Taxes & Fees
Corporate Income Tax
All domestic corporations (those chartered in North Carolina) and all foreign corporations which are doing business in North Carolina are subject to income tax and are required to file annual income tax returns, except corporations specifically exempt from the tax under G.S. 105-130.11, and S corporations exempt under G.S. 105-131.
Sales and Use Tax
Every person engaged in the business of selling tangible personal property at retail, renting or leasing taxable tangible personal property in this State, operating a laundry, dry cleaning plant or similar business, or operating a hotel, motel or similar business in this State must register with the Department of Revenue and obtain a Merchants Certificate of Registration. A merchant must file a return, called Sales and Use Tax for each reporting period showing gross sales, receipts, purchases, and the sum of all exempt sales or receipts which are not included in the computation of tax due.
All personal property located in Currituck County that is used by or in conjunction with a business; or is used for the production of income is subject to local property taxes in Currituck County. Owners of such property are required by law to submit an annual personal property listing with the County Assessor during the listing period of January 1 - February 15. Extensions for listing can be granted until April 15th if a written request is submitted to the Assessor by February 15. There is penalty for failing to submit the required annual listing. For additional information contact the Currituck County Tax Dept at (252) 232-3005
Certain taxes must be withheld from employee wages and remitted to the appropriate government agency, these are called Withholding Taxes. These include state and federal income taxes and FICA (Social Security). The State of North Carolina requires that every new employer complete and file with the North Carolina Department of Revenue an application for a North Carolina withholding identification number. In addition, the federal government requires that every employer who pays wages to one or more employees file an application for an employer identification number with the Internal Revenue Service. You may hear these numbers often referred to as Tax ID Number or Taxpayer ID Number.
As a public service, the Internal Revenue Service will assemble and forward to you a tax information kit that fits your particular business situation. The kit includes forms and publications that apply solely to federal taxes. To obtain this information, contact the IRS at 1-800-829-3676 or their website, www.irs.gov, and request:
Unemployment Insurance Tax
Generally, a sole proprietorship, partnership, or corporation is required to provide unemployment insurance coverage for its employees if the business:
Employment Security Commission
700 Wade Avenue
Raleigh, North Carolina 27605