WILLIAMS OVERMAN PIERCE ACCOUNTING NEWS


April 2019 Newsletter

In this issue:

  • MaryEllen Prance to Assume Partner In Charge Role
  • Why You Should Run Your Nonprofit Like a Business
  • Seniors: Medicare Premiums could Lower Your Tax Bill
  • Divorcing Business Owners Need to Pay Attention to Tax Implications
  • Understanding How Taxes Factor Into an M&A Transaction

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Seniors: Medicare Premiums Could Lower Your Tax Bill

Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If you qualify, they may help lower your tax bill.

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Divorcing Business Owners Need to Pay Attention to Tax Implications

If you’re getting a divorce, you know it’s a highly stressful time. But if you’re a business owner, tax issues can complicate matters even more. Your business ownership interest is one of your biggest personal assets and your marital property will include all or part of it.

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Employers May Soon Receive Notices About Mismatched Names and Social Security Numbers on 2018 Form W-2’s

The Social Security Administration (SSA) recently announced that it is mailing “Employer Correction Request Notices”to employers and third-party submitters with at least one 2018 Form W-2 where the name and Social Security number (SSN)do not match the SSA’s records. The notice informs the employer that corrections are needed. 

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March 2019 Newsletter

In this issue: 

  • In Memory of Rick Dodson 
  • Helping Participants Understand Tax Diversification Strategies for Retirement 
  • Eight Key Tax Planning Opportunities for 2019 
  • The Top Three 2019 Tax Numbers Employees Should Know 

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Some of Your Deductions May Be Smaller (Or Nonexistent) When You File Your 2018 Tax Return

While the Tax Cuts and Jobs Act (TCJA) reduces most income tax rates and expands some tax breaks, it limits or eliminates several itemized deductions that have been valuable to many individual taxpayers. This article discusses five deductions you may see shrink or disappear when you file your 2018 income tax return.

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Eight Key Tax Planning Opportunities for 2019

More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still wrapping their arms around the changes. Additional guidance and regulations have been issued nearly every month—indeed, change is the new normal. Strategic tax planning now is key to lowering businesses’ total tax liability. Read on for eight top planning opportunities and considerations businesses should review as part of their 2019 strategy.

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February 2019 Newsletter

In this issue:

  • How Employers Can Calculate Nondeductible Employee Parking Expenses, and Possibly Reduce them by March 31, 2019 
  • Top 10 Property Tax Myths 
  • New Rules for Business Annual Report Filings 
  • Labor Department Proposes Auto-Transfer Plan 

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Labor Department Proposes Auto-Transfer Plan for Small 401(K) Accounts

Each year, nearly 15 million American workers change jobs, with many leaving their 401(k) accounts behind. The Department of Labor (DOL) is trying to relieve this headache for plan sponsors and keep employee accounts more complete by proposing a rule that would transfer retirement balances left behind to participants’ 401(k) plans at their new employers.

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How Employers Can Calculate Nondeductible Employee Parking Expenses, and Possibly Reduce them by March 31, 2019

Employer business deductions for qualified transportation fringes ended in 2018. The 2017 tax reform known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, amended Sec. 274(a)(4) by eliminating employer business deductions for employee1 qualified transportation fringe (QTF) benefit expenses, including qualified parking2, mass transit and van pool benefits (although such benefits continue to be excluded from employee income).

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New Rules for Business Annual Report Filings

Effective January 1, 2019, all business annual reports must be filed directly with the North Carolina Secretary of State. Tax preparers are no longer permitted to complete the annual reports on behalf of their clients, requiring the entities to prepare and file the annual reports directly online through the Secretary of State website. 

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Contractors, Don't Wait to Act on Revenue Recognition

Jan. 1, 2019, is quickly approaching. For most privately held construction companies, this is the implementation deadline for the new revenue recognition standard, Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers. The time to act is now, especially for contractors with projects lasting over 12 months. A contract that starts now, but extends into 2019, will be subject to the new standard. 

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Spring 2019 Non-Profit Newsletter

In this Issue:

  • IRS Answers Many Questions on New 21% Executive Compensation Tax
  • The Uniform Guidance – Five Years and Counting
  • GASB Simplifies Accounting For Capitalized Interest
  • Guidance Released on Taxable Income From Parking and Other Fringe Benefits
  • Lessons Learned From Implementing ASU 2016-14 – Functional Expenses

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Understanding How Taxes Factor Into an M&A Transaction

Merger and acquisition activity has been brisk in recent years. If your business is considering merging with or acquiring another business, it’s important to understand how the transaction will be taxed under current law.

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Why You Should Run Your Nonprofit Like a Business

It’s a well-known truism in the corporate world: Organizations that don’t evolve run the risk of becoming obsolete. But instead of anticipating and reacting to market demands like their for-profit counterparts, many not-for-profits hold on to old ideas about how their organizations should be run. Here are a few things your nonprofit can learn from the business world.

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Helping Participants Understand Tax Diversification Strategies for Retirement

Diversification is an important principle of risk management when it comes to saving for retirement. While many investors understand the benefits of spreading their risk exposure across asset classes in their portfolios, many don’t realize that diversifying their tax exposure can have benefits in terms of managing cash flow in retirement.

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Top 10 Property Tax Myths

Nearly all local taxing jurisdictions, including municipalities, counties, and boards of education, generate tax revenue through the imposition of property tax, which is one of the most substantial sources of local government revenue. For many businesses, property tax is the largest state and local tax obligation, and one of the largest regular operating expenses incurred.

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Non-Profit News: Winter 2018

In this issue:

  • Impact of Wayfair Supreme Court Decision on Nonprofit Organizations
  • TE/GE’s Program Letter Provides Projects and Priorities for 2019 
  • Does Your Information Governance Program Look Like an Abandoned Fairground?

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Exempt Organizations Should be Mindful of Changes Effective January 1, 2018 from the Tax Cuts & Jobs Act

Some areas of consideration are:

  • Employee Compensation in Excess of $1 million
  • Transportation Fringe Benefits
  • Gifts
  • Tickets for college athletic events

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What to Expect from the IRS as the Government Shutdown Continues

Due to the lapse in appropriations that began midnight December 22, 2018, the federal government is in its fourth week of a partial shutdown, which includes much of the Internal Revenue Service (IRS). Although tens of thousands of IRS employees have been recalled, the IRS is working with a skeleton staff at about 60% capacity. While we expect the IRS to be handling some matters and investigations, there are many more visible functions that are generally suspended during the closure.

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