Bennett Thrasher is proud to announce it has been named to Accounting Today’s Top 100 Firms list for the seventh consecutive year, ranking 70th based on revenue and growth. Accounting Today’s Top 100 Firms list ranks the largest accounting firms in the United States and regions across the nation.
Bennett Thrasher, one of the nation’s largest and fastest-growing full-service public accounting and consulting firms, names Dane Harris as its new regional Transaction Advisory Services Market Leader in Texas. Dane will be based in the Dallas/Fort Worth metro area and looks to expand the firm’s Transaction Advisory Services (TAS) practice in Texas and surrounding geographies.
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.
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.
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.
Chris Edwards shares tips to consider when selling a business in a recent article published by CPA Practice Advisor. In the piece, Edwards outlines the buyer’s focal points, including potential documents to prepare for the buyer, optimizing the sale structure and identifying opportunities to minimize your tax burden.
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.
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.