – Make sure you file an Annual Report with the Secretary of State by April 15th. It’s quick and easy to complete this online. Click here to navigate to the NC Secretary of State website to find instructions for filing Annual Reports online. Failure to file each year may result in the dissolution of your business in NC.
Business Ownership Information Reporting – The new deadline to file an initial, updated, and/or corrected BOI report is March 21, 2025. Click here for updates, more details on the requirement and to determine if reporting may apply to your company.
Effective January 1, 2024, many companies in the United States may report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. Filing is simple, secure, and free of charge. Beneficial ownership information reporting is not an annual requirement. Unless a company needs to update or correct information, a report only needs to be submitted once.