Critical Obamacare Exemption for Small Businesses Expires Tomorrow

The Supreme Court’s recent ruling upholding the legality of Obamacare premium subsidies in states that don’t run their own health insurance exchanges breathed new life into the ACA and tells us, somewhat definitively, that Obamacare is here to stay.  With Obamacare comes a barrage of penalty provisions, including a $100 per-employee per-day penalty on employer […]

Reigning in Patent Trolls: The Innovation and PATENT Acts

Legislation aimed at making it more difficult for “patent trolls” to file unfair patent-infringement lawsuits is making its way through Congress.  The Innovation Act, approved in House Judiciary Committee and currently before the full House, would require that patent trolls clearly explain their claims; make patent litigation more efficient; stop discovery abuses; and make the […]

Senate Tax Reform Changes NC Competes Act

The North Carolina Senate has made significant changes to HB 117, the NC Competes Act, which we detailed for you in April.  In its original form, NC Competes was an economics incentives program designed to draw investment into the state and boost job growth.  It sailed through the House with bipartisan support and eventually stalled […]

Renewable Energy Act Becomes Law

Renewable energy developers received good news this spring when Senate Bill 372, the Renewable Energy Safe Harbor Act, became the law of the land in North Carolina.  The legislation changed the expiration date of the state tax credit for renewable energy projects from Jan. 1, 2016, to Jan. 1, 2017, for projects that are fairly […]

Proposed Changes to NC’s Building Code: House Bill 255

Changes may soon be coming to North Carolina’s building code.  House Bill 255, designed to make the inspection process more efficient for homebuilders, passed the NC House in April with bipartisan support.  It now sits in the Senate, under the guidance of the Committee on Rules and Operations. If passed, the legislation would reduce multiple […]

Retirement money—why are you missing out?

I recently read an article that said that one of the 401(k) advisor firms did a study which indicates that US workers are not taking full advantage of company matches for their 401(k) plans resulting in US workers missing out in at least $24 billion in retirement plan contributions.  That is billion with a “B”.  […]

Penalty Relief for Small Business Retirement Plans

On June 2, 2014, the Internal Revenue Service announced that it was launching a one year program to grant penalty relief to small businesses who have not complied with the reporting requirements for retirement plans. The penalties for failing to file the required annual returns can go up to $15,000 per return, so this penalty […]

Solar Energy Bill Makes Headway in North Carolina

House Republicans in North Carolina filed legislation last month that would legalize third-party sales of electricity, thus opening the door for solar companies to deepen their footprints in the state.  House Bill 245, the Energy Freedom Act, would for the first time allow property owners in NC to buy electricity directly from a renewable energy […]

Accrual Accounting Mandate (or how you might owe taxes on money you haven’t yet earned)

Last year at this time we brought to your attention tax reform legislation that would mandate the use of accrual basis (as opposed to cash basis) accounting for small businesses.  Accrual basis accounting means that firms must report income in the calendar year in which the services are delivered, regardless of whether the corresponding cash […]

More Jobs for North Carolina?

North Carolina House lawmakers have introduced a package of tax incentives designed to lure more businesses, particularly large businesses, to the state.  House Bill 117, or the “North Carolina Competes Act”, is the first major jobs bill this session.  Written by a group of House Republicans, including Mecklenburg county’s Charles Jeter, and supported by Gov. […]