Currituck County Tax Information
Because Currituck County is fully unincorporated, all personal, business and real property is assessed at the same low rate of only 32 cents per $100 of valuation. By far the lowest tax burden imposed in the Hampton Roads region, it provides excellent incentive for new, expanding or relocating businesses.
Additionally, the state's 6.9% corporate income tax and low worker's compensation costs underscore the advantage of doing business in North Carolina.
Veterans who reside in North Carolina realize an additional tax benefit as their military pensions are not taxed in this state.
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 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 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.
To register with the State of North Carolina, you must complete an Application for Withholding Identification Number (Form AS/RP1) (available at BLIO) and submit it to:
North Carolina Department of Revenue
PO Box 25000
Raleigh, North Carolina 27640
To register with the federal government, Application for Employer Identification Number (Form SS-4) (available at BLIO), should be filed with:
Internal Revenue Service Center
Attn. Entity Control
Memphis, Tennessee 37501
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:
- Your Business Tax Kit (YBTK) for either a sole proprietorship, partnership, or corporation; Pub 454;
- Tax Guide for Small Business (Publication 334); and
- Employer's Tax Guide (Publication 15).
For more information regarding Federal Employer Identification Numbers, read Understanding Your EIN (Publication 1635).
Unemployment Insurance Tax
Generally, a sole proprietorship, partnership, or corporation is required to provide unemployment insurance coverage for its employees if the business:
- has one or more employees for twenty or more weeks in a calendar year; or
- pays $1,500 in wages during a calendar quarter.
You may also be liable for unemployment insurance tax if you acquire all or part of a business already subject to the Unemployment Insurance Act. Employer contributions to the Unemployment Insurance Fund are paid to and administered by the North Carolina Employment Security Commission. To determine the extent of your obligation, contact your local Job Service Center or:
Employment Security Commission
700 Wade Avenue
Raleigh, North Carolina 27605
You may also obtain general information provided by ESC from a Business License Information Office