Scott Lawrence

The Employee Retention Credit (ERC) has proven to be a valuable benefit for businesses affected economically by COVID-19. The credit’s complicated eligibility rules, however, may have prevented some businesses from taking advantage of the financial relief it offers. The good news is there’s still time to take advantage of the ERC and our professionals are here to help.

The Consolidated Appropriations Act, 2021 made the §179D Tax Deduction permanent. Baseline requirements for the qualification of the §179D Tax Deduction will remain ASHRAE 90.1-2007.

In the Southeast Middle-Market M&A Newsletter for Q4 2021, Bennett Thrasher’s Transaction Advisory Services leaders provide data and highlights for Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, South Carolina and Tennessee) middle-market (total transaction value < $USD 500mm) M&A transactions, including volume, value and enterprise value multiples.

One of the more controversial provisions of the Tax Cuts and Jobs Act of 2017 (TCJA) is the $10,000 cap on individual taxpayers’ federal deduction for state and local taxes paid, often referred to as the SALT cap. In the aftermath of this legislation, states began crafting workarounds to assist certain individual taxpayers – those who are owners of a “pass-through entity” (PTE) – in bypassing the SALT cap on their federal return.

In any real estate, acquisitive or restructuring transaction, legal fees and other consultant fees can become a substantial cost during the deal. IRS regulations outline several limitations on deductibility, so it is important to understand these limits and potential exceptions to capitalization to maximize the “after-tax” dollars spent on legal fees and other transaction costs.

Bennett Thrasher is proud to celebrate global independent accounting association DFK International’s 60th anniversary. We are proud to have been a member of DFK International for 21 years – an association which benefits both our firm and our clients.

Paycheck Protection Program (PPP) loans have caused a myriad of confusion for tax practitioners, with previous IRS guidance leading to even more complexity and uncertainty. The law that authorized PPP loans mandated that their forgiveness was non-taxable. Next, the IRS proposed that expenditures paid with PPP loans were non-deductible.