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.

Bennett Thrasher Hosts Students for Eighth Annual Break Through Conference

Bennett Thrasher recently hosted the eighth annual Break Through Conference, a two-day summer leadership event for 65 undergraduate students. This year’s virtual conference, which was the largest since its inception, attracted students from over 15 colleges and universities across the country, including the University of Georgia, Auburn University and Kennesaw State University.

Brian Sengson Weighs in on AT&T Appeals Court Decision in Law360 Article

Law360 published an article discussing the recent $6 million win for AT&T subsidiaries in Georgia to be able to recover wrongfully paid sales and use taxes for customers between November 1, 2005 and May 4, 2009. This ruling by the Georgia Supreme Court partially reverses a state Court of Appeals decision and raises questions about the procedures for recovering a customers’ taxes. The publication looked to Brian Sengson, a Senior Manager in Bennett Thrasher’s State & Local Tax practice, for his outside perspective on the case.

Bennett Thrasher Promotes 3 to Partner, Grows Partnership to 51

Bennett Thrasher, one of the largest full-service public accounting and consulting firms in the country, announces the promotion of three of its professionals to its partnership effective July 1, 2020. The professionals being promoted are John Cummings, Jim Dougherty and Chris Edwards.

Peter Stathopoulos Discusses Production Incentive Issues Arising from COVID-19

In a recent webinar, Peter Stathopoulos, leader of Bennet Thrasher’s State & Local Tax practice and the firm’s Entertainment practice, breaks down the many expenses production companies could experience due to COVID-19. These expenses include shut down, interim holding and restart costs. As production companies strategize the most effective ways to tackle these expenses, they are looking to individual states to issue legislation and provide production incentives.

SBA Permits Borrowers to Apply Early for PPP Loan Forgiveness

On June 22, 2020,  the Small Business Administration (SBA) issued a new Interim Final Rule to revise previous guidance released concerning PPP loan forgiveness and loan review procedures, officially updating the language of the PPP’s Final Rules to include the changes made by the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act). The new guidance mostly updates the rules for changes we already knew about but also provides answers to several questions that had been troubling borrowers.

IRS Expands Mandate to Increase Electronic Tax Filing

Although the major majority (92 percent) of tax returns are filed electronically, the IRS is seeking full conversion to e-filing. Two sections of The Taxpayer First Act of 2019 (TFA) extend that mandate by requiring more businesses, partnerships and nonprofit organizations to e-file.

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