WILLIAMS OVERMAN PIERCE ACCOUNTING NEWS


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 

Download


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.

Download

 

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).

Download


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. 

Download


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. 

Download


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.

Download


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?

Download


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

Download


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.

Download


News Archive

For more news articles and insights, click here.