Kinetic12 Shares Vision for Future of Restaurants with BT’s Hospitality Team

The coronavirus pandemic has forced business owners to pivot and embrace the changes that have come with this new normal. The restaurant industry in particular has had to adapt, as dining rooms are forced to close, and owners must rethink their ordering and payment processes. These changes have resulted in a primarily off-premise dining strategy. Kinetic12, a management consulting firm operating at the center of the food industry, stresses that these fixes will not be temporary; restaurants must continue to adjust to these changes not only to grow, but to survive.

PPP Loan Forgiveness and its Impact on R&D Tax Credits

With the current COVID-19 pandemic, many businesses have applied for Paycheck Protection Program (“PPP”) loans with the intention of applying for loan forgiveness. However, companies that received PPP loans may experience a reduction in their ability to claim both federal and state Research and Development (“R&D”) tax credits.

IRS to Increase Audits of Wealthy Taxpayers

Under pressure to audit taxpayers across all income classes more equally, the IRS has been directed by Treasury Secretary Steven Mnuchin to ramp up audits of the wealthier taxpayers. The move is in response to growing pressure on the agency after increasing audits on lower-income taxpayers and decreasing audits of high-income individuals.

Red Flags That Can Trigger an IRS Business Audit

The possibility of an IRS audit haunts many businesses, but what factors contribute to that risk? For example, have business processes been implemented to sufficiently capture required documentation, such as withholdings and withholding taxes? Has the business been consistent with its accounting methods?

Jabari Scott Shares Tips for a Successful Virtual Internship with Kennesaw State University’s Nicole Pearce

Beginning your career can be an overwhelming experience, especially during a pandemic. To help students successfully navigate the job process in today’s virtual environment, Nicole Pearce, Assistant Director of Strategic Partnerships at Kennesaw State University, launched Career Conversations, a video series on LinkedIn that provides students with career-related tips and tricks. In one of her recent videos, she spoke with Jabari Scott, Bennett Thrasher’s Talent Acquisition Coordinator, and asked for his advice on how to maximize remote internships.

The Importance of Establishing a New Domicile For Tax Purposes

While COVID-19 has Americans spending more time than usual in their homes, many are wondering whether “home sweet home” might actually be sweeter elsewhere. Whether for convenience, vocation or quality of life, it is important to understand that moving states may not necessarily change an individual’s state of residence for income tax purposes.

Using F Reorganization Strategically in Mergers & Acquisitions Transactions

Many practitioners are familiar with the benefit of using disregarded entities (DREs) or Single Member Limited Liability Companies (SMLLCs) in structuring merger and acquisition transactions. However, advisors should also consider the advantages of using F reorganizations to solve certain issues that can be encountered when forming a SMLLC.

Investment Interest Expense: Deductible or Not?

With the passage of the Tax Cuts and Jobs Act of 2017, many itemized deductions previously available to taxpayers were either limited or eliminated. Due to the significant increase in the standard deduction, many taxpayers have abandoned the task of accumulating expenses once cherished to offset taxable income as an itemized deduction. However, investors should be aware that the deduction for investment interest expense is one of the few surviving benefits still included as an itemized deduction.

Chris Roane Weighs in on Small Business Fraud

The Association of Certified Fraud Examiners reports that fraud committed by employees against their employer creates approximately $7 billion in losses each year. While it is unlikely for corporate fraud victims to recover these losses, companies can implement measures to better protect themselves. Sunrise Banks recently published an article on how to prevent occupational fraud. In the article, Chris Roane, Senior Manager in Bennett Thrasher’s Dispute Resolution & Forensics practice, explains how small businesses are more susceptible to these cases.

Bennett Thrasher Hosts PPP Flexibility Act Webinar in Collaboration with the Georgia Restaurant Association

The recently passed Paycheck Protection Program (PPP) Flexibility Act of 2020 provides employers with more flexibility and time to use PPP funds and qualify for loan forgiveness. The program’s lending terms are particularly beneficial to the restaurants and retailers that were forced to either delay their reopening or resume operations at a reduced level. To educate Georgia restauranteurs and franchisors about these changes, Bennett Thrasher hosted a webinar in collaboration with the Georgia Restaurant Association on the PPP Flexibility Act.

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