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Articles by William W. Nelson
SEC Division Of Examinations Publishes Exam Handbook: What Investment Advisers, Broker-Dealers, And Other Registrants Should Know
The US Securities and Exchange Commission (SEC), through its Division of Examinations (EXAMS), published The SEC Exam Handbook: A Practical Guide on Process and Engagement (the Handbook), announced on October 1, 2026.1 The Handbook replaces and expands the Division’s “Examination Information for Broker-Dealers, Transfer Agents, Clearing Agencies, Investment Advisers, and Investment Companies,” bearing the same SEC Number (SEC 2389)2 and follows remarks by EXAMS Director Keith Cassidy on...
SEC Proposes Crypto Custody Rules And A Broad Overhaul Of The Adviser And Fund Custody Framework | JD Supra
The US Securities and Exchange Commission (SEC or Commission) has proposed new crypto custody rules and a comprehensive overhaul of the custody rules for registered management investment companies, business development companies (collectively, regulated funds) and registered investment advisers (Proposal). For the first time, advisers and regulated funds would be able to self-custody certain crypto assets when no qualified custodian is available.
SEC Proposes To Modernize Performance Fee Rules And Expand Accredited Investor Designations | JD Supra
In brief The SEC proposes to modernize Rule 205-3 under the Advisers Act by establishing two channels for performance-based compensation: an accredited investor channel (available to all fund types and non-fund clients) and a fund board channel (available to regulated funds meeting specified governance conditions). Under the proposal, the accredited investor channel replaces the existing $2.7M net worth and $1.4M AUM thresholds with the lower Regulation D accredited investor standard.
SEC Proposes To Rescind Pay-to-play Rule
the SEC has proposed the full rescission of Rule 206(4)-5, the pay-to-play rule governing political contributions by investment advisers if adopted, advisers would shift from a bright-line, rules-based framework to a principles-based compliance regime anchored in the Advisers Act’s antifraud provisions and fiduciary duties other pay-to-play regimes, including MSRB and FINRA pay-to-play rules and various state and local laws, remain in effect and continue to apply investment advisers should...
North Carolina Adopts New Procedures for Partnerships to Report Federal Changes
On July 2, 2026, Governor Stein signed Senate Bill 595, an omnibus tax bill that includes a major change to how the state responds to federal adjustments to a partnership’s income.[1] The new law is effective retroactively to January 1, 2026, and applies to federal partnership adjustments that became or become final on or after that date.[2] Introduction Partnerships present difficult audit issues for the IRS and state taxing authorities.
North Carolina Adopts New Procedures for Partnerships to Report Federal Changes
By William W. Nelson On July 2, 2026, Governor Stein signed Senate Bill 595, an omnibus tax bill that includes a major change to how the state responds to federal adjustments to a partnership’s income.[1] The new law is effective retroactively to January 1, 2026, and applies to federal partnership adjustments that became or become final on or after that date.[2] Introduction Partnerships present difficult audit issues for the IRS and state taxing authorities.
2025 DOR Request for Legislative Changes | JD Supra
The Department of Revenue (the “Department”) recently released two documents containing its “substantive” and “clarifying” requests for legislative changes to North Carolina’s revenue laws. Most of the requests include specific statutory language, while others are merely conceptual. None of the requests include proposed effective dates.
2025 DOR Request for Legislative Changes
By William W. Nelson The Department of Revenue (the “Department”) recently released two documents containing its “substantive” and “clarifying” requests for legislative changes to North Carolina’s revenue laws. Most of the requests include specific statutory language, while others are merely conceptual. None of the requests include proposed effective dates.
Franchise Tax Refund Opportunity | JD Supra
Corporations subject to North Carolina’s franchise tax have an opportunity to seek refunds of their 2021 and 2022 franchise taxes but should act promptly to preserve their rights. Before 2023, the North Carolina franchise tax was imposed on the highest of three amounts: (i) the taxpayer’s apportioned net worth, (ii) 55% of the appraised value of the taxpayer’s real and tangible personal property in North Carolina and (iii) the taxpayer’s total actual investment in tangible property in the state.
North Carolina Tax Legislation Enacted in the 2024 Short Session | JD Supra
This Alert summarizes all the material amendments to Chapter 105 of the North Carolina General Statutes ratified to date during the General Assembly’s 2024 short session. With budget negotiations between the two chambers at an impasse, the General Assembly adjourned on June 28, just before the end of the state’s fiscal year. The legislature has ratified only nine bills amending Chapter 105 during the short session thus far.
North Carolina Tax Legislation Enacted in the 2024 Short Session
By William W. Nelson This Alert summarizes all the material amendments to Chapter 105 of the North Carolina General Statutes ratified to date during the General Assembly’s 2024 short session. With budget negotiations between the two chambers at an impasse, the General Assembly adjourned on June 28, just before the end of the state’s fiscal year. The legislature has ratified only nine bills amending Chapter 105 during the short session thus far.
Major Taxpayer Win in North Carolina Renewable Energy Tax Credit Dispute | JD Supra
On April 3, 2023, the North Carolina Business Court issued opinions handing taxpayers decisive victories in two cases that are part of a long-running dispute over the state’s now-expired renewable energy tax credit program. The North Carolina General Assembly offered the tax credits to encourage private investment in renewable energy projects that would not have been economically feasible without them. The program was wildly successful.
North Carolina Tax Legislation Enacted in the 2022 Short Session | JD Supra
The North Carolina General Assembly ended its 2022 short session on July 1. While the legislature is scheduled to reconvene on July 26, no additional tax legislation is expected to be considered. The session was remarkable for the absence of major tax legislation. Only bills amending Chapter 105 of the General Assembly were ratified.
Finance Provisions of the 2021 Budget Bill | JD Supra
On November 15, 2021, after months of negotiations and four and a half months into the new fiscal year, the North Carolina General Assembly released Senate Bill 105, its proposed budget bill (the "Bill"). Both Chambers rapidly passed the measure, and Governor Cooper signed it on November 18.
2020 North Carolina Tax Legislation | JD Supra
The North Carolina General Assembly concluded the regular business of its 2020 session on Friday, June 26, 2020. While the session will not formally adjourn until September 3, 2020, the only business expected to be considered between now and then is limited to addressing potential gubernatorial vetoes, handling appointments and appropriating federal pandemic relief funds.
Tax Bill Advances in North Carolina General Assembly | JD Supra
House Bill 1080, containing the Revenue Laws Study Committee’s recommended tax changes, was introduced in the General Assembly on May 14, 2020.[1] The bill has passed its first reading and is now in committee. This Alert summarizes the more important provisions of the current version of House Bill 1080.
CARES Act Relief Payments to For-Profit Medical Care Providers May Be Taxable on Receipt | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
North Carolina General Assembly Begins Tax Response to COVID-19 | JD Supra
The North Carolina General Assembly convened on April 28, 2020, and a number of bills immediately were introduced to address various aspects of the coronavirus (COVID-19) crisis. Several of these bills included important tax-related provisions. This Alert summarizes the tax provisions in the legislation introduced to date. Please note that none of these provisions have yet been passed by either chamber.
Tax Provisions in the CARES Act | JD Supra
On March 27, 2020 President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (HR 748) (“CARES Act”) shortly after the bill cleared the House. The Senate had passed the measure the day before. The CARES Act is the third phase of Congress’s response to the coronavirus (COVID-19) emergency. The most significant business and individual tax provisions of the CARES Act are summarized below.
Tax Provisions of the Families First Coronavirus Response Act | JD Supra
The Families First Coronavirus Response Act (the “COVID-19 Response Act”), enacted on March 18, 2020, imposes two new coronavirus (COVID-19) related employment mandates on employers with fewer than 500 employees.
2019 North Carolina Tax Legislation | JD Supra
This Alert summarizes the more significant tax provisions enacted by the North Carolina General Assembly in 2019. The most important tax changes were originally included in House Bill 966, the 2019 Appropriations Act (the “Budget Bill”). The Budget Bill was ratified in June and presented to the Governor. The Governor vetoed the bill, and, although the House overrode the veto, the Senate, as of this writing, has not.
Tax Provisions in the North Carolina 2019 Appropriations Act | JD Supra
This Alert summarizes the more significant tax provisions included in House Bill 966, the 2019 Appropriations Act (the “Bill”). The Bill, a Conference Committee measure reconciling the House and Senate budget proposals, was passed by the General Assembly on June 27th and presented to the Governor. Many expect the Governor to veto the Bill, leading either to an override of the Governor’s veto or to a compromise measure.
North Carolina Senate Introduces 2019 Tax Bill | JD Supra
On April 3rd, the Senate released its 2019 tax plan - Senate Bill 622. If enacted, the bill would make important tax changes for businesses, including a phased reduction of the franchise tax rate, implementation of market-based sourcing and decoupling from a provision of the 2017 federal Tax Cuts and Jobs Act (TCJA) that taxes incentive grants to corporations.
Spin-off Revival: IRS Rethinks the Active Trade or Business Requirement | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Remote Sellers Face Deadline for North Carolina Sales Tax Compliance: North Carolina Responds to Wayfair | JD Supra
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North Carolina General Assembly Ratifies Appropriations Act of 2018 | JD Supra
On June 1, 2018, the General Assembly ratified and sent to the Governor the Appropriations Act of 2018 (the Act). The Act includes numerous changes to North Carolina’s tax laws. Earlier versions of the Act were the subject of Alerts dated April 17, May 15 and May 18. This Alert provides a discussion of all of the more significant tax provisions of the Act.
Amended North Carolina Tax Bill Advances | JD Supra
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Revenue Laws Study Committee Releases Revised Version of Draft Tax Bill | JD Supra
On Tuesday, May 8th, the General Assembly’s Revenue Laws Study Committee released a revised version of its draft tax bill intended for introduction in the legislature’s upcoming short session. The original version of the draft bill was discussed in an Alert dated April 17th. The revised draft includes many clarifying as well as some substantive changes to the proposed legislation. The most important changes from the prior version are described below. FDII.
Draft North Carolina Tax Legislation Released | JD Supra
On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important provisions of the draft bill. A Fiscal Analysis Memorandum accompanying the draft bill estimates that the changes proposed would increase General Fund revenue by $312 million over four years.
Senate Bill 628 Update
Two previous Tax Alerts, Tax Provisions in the 2017 Budget Bill (June 20, 2017) and Tax Legislation Enacted During the Regular Session of the 2017 North Carolina General Assembly (June 30, 2017), summarized the major tax legislation enacted during the North Carolina General Assembly’s regular 2017 session.
Tax Legislation Enacted During the Regular Session of the 2017 North Carolina General Assembly
A previous Tax Alert (June 20, 2017) summarized the tax provisions in the North Carolina 2017 budget bill (the Appropriations Act of 2017[1]) as passed by the General Assembly. The Governor later vetoed the budget bill, but the General Assembly overrode the veto, and the budget bill is now law.
Biglaw Firm And Partner Ripped To Shreds On National TV
A letter released by President Trump’s lawyers claims that the last 10 years of his tax returns do not show any income from Russian sources, “with a few exceptions.” “With a few exceptions” is not a comforting phrase. That’s like hearing, “Don’t worry, all the kids came back from the field trip… with a few exceptions.” I’d also just like to point out that one of his tax attorneys is named Willie Nelson.
Grizzlies not ready for delisting
It is premature to conclude that the Greater Yellowstone Ecosystem population of grizzly bears is recovered “to the point at which the measures provided pursuant to this (Endangered Species) Act are no longer necessary” (“Grizzly Face-Off,” HCN, 5/16/16). Grizzlies have come a long way in four decades, and the U.S. Fish and Wildlife Service is to be applauded for its efforts. But grizzlies occupy only 2 percent of their historic range, and the bears of Yellowstone remain an isolated population.
Single Sales Factor Apportionment May Be Coming to North Carolina
Single Sales Factor Apportionment May Be Coming to North Carolina In the last two years, the General Assembly has enacted major changes to North Carolina’s corporate income tax law, including significant rate reductions, elimination of numerous incentive credits and replacement of North Carolina’s peculiar “net economic loss” with a “net operating loss” that conforms to its federal counterpart. But the General Assembly is apparently not finished.
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