Georgia Trend Magazine, the state’s exclusive business publication, recognized community leaders at their annual Most Influential Georgians luncheon. Jeff Eischeid, Bennett Thrasher’s Managing Partner, was selected and recognized during the event as a Notable Georgian for his professional accomplishments and commitment to the state’s business community.
Kathleen King began selling her home-baked cookies as a child from her family’s farm stand. After growing her business over the next 20 years and developing a successful brand with a large following, Kathleen recognized the need for an exit strategy. Rather than engaging a professional service provider for advice, she accepted an offer for two business partners to buy into her business
In late December 2019, a long-awaited tax extenders package was signed, which includes the §179D Commercial Buildings Energy Efficiency Tax Deduction and the §45L New Energy Efficient Home Credit. This extends and provides retroactive application of the §179D Tax Deduction and the §45L Tax Credit for projects placed in service from 1/1/2018 through 12/31/2020. For more details on the changes to these programs, please see below.
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was passed as a part of the Further Consolidated Appropriations Act signed into law on December 20, 2019. The SECURE Act makes important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules. While most of the SECURE Act’s provisions expand opportunities for individuals to increase their savings, the legislation includes one change that will require some taxpayers to update their estate plans.
The federal government spending package titled the Further Consolidated Appropriations Act, 2020 and signed into law on December 20, 2019, averted a government shutdown that would have begun on December 19 and funds the government through September 30, 2020. The Act also includes various tax provisions. The tax legislation, which was the product of intense negotiations between congressional leaders and the White House, extends through 2020 some of the tax incentives for individuals and businesses, known as extenders, that had already expired or that were due to expire at the end of 2019.
In three recent cases, the U.S. Tax Court found related-party insurance companies (captive insurance companies) didn’t sufficiently distribute risk to allow the insured parties to deduct their premium payments. In an article recently published by Bloomberg Tax, Laurie Bizzell of Bennett Thrasher LLP analyzes the cases, the court’s historical view and the IRS’ position to find there is no conclusive definition of risk distribution.
We are proud to share our FY 2019 Bennett Thrasher Foundation Annual Report. The purpose of the Annual Report is to share both the accomplishments and impact the Foundation has made in the Greater Atlanta area through monetary grants and volunteer projects.
Bennett Thrasher LLP, one of the country’s largest, full-service certified public accounting and consulting firms, has been awarded DFK USA’s Firm of the Year award. The award was presented to Bennett Thrasher at DFK North America’s annual conference on November 1, 2019 in Hawaii. Founded in 1962, DFK is a Top 10 international association of independent accounting firms and business advisers.
As was publicized earlier this month, FASB officially approved the deferral of the new lease accounting standard (ASC 842) for private companies for another year. The new effective date is for fiscal years beginning after December 15, 2020, or 2021 for calendar year companies.
A few of the BT Foundation’s recipients recently visited the office to meet with Foundation members and receive their grants. Among those recipients include Susan G. Komen, Share the Magic, Nic’s Kicks, Hope Thru Soap, and Crossroads Community Ministries.