The start of a new tax filing season often brings with it longer hold times with the IRS, as taxpayers and their tax preparers inundate phone lines with questions and concerns. But the 2022 filing season promises to be particularly challenging…
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How Nonprofits Can Navigate the Great Resignation
Nonprofits are not exempt from the current labor market shortages associated with the “Great Resignation.” While there is no silver-bullet solution, there are tangible steps that organizations can take.
IRS Offers New Details to Prepare Schedules K-2, K-3
The IRS has provided an additional exception for qualified domestic partnerships and S corporations to file their schedules K-2 and K-3 for tax year 2021 to further ease the transition to these new schedules. The new schedules standardize international tax information to partners and flow-through investors while clarifying obligations and standardizing the reporting format…
How to Get Stuff Done
Businesses face disruption on multiple fronts, and they are struggling to get things done. Company leaders must contend with the pandemic’s health threat and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource...
Williams Overman Pierce, LLP Celebrates 50th Anniversary
Williams Overman Pierce is proud to announce that the firm has achieved the distinction of being in business for 50 years, proudly serving clients since 1971. Williams Overman Pierce was founded in Greensboro, NC in 1971. Over the past 50 years, the firm has seen...
2020 Year-End Reminders: Common Fringe Benefits, Rules for 2% S Corp Shareholders and Changes Under the CARES Act
Summary As 2020 draws to a close, employers should be reviewing whether they have properly included common fringe benefits in their employee’s and (if applicable) 2% S corporation shareholders’ taxable wages. This is especially true for 2020, since the CARES Act made...
Keys to Year-End Tax Savings for Businesses
Whatever 2021 holds, these tips can help lower your tax liability 2020 has been an unpredictable year. Businesses have faced all-encompassing challenges ranging from protecting employee health and safety to managing unexpected costs to dealing with severe fluctuations...
Year-end 2020 May Not Be the “Same As Last Year” For Payroll Taxes and Compensation and Benefits
As 2020 draws to a close, we would like to remind you that this year-end may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should be focusing on. New Form...
IRS Clarifies That SALT Deduction Cap Does Not Apply to Passthrough Entities
Summary In a welcome notice (Notice 2020-75) released on November 9, 2020, the IRS announced that proposed regulations will be issued to clarify that state and local income taxes imposed on and paid by a partnership or an S corporation (i.e., pass-through entities or...
Forgiveness of PPP Loans May Reduce R&D Credit
Background The forgivable loan program known as the Paycheck Protection Program (PPP) was established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial resources to small and mid-size businesses to enable them to maintain...