This legislative season, NC expanded its sales and use tax reach to many transactions involving digital assets, and importantly, expanded the statute of limitations on “proposed” sales and use assessments.
Effective June 30, 2020 and applies to assessments not barred by the statute of limitations prior to such date Failure to Pay Trust Taxes – N.C. Gen. Stat. § 105-241.8(b)(2a) is added and provides “[i]f a taxpayer, as a trustee, collects taxes on behalf of the State, but fails to remit all the taxes held in trust when due, the period for proposing an assessment is the later of the following:
(a) Ten years after the due date of the return.
(b) Ten years after the taxpayer filed the return.”
The post Important Update to North Carolina Sales and Use Tax appeared first on Webb & Morton.