It is important for taxpayers to carefully read each piece of mail that the IRS sends them. In the past, the IRS would often initiate contact with a taxpayer via a phone call. Due to numerous telephone scams, including some involving the impersonation of IRS employees, the IRS now initiates all contact by mail.
Most people think of due diligence from the point of view of a prospective buyer. While that is typical, it is now becoming more common for business owners to conduct their own due diligence to fix any weaknesses within their company in advance of a potential sale.
The Tax Cuts and Jobs Act of 2017 affected businesses and employees in any number of ways, and parking expenses were no exception. Before the close of 2018, the IRS issued highly anticipated guidance that will help determine the amount of qualified parking expenses that are subject to disallowance or inclusion in income.
In an article published in the June 2019 issue of Captive Review, Laurie Bizzell discusses best practices for captive insurance companies as the Internal Revenue Service (IRS) focuses on aggressive examination and focus of captive insurance arrangements.
In an article published recently in Bloomberg Tax’s Tax Management Real Estate Journal, Trey Webb discusses the latest round of regulations from the Internal Revenue Service (IRS) on qualified opportunity zones, which were first introduced in Tax Cuts and Jobs Act signed in December 2017.
In a recent article for Industry Today, James Pickett discusses the most common types of penalties issued by the Internal Revenue Service (IRS) each year. Of the 40 million penalties issued in 2017, 26 million involved three common penalties: delinquency (failure-to-file), failure-to-pay and failure-to-deposit employment taxes.
Many businesses think 3D printing is too expensive to integrate into their operations. Yet today, there are many reasonably priced, consumer-grade 3D printers available, and the applications for this additive manufacturing process are seemingly endless.
Bennett Thrasher proudly hosted 40 students for the 7th annual Break Through summer leadership conference at our offices in Atlanta, GA the first week of June. These students represented 14 different universities across the country and were exposed to a multitude of topics and networking events with BT associates and partners during the conference.
In an article for Construction Executive published on May 19, 2019, Scott Hazy shared an analysis of the 2019 Georgia Construction Outlook Survey and the business considerations of busy Georgia contractors when facing the top challenge of attracting and retaining talent in the hot market given the number of revenue increases and project backlog in recent years.
Like many businesses, you may have put off implementing the necessary changes required to align your business with the new revenue recognition accounting standards. These standards, set by the Financial Accounting Standards Board (FASB), became effective this year for annual reporting periods, and in 2020 for interim periods.
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