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Late Response Options in IRS Affordable Care Act Cases

By Insights

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). It’s important for employers to understand how to navigate the ACA and ESRP reporting requirements and processes.

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DiAndria Green Shares Sales Tax Insight and Advice with the Sales Tax Institute

By News

DiAndria Green, a Senior Manager in Bennett Thrasher’s State & Local Tax practice, was recently interviewed by the Sales Tax Institute and featured on its Women to Watch in Sales Tax video series. During the interview, DiAndria had the opportunity to speak to the sales tax work she does at Bennett Thrasher and highlight the innovative solutions the firm’s practitioners offer our clients related to sales and use tax.

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Dallas Business Journal Highlights Bennett Thrasher’s Expansion into Texas

By News

The Dallas Business Journal recently interviewed Dane Harris, regional Transaction Advisory Services Market Leader for BT, about the firm’s expansion into Texas and the current landscape for middle-market deals. Harris, who was hired by the firm to lead its Transaction Advisory Services practice in Texas and nearby regions, discussed how BT intends to continue to grow organically and intentionally in North Texas and beyond, and shared how COVID-19 has provided an opportunity to do business differently.

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Successfully Transition Ownership by Knowing Your Options

By Insights

You’ve started and grown your business, despite all the hurdles you had to overcome. It may be difficult to think about a time when you will transition out of that business; however, succession planning should start at least five years before you want to leave your company. If you put off your exit strategy until you’re ready to get out, you may seriously limit your options, including who you can sell to, the value you will receive and how successful the transition is.

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Tax Proposal Could Bring Sweeping Changes to Estate Planning

By Insights

On Sunday, September 12, 2021, the House Ways and Means Committee released a first draft of proposed tax legislation, including several provisions that could significantly impact the estate planning environment. The new tax plan, part of President Biden and Congressional Democrats’ $3.5 trillion budget and spending package, would increase taxes on the wealthy and potentially curtail the use of certain estate planning techniques. While the legislative process may result in modification or even removal of some of the provisions included in the draft legislation, estate planners should consider taking action now before any changes become effective.

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Is Now the Time to Expatriate? Long-Term Implications of the Biden Tax Reform Plan for High Net Worth Families

By Insights

Over the last few years, American passport holders have been renouncing their citizenship like no other time in history. During the first six months of 2020, almost 6,000 Americans gave up citizenship – a 1210% increase compared to the prior six months, during which only 444 cases were recorded. Before the current pandemic, these numbers had been in decline. This new trend looks to continue into 2021 as many Americans anticipate the impact of President Biden’s proposed tax reform package.

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5 Accounting Questions to Ask when Starting a Construction Company

By Insights

Whether you’re considering starting your own business or you already own a construction company, it’s essential to have a smart financial strategy in place that’s rooted in accounting basics to ensure long-term success. Though accounting probably wasn’t why you started your construction company, having the right foundation can help reduce your administrative duties, keeping them from overshadowing your customer relationships or ability to work in the field.

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Employee Retention Credit Update for the Restaurant Industry

By Insights

Navigating COVID-19 has been complicated for all businesses and particularly difficult for those in the restaurant industry, given inconsistent mask mandates, spike in Delta variant cases, questions surrounding requirements for employee and patron vaccinations, as well as labor and supply shortages. One silver lining, however, has been the Employee Retention Credit (ERC), but questions still remain about this tax incentive and its status as a COVID-19 government relief program.

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