News


Trump Administration Announces President's Outline for Tax Reform

On April 26, 2017, Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn announced President Donald Trump’s outline for individual and business tax reform, which includes new federal income tax rates and repeal of the estate tax.

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Technology's Post-Election Future: Spotlight on Trade & Immigration

As President Trump nears his 100-day mark, Silicon Valley has already experienced a whirlwind of political activity. Within the first three months, the president has implemented a flurry of “America first” policies that have elicited a myriad of reactions from the tech world—including Apple’s Tim Cook, Google’s Sundar Pichai and Uber’s Travis Kalanick, among others.

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May 2017 Newsletter

In this issue:

  • New Bridge Being Constructed on Outer Banks in N.C.
  • New CEOs: Look at Your Company Like an Outsider
  • How Slow Internet Speeds Affect Finance Departments
  • 7 Things Great Bosses Tell Their Employees Every Single Day
  • and more!

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Non-Profit News: Spring 2017

In this issue:

  • Building a Resilient Organization – A Toolkit for Nonprofit Boards to Manage Transformational Change
  • Public Charities and Private Foundations – What's the Difference?
  • Accounting and Financial Reporting for Other Postemployment Benefit Plans
  • Supporting Organizations Could Be Putting Their Charity Designation at Risk
  • and more!

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Real Estate News

In this issue:

  • Cybersecurity: A Business Threat for Contractors
  • REIT IPO Watch: 2017 Progress Report
  • Effects of Potential Tax Reform on the Real Estate Industry
  • and more!

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April 2017 Newsletter

In this issue:

  • Does Your Company Need a Czar of Bad Systems?
  • Arbitration Program Suggested to Speed Up Infrastructure Construction
  • Why "Complete ERM” is a Myth
  • Tactics for Communicating Effectively with Your Boss
  • and more!

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Important Notice from The NC Department of Revenue Sales and Use Tax Division

The NC Department of Revenue Sales and Use Tax Division has issued “Important Notice: Additional Information Regarding Real Property Contracts and Retail Sales of Repair, Maintenance, and Installation Services to Real Property”.

This notice includes a list which provides general guidance to assist with making a determination as to whether a transaction is a real property contract with respect to a capital improvement; subject to tax as a retail sale of repair, maintenance, and installation services; or exempt from sales and use tax.

Please contact your trusted advisor at Williams Overman Pierce if you have questions about the notice or about your specific situation.

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March 2017 Newsletter

In this issue:

  • Data Mining Gains More Cachet in Construction
  • Consumer Prices in U.S. Increase by Most Since February 2013
  • Understanding the Effects of Social Security's Rising Retirement Age
  • What Drones Mean for the Construction Sector
  • and more!

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Healthcare News

In this issue:

  • Cures Act Provides World of Opportunity for Healthcare Innovation but Requires Providers to Read the Fine Print to Mitigate Compliance Risk
  • IOT in Healthcare Presents Opportunity but Also Prompts Higher Guardrails Around Cybersecurity, False Claims Act
  • As Healthcare Focuses on False Claims Liability, Industry Should Mind the GAAP
  • and more!

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Auto Industry Speeds into 2017 with Technology & Mobility

Boasting more than 800,000 attendees, 5,100 journalists, 40,000 industry insiders and 46 vehicle debuts, the 2017 North American International Auto Show (NAIAS) provided an estimated economic impact of $450 million to the area—roughly the equivalent of hosting the Super Bowl twice—according to the Detroit Automobile Dealers Association, up $20 million from last year’s estimates.

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February 2017 Newsletter

In this issue:

  • Simonson, Others Weigh in on the State of Construction
  • Millions of Workers will Pay More Taxes in 2017 D espite Not Having a Higher Tax Rate
  • The High Cost of Incivility in the Workplace
  • 3 "Must-Haves" for Retaining Top Talent
  • and more!

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President Obama Signs Bill that Eliminates the ACA Penalty on Certain Health Care Premiums Reimbursed to Employees

On December 13, 2016, President Obama signed the 21st Century Cures Act, which allows certain small employers to establish a new type of health reimbursement arrangement that reimburses for health insurance premiums without exposure to the $100 dollar per day penalty under the Affordable Care Act (“ACA”).

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Non-Profit News: January 2017

In this issue:

  • How Tax Law Changes May Impact Charitable Giving
  • A Deeper Dive Into ASU 2016-14
  • Foreign Income Tax for Employees
  • IRS Issues 2017 Work Plan for Tax Exempt Organizations
  • and more!

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January 2017 Newsletter

In this issue:

  • Congress Eliminates IRS Penalty on Employer Reimbursements for Health Insurance
  • Some Small Businesses Proceed with Overtime Pay Changes
  • Baby Boomers Need Help to Maximize Retirement Savings
  • How to Retain Young Finance Pros
  • and more!

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Sales and Use Tax Law Changes

The North Carolina Department of Revenue released a notice addressing issues relative to changes to the sales and use tax laws. The changes are effective January 1, 2017, and apply to sales made on or after that date. Click on the button below to learn more.

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Year End Planning with the Lame Duck Session and President-elect Trump

With the election over, we can now begin to speculate on what will happen in the lame duck session, and what a Trump-Pence Administration might mean for tax policy. Read through for an outlook on the next 12 months.

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December 2016 Newsletter

In this issue:

  • Successful Couples are Transparent about Money
  • How to Kick-Start Your Career
  • Trump's Promises on Infrastructure Spending Drive Up Construction Stocks
  • 10 Qualities Effective Leaders Have
  • and more!

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November 2016 Newsletter

In this issue:

  • How to Plan for Retirement Shocks
  • Should the United States Enact a Patent Box
  • Leaders Can Shape Company Culture Through Their Behaviors
  • Great Leadership Teams Say These Six Things About Each Other
  • and more!

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Changes in Longstanding Tax Return Due Dates Impact Retirement Plan Contribution Dates

Certain tax return and extension due dates will change for taxable years ending on or after December 31, 2016. Download this document for information on the new and existing original and extension due dates by form type.

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Opportunity for Fiscal Year Taxpayers to Claim Missed Bonus Depreciation on 2015 Assets

A highlight of the PATH Act is the five-year extension of additional first-year depreciation from 2015 through 2019. Recently, the IRS issued relief guidance to provide taxpayers, who may have failed to claim bonus depreciation on their tax returns for qualifying property placed in service in 2015, with procedures for claiming, or not claiming, the 50 percent bonus depreciation.

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Final Regulations Expand Software-Development Activities Eligible for Research Tax Credits

On October 3, 2016, the IRS issued final regulations concerning the section 41 research tax credit and its treatment of expenditures related to the development of software, both internal-use software (IUS) and non-IUS. 

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RE & Construction News

In this issue:

  • R&D Tax Credit Benefits for Construction Companies
  • As Quality-Based Pay Ripples Across Healthcare, REITs Re-Evaluate Strategy
  • PErspective in Real Estate
  • and more!

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Non-Profit News: October 2016

In this issue:

  • FASB Issues ASU 2016-14
  • Telemedicine and Potential Tax Implications
  • Lawsuits Target Higher Education
  • International Grantmaking Issues for Nonprofits
  • and more!

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IRS Simplifies the Process for Correcting Late Rollovers between Retirement Accounts

Issued August 24, 2016, Rev. Proc. 2016-47 simplifies the process for correcting late rollovers from one tax-qualified retirement account to another. The guidance provides plan administrators and IRA trustees with an additional basis for accepting rollover contributions after the 60-day deadline.

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October 2016 Newsletter

In this issue:

  • UK CEOs Consider Relocating After Brexit Vote
  • How to Lay the Foundation for Tough Conversations
  • How to Develop Skills Worthy of a CFO
  • and more!

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Center for Automotive Research Management Briefings

In August, The Center for Automotive Research (CAR) organized and sponsored its annual Management Briefings in Traverse City, MI. Once again, the event focused on the global business issues facing the automotive industry including economic and financial trends, technology innovations, and cybersecurity challenges.

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September 2016 Newsletter

In this issue:

  • The Problem with Dipping into Retirement Funds to Pay for College
  • Younger Workers Contribute Lower Percentage of Income to Retirement
  • Economic Profit Can Help Companies Match Compensation, Long-term Value
  • How Will Virtual Reality Revolutionize the Office?
  • and more!

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Taxpayers No Longer Need to Attach Copy of Section 83(b) Election to Form 1040

The IRS finalized regulations on July 25, 2016, adopting the 2015 proposed regulations, without change, that eliminate the requirements to file a copy of an 83(b) election with an individual's income tax return for the year.

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FASB Issues ASU 2016-14, Presentation of Financial Statements of Not-for-Profit

The FASB recently issued ASU 2016-14 to improve the presentation of financial statements of not-for-profit entities such as charities, foundations, universities, and nonprofit health care providers, etc.

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Issuance of Proposed Regulations Impacting Valuation of Family Controlled Businesses for Estate, Gift, and Generation Skipping Tax Purposes

Proposed regulations regarding estate planning and valuation discounts were released August 2, 2016, and if they become final, would significantly impact the availability of minority or lack of control discounts for transfers of family controlled business interests among family members.

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