Economic Outlook and Opportunities for Manufacturers

Despite undergoing significant challenges and changes due to the coronavirus pandemic, the outlook for the manufacturing industry looks hopeful at the start of 2021. In the recent Q4 Outlook survey conducted by the National Association of Manufacturers (NAM), a majority of manufacturers said they were positive about their company’s outlook.

Latest Changes to PPP Loan Program Designed to Assist Self-Employed and Smaller Businesses

On February 22, 2021, the Biden administration announced several reforms to the Paycheck Protection Program (PPP) to direct more funding towards the smallest and neediest businesses and promote equitable access to relief. The five major changes announced may make a significant difference if you are a small business owner working on your own or with less than 20 employees, have student debt or are a Green Card holder.

The First Step in Fighting and Managing Cybercrime is to Assess Your Company’s Technology

Cybercrime is a fast-growing threat to U.S. companies, with data breaches, phishing scams, ransomware and malware all now part of the corporate security vernacular. The COVID-19 pandemic has only made matters worse, causing more security threats now that more people are working from home on less secure networks. Security is not just an IT concern; it is an organization-wide risk with far reaching implications that also affects the operational and financial aspects of companies as a whole. 

The Consolidated Appropriations Act 2021 Provides COVID Relief from Partial Plan Terminations

The Consolidated Appropriations Act of 2021 (CAA), signed into law on December 27, 2020, includes a temporary rule providing COVID-related relief from certain partial plan terminations for employee benefit plans. Under this provision, a plan is not treated as having a partial plan termination during any plan year which includes the period beginning on March 13, 2020, and ending on March 31, 2021, if the number of active participants covered by the plan on March 31, 2021, is at least 80 percent of the number of active participants covered by the plan on March 13, 2020.

The Affordable Care Act and How to Stay Compliant

In 2010, the Affordable Care Act (ACA) was passed and signed into law, requiring employers with 50 or more full-time employees to offer minimum essential coverage to at least 95 percent of their full-time employees. If coverage isn’t offered or if the coverage offered isn’t affordable, the employer can face an IRS assessment known as an Employer Shared Responsibility Payment (ESRP).

The Value of an Advisory Board and its Role Supporting a Business’s Exit Planning

Navigating business complexities can be overwhelming, especially when its opportunities and challenges are outside of a business owner’s area of expertise. To effectively manage these situations, many management teams seek the support of outside counsel through an advisory board. By forming and consulting with an advisory board, a company benefits from the knowledge and experience of its members without being bound to their advice.

Stephen Klein & Tim Oberst Share Insight on Second Round of Paycheck Protection Program Loans

While the first round of the Paycheck Protection Program (PPP) provided a much-needed economic boost for businesses hit hard by the COVID-19 pandemic, many companies that received a loan have continued to struggle to stay afloat. At last, however, some of the hardest-hit industries now have a chance at survival due to the many improvements Congress built into the second round of PPP loans, which are now underway.

What’s in a Multiple?

As you begin the process of selling your business, it’s important to make sure that you have a grasp on the current market landscape. While conducting general market research is a starting point that allows business owners to get a pulse on the industry, it often leads to misunderstandings and raises more questions, particularly as owners try to get a feel for what similar companies are selling for.

Bennett Thrasher to Host Ninth Annual Break Through Conference

Bennett Thrasher is pleased to share that it will be hosting its ninth annual Break Through Conference this summer. The conference, which hosts undergraduate accounting students who are interested in pursuing a career in public accounting, will be held virtually for the second year in a row from June 3-4, 2021.

New 1099 Reporting Requirements for Payments to Independent Contractors/Nonemployee Compensation

As the new year starts, it’s important to note that the IRS recently made some changes to common year end forms and updated filing deadlines that are quickly approaching. As a result of the Protecting Americans from Tax Hikes (PATH) Act,  Form 1099-NEC is being introduced for the 2020 tax year and is relevant for businesses who have nonemployee compensation and make payments to independent contractors.

ASU 2016-02 (Leases) – Key Components and Important Considerations

After years of consideration, the Financial Accounting Standards Board (FASB) revised lease accounting by issuing Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). In the eyes of the FASB and users of the financial statements, leases in the financial statements of lessees represented valid assets and obligations as a result of the lessee receiving the right to use certain assets while receiving the economic benefits of using such assets.

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