On June 14, 2022, the United States Senate Committee on Finance heard testimonies from small business owners, members of the U.S. Government Accountability office and members of the Streamlined Sales Tax Governing Board on the increasing complexity and cost of sales tax compliance since the U.S. Supreme Court’s 2018 Wayfair decision.
The U S Inflation Reduction Act of 2022 introduces potential new tax provisions and new taxes including energy efficiency credits, a tax increase for corporations, closing the carried interest loophole and more.
BT alumni are doing exciting things and we want to share a few of their stories with you. Our next spotlight is Stephan Gagnier, Assistant Controller at Equilibrium and previously an auditor at BT. Check our interview with Stephan below and be sure to view his pictures from his time at BT!
Bennett Thrasher is pleased to announce the promotion of four professionals to partnership, effective July 1, 2022. The new Bennett Thrasher partners are: Laurie Bizzell, Joe Cronmiller, Chris Cuzzourt, and Aaron Scale.
The Infrastructure Investment and Jobs Act (“IIJA”), enacted November 15, 2021, reinstated the Superfund chemical excise taxes, effective July 1, 2022 on certain chemicals and chemical substances.
The IRS has announced an update to the to the standard mileage rate, effective July 1, 2022. The standard mileage rate for business related miles will increase from 58.8 cents per mile to 62.5 per mile.
For 2022, the lifetime gift and estate tax exemption has reached a whopping $12.06 million ($24.12 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there is no need to file gift tax returns? Not necessarily.
The Financial Accounting Standards Board (FASB) issued new lease standards in 2016, ASC 842, replacing and modifying current financial accounting and reporting for lessees and lessors. The new standard is a significant shift in accounting processes, which can impact various other aspects of a business.
One previously obscure section of the Internal Revenue has gotten renewed interest in recent years and it could mean significantly lower taxes for you. Policymakers have long sought to encourage investment in small businesses and one of the strongest incentives that Congress has enacted is Internal Revenue Code (IRC) Sec. 1202.
Bennett Thrasher and Morris, Manning & Martin recently hosted their “New Tax Considerations for the Technology Industry” webinar. During the event, a variety of financial topics relevant to technology companies were discussed, including federal tax proposals, executive compensation tax proposals, international considerations and state and local tax considerations.
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