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GreerWalker is a proud member of RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries. Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise, and technical resources. For more information on how GreerWalker can assist you, please call (704) 377-0239.
Effective as of July 1, 2024, the NC legislature has changed its economic nexus standard for sales tax. The new law (NC H.B. 228) repeals North Carolina’s 200 transaction based economic nexus annual threshold for purposes of requiring remote retailers and marketplace facilitators to collect and remit North Carolina sales and use tax.
This law change leaves in place the gross sales in excess of $100,000 threshold from remote sales sourced to North Carolina for the previous or current calendar year.
North Carolina Department of Revenue has issued Sales Tax Directive 24-1 which indicates North Carolina’s remote seller nexus thresholds now consist of the following:
The administrative guidance also addresses how a remote seller may cancel its current North Carolina registration if it meets the following requirements:
You can read more about this change from NCDOR Directive 24-1 at the link below.
https://www.ncdor.gov/sd-24-1-repeal-transaction-thresholdpdf/open
Please note, the law change above has no impact on sellers which have a physical presence within North Carolina. Sellers with employees, inventory, fixed assets, or other physical connections to the state are deemed to have nexus for sales tax regardless of whether their gross receipts exceed the $100,000 test or not.
North Carolina joins a growing number of states that have adopted revisions to their economic nexus standards for sales tax to eliminate a transaction count threshold. These states are finding the dollar amount threshold a more effective measure of significant activities. This also relieves some confusion within the business community about how to determine what represents a “transaction” for this test.
About GreerWalker LLP
GreerWalker LLP provides tax, accounting, and advisory services focused on the needs of privately-held middle-market companies and their owners throughout the US and around the globe.
Our affiliate GreerWalker Corporate Finance LLC offers exit planning and merger and acquisition services to provide a complete, integrated solution for middle market companies and their owners.
Customized wealth planning for every stage of life is offered through our strategic partner, Choreo, LLC. Choreo, LLC is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Registration as an investment adviser does not imply a certain level of skill or training of the adviser or its representatives.
With over 135 associates, we are one of the ten largest CPA firms in our region and among the top 200 CPA firms in the United States. We have repeatedly been recognized as one of the nation’s “Best of the Best” accounting firms by Inside Public Accounting based on our overall superior financial and operational performance.
About the Author
Jason Pritchard is a partner in GreerWalker’s Greenville, SC tax practice. Jason joined GreerWalker in 2017. Prior to joining the firm, Jason was most recently responsible for the oversight of state & local tax accounting and compliance at a global top five financial institution.
In addition, Jason spent 10+ years at a Fortune 50 retail company where he was responsible for all aspects of federal, state & international taxation. Jason has 20+ years of experience evaluating and resolving US federal and state audit issues, the financial evaluation of proposed mergers and acquisitions and in the development and implementation of strategic business technology. Jason also works with clients to identify and implement federal, state & local tax and development incentives.
For questions and guidance about these changes, reach out to Jason at jason.pritchard@greerwalker.com or (864) 752-0084.
The information contained herein is general in nature and based on authoritative guidance that is subject to change. Neither GreerWalker LLP nor GreerWalker Corporate Finance LLC (collectively, “GreerWalker”) guarantee the accuracy or completeness of any information and are not responsible for any errors or omissions, or for results obtained by others as a result of reliance upon such information. GreerWalker assumes no obligation to inform the reader of any changes in tax laws, regulations, accounting standards, or other factors that could affect information contained herein. This publication does not, and is not intended to provide legal, tax or accounting advice, and readers should consult their advisors concerning the application of tax laws or accounting guidance to their particular situation. Any tax analysis in this publication is not advice and is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.