NC Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout North Carolina (NC). With its research Triangle and rapidly growing fintech sector, we understand the unique financial landscape that comes with doing business in North Carolina.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to North Carolina clients without the need for an additional state license. This means North Carolina individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in North Carolina (NC)
NC Individual Tax Preparation
Comprehensive federal and North Carolina state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →NC Business Tax Services
Tax preparation and planning for North Carolina-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →NC Cryptocurrency Tax
Specialized crypto tax services for North Carolina investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →NC Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in North Carolina.
Learn More →NC IRS Resolution
Professional representation before the IRS for North Carolina taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →NC 83(b) Elections
Equity compensation planning and 83(b) election filing for North Carolina startup employees and founders receiving restricted stock.
Learn More →NC Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →NC Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →NC Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →NC Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →NC Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →NC Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →NC Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →NC Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →NC Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →NC Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →NC Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →North Carolina Audit Services in Detail
North Carolina businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
North Carolina Nonprofit Audits
Under North Carolina's Solicitation of Contributions Act, charities registered with the NC Secretary of State are generally required to submit audited financial statements when annual gross contributions exceed $1,000,000, and reviewed financial statements when contributions are between $500,000 and $1,000,000. Audited statements are also routinely expected by the Z. Smith Reynolds Foundation, the Kate B. Reynolds Charitable Trust, the Duke Endowment, the John Rex Endowment, the Foundation for the Carolinas, the United Way of Central Carolinas, and major NC funders.
North Carolina 401(k) & Employee Benefit Plan Audits
North Carolina plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year — the participant-counting rule effective post-SECURE 2.0. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across North Carolina, including plans sponsored by Charlotte-area banks (Bank of America, Truist), Research Triangle technology and biotech (IBM, Cisco, SAS, GSK, Biogen), Duke and UNC health systems, Fort Liberty (formerly Fort Bragg) defense contractors, and Triad-area manufacturing and furniture companies.
North Carolina Single Audits (Uniform Guidance)
North Carolina nonprofits, municipalities, school districts, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year (the OMB threshold for fiscal years beginning on or after October 1, 2024) are subject to the Single Audit requirements of 2 CFR Part 200. We perform Uniform Guidance Single Audits, including major-program testing, internal control work, and preparation of the SEFA.
North Carolina Lender, Bonding & Investor Audits
NC banks, surety companies, and Charlotte / Research Triangle private equity, venture, and growth investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises. We deliver audited financials on the timeline lenders, bonding agents, and institutional investors need.
North Carolina Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by NC lenders, by acquirers in NC M&A diligence, and by stakeholders requiring CPA-prepared financial statements.
North Carolina (NC) Tax & Business Landscape
Key North Carolina Tax Numbers. Personal income tax: flat rate phasing down annually under aggressive 2021 tax reform — 4.5% in 2024, 4.25% in 2025, 3.99% in 2026, with planned reductions toward 2.49% by 2030 (subject to revenue triggers). Corporate income tax: 2.5% currently — among the lowest in the nation — and scheduled to phase out completely (to 0%) by 2030. Sales and use tax: 4.75% state, plus local options bringing the combined rate typically to 6.75%–7.5%. Estate tax: none (repealed 2013). Pass-through entity (PTE) elective tax: rate matches personal IT, available since tax year 2022.
Filing Mechanics. Individuals (residents and nonresidents and part-year residents) file Form D-400. C-corporations file Form CD-405; S-corps file Form CD-401S. Partnerships file Form D-403. Returns are due April 15 and administered by the North Carolina Department of Revenue.
NC's Aggressive Tax-Reform Trajectory. North Carolina's bipartisan 2013 reform — and its 2021 follow-on — represent the most aggressive state tax-reduction package in the country. Combined with no state estate tax, NC has become a top destination for corporate relocations (Apple's RTP campus, Google in Durham, Honeywell to Charlotte, Toyota's NC battery plant) and individual relocators from CA, NY, NJ, and IL. We help relocators plan the move and document NC residency to defend against former-state audits.
North Carolina Economy & Who We Serve. NC's economy is anchored by banking and financial services centered in Charlotte (Bank of America HQ, Truist HQ, Wells Fargo East — second-largest U.S. banking center after NYC), the Research Triangle biotech and tech corridor (Raleigh-Durham-Chapel Hill: IBM, Cisco, SAS, GSK, Biogen, Pfizer, plus Apple's $1B campus and Google), the military (Fort Liberty, formerly Fort Bragg — the largest U.S. military installation by population), pharmaceuticals/biotech (Research Triangle Park), furniture/textiles (High Point — "the home furnishings capital of the world"), tobacco history (Durham, Winston-Salem), agriculture, and rapidly growing electric vehicle/battery manufacturing. Our typical NC clients include banking and financial services executives, RTP biotech and tech professionals, military and defense contractors, real estate investors riding NC's strong in-migration markets, and high-net-worth families relocated from high-tax states.
CPA Mobility in North Carolina. NC has adopted CPA mobility provisions under the Uniform Accountancy Act, allowing CPAs in active good standing in another U.S. jurisdiction to provide tax, advisory, and (subject to applicable firm-level requirements) attest services to North Carolina clients without obtaining a separate North Carolina individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable North Carolina State Board of CPA Examiners mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of North Carolina, including Charlotte (banking; Bank of America, Truist), Raleigh (state capital; Research Triangle), Durham (Duke; biotech), Greensboro, Winston-Salem, Fayetteville (Fort Liberty), Cary, Wilmington (port), High Point (furniture), Concord, Asheville, Hickory, Chapel Hill, the Outer Banks, the Sandhills, the Mountain region, and every North Carolina county.
Why North Carolina Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, benefit plans, and privately held businesses
- Deep expertise in NC-specific issues: NC's annual flat-tax rate phase-down, NC corporate tax phase-out (to 0% by 2030), NC PTE elections, residency planning for high-tax-state relocators, and Charlotte banking / RTP biotech equity compensation
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax, and 83(b) elections for NC tech/biotech/startup employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
North Carolina CPA — Frequently Asked Questions
Do I need a North Carolina-licensed CPA, or can an out-of-state CPA handle my NC tax and audit work?
North Carolina has adopted CPA mobility provisions under the Uniform Accountancy Act. A CPA in active good standing in another U.S. jurisdiction is generally authorized to provide tax, advisory, and attest services to North Carolina clients without holding a separate North Carolina individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level North Carolina State Board of CPA Examiners registration before commencing attest engagements.
What is North Carolina's income tax rate, and when is the NC return due?
North Carolina has a flat personal income tax that has been phasing down annually under aggressive tax-reform legislation: 4.5% in 2024, 4.25% in 2025, 3.99% in 2026, with planned reductions toward 2.49% by 2030 (subject to revenue triggers). The NC corporate income tax is also phasing out — 2.5% currently, with statutory steps to 0% by 2030. Form D-400 (residents and nonresidents) is due April 15.
Does North Carolina have a SALT-cap workaround for partnerships and S-corps?
Yes. North Carolina enacted an elective Pass-Through Entity Tax (PTE) effective for tax years beginning on or after January 1, 2022. Eligible S-corps and partnerships pay an entity-level tax tracking the personal income tax rate, and members receive a corresponding credit on Form D-400. The election is made on Form D-403 or CD-401S.
Is North Carolina really phasing out its corporate income tax?
Yes. Under 2021 tax reform legislation, North Carolina's corporate income tax — currently 2.5% (already among the lowest in the nation) — is scheduled to phase down annually and reach 0% by 2030. This makes NC one of the most corporate-tax-friendly states in the country and a major draw for corporate relocations and headquarters consolidations.
I'm relocating to North Carolina from California or New York. What do I need to know?
Beyond the obvious benefits of a low (and falling) flat income tax and no state estate tax, key issues: documenting genuine NC residency to defend against your former state's potential residency audit (especially if the move coincided with a major liquidity event), the timing of any pre-move stock options or RSU exercises, NC homestead exclusion for elderly/disabled, and structuring LLCs to take advantage of NC's evolving low-rate regime. We provide pre-departure planning and ongoing residency support.
When does my North Carolina nonprofit need an audit?
Under North Carolina's Solicitation of Contributions Act, charities registered with the NC Secretary of State are generally required to submit audited financial statements when annual gross contributions exceed $1,000,000, and reviewed financial statements when contributions are between $500,000 and $1,000,000. Federal Single Audit requirements under 2 CFR Part 200 apply separately when federal award expenditures exceed $1,000,000 in a fiscal year.
Do you serve North Carolina clients outside Charlotte and the Research Triangle?
Yes. Our practice is virtual-first, so we serve clients across all of North Carolina — including Greensboro, Winston-Salem, Fayetteville (Fort Liberty area), Cary, Wilmington, High Point, Concord, Asheville, Hickory, Chapel Hill, the Outer Banks, the Sandhills, the Mountain region, and every North Carolina county — with the same level of access and service.