HBAFlash
Weekly Association Update: February 1, 2019
5th Annual Cornhole Tournament
May 3, 2019
The 5th Annual Cornhole Tournament is back! Come enjoy the game, food and adult beverages while meeting with your fellow HBAF members.

Labor Sales Tax Exemption Form
All builders and remodelers should give this form to any vendor that charges labor. Otherwise, you are responsible for the sales tax on that labor. If you have questions about this form, please contact Tim Minton at NCHBA, tminton@nchba.org or (919) 676-9090.

Generally, services to real property are retail sales of or the gross receipts derived from repair, maintenance, and installation services, unless a person substantiates that a transaction is subject to sales and use tax as a real property contract, a mixed transaction contract, or the transaction is not subject to sales and use tax. Form E-589CI, may be issued to substantiate that a contract, or a portion of work performed to fulfill a contract, is a capital improvement to real property and subject to sales and use tax as a real property contract.
The  Internal Revenue Service (IRS) has announced that it is waiving the tax penalty  for many home builders and other small businesses that pay estimated quarterly taxes but whose 2018 federal income tax withholding and/or estimated tax payments fell short of their total tax liability for the year.
In a  letter sent June 7   to Treasury Secretary Steve Mnuchin, NAHB called on the IRS to take this action because of confusion over how the landmark Tax Cuts and Jobs Act tax reform law enacted in December 2017 would be implemented.
“Issuing guidance now for a safe harbor on underpayment for the millions of taxpayers who are required to submit estimated quarterly tax payments, particularly in light of the complexities of  the Section 199A pass-through deduction , would be a welcome relief to small businesses,” the letter said.
The IRS said in a  press statement  that it is “generally waiving the penalty for any taxpayer who paid at least 85% of their total tax liability during the year through federal income withholding, quarterly estimated tax payments or a combination of the two. The usual percentage threshold is 90% to avoid a penalty.”
This means that a taxpayer will not owe a penalty if they paid at least 85% of their total 2018 tax liability. If the taxpayer paid less than 85%, then they are not eligible for the waiver and the penalty will be calculated as it normally would be.
NAHB cannot provide specific tax advice for small businesses filing quarterly returns: They should contact a tax professional. However, NAHB is working to bring certainty to its members so they are able to gain the greatest benefit from these recent, sweeping changes to the nation’s tax code and continue to help the economy expand.
For additional information, contact  David Logan  at 202-266-8448
We Are Going Paperless in 2020
What does this mean for you?
The HBA of Fayetteville will no longer “snail mail” your invoices for dues or events. Invoices will be sent by email only, beginning January 2020 . You have one year to prepare. It is important that you have an email that you check regularly on file so that you receive all of your invoices. You are able to login to your HBAF account and update your email address at your convenience.

Additionally, when you pay your dues by credit card, you are automatically enrolled into autopay. Your credit card will be charged your membership dues during your anniversary month each year.

We appreciate your assistance and understanding as we transition to this new paperless process. 
Education Edge: Take Advantage of IBS
Pre-Show Courses
Boost your business before the Show even starts with  NAHB's Pre-Show Education . These 15 courses are one-day sessions that dig deep into industry topics and come with a free expo pass. Members can start earning an NAHB Professional Designation, or earn continuing education credits (CE) for one they already have. Learn more .  
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February 5
NCHBA 1st Quarter Meeting
Pinehurst

February 6
Remodeling Committee
8:30 am

February 12
Cornhole Committee
3:00 pm

February 14
Membership Committee
11:30 am