Scott Lawrence

In the Southeast Middle-Market M&A Newsletter for Q3 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.

Unresolved IRS tax problems only get worse over time. In addition to penalties and interest accruing, options to dispute the tax issue become fewer. Thus, it is important to respond to any IRS notice prior to the required response date.

The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed employers to defer the deposit and payment of the employer’s share of Social Security taxes from March 27, 2020 through December 31, 2020. This was done to provide a much-needed financial boost for Americans during the height of the coronavirus pandemic.

On April 29, 2021, Georgia Senate Bill 185 was made effective and overturned decades of judicial deference. The bill gives the Georgia Tax Tribunal wider authority to interpret the state tax code.

After the economic difficulties of the COVID-19 pandemic, it is no wonder that governments are trying to find new options to stimulate economies, get people back to work and keep businesses open. This process is creating pressure for more tax revenue, specifically state and local taxes (SALT). To address these issues, states are revising their rules and policies for taxpayer compliance and considering new tax options.

On November 5, 2021, the US House passed the Infrastructure Investments and Jobs Act (H.R. 3684) with a 228-206 vote. The US Senate passed the same version of the bill on August 10, 2021, and the bill was signed into law by President Biden on November 15, 2021. The Act’s provisions are intended to update the country’s aging infrastructure and include over $1.2 trillion billion in new spending.

Bennett Thrasher is pleased to announce the release of its 2021-2022 Tax Guide. This guide is designed to help you understand the key tax law and provision changes that have taken place, so you can plan effectively for your future.

Ben Miller, BT Partner and DFK International Tax Committee Vice Chair for Transfer Pricing, contributed to and served as editor of the recently published 2021 DFK Transfer Pricing Handbook. The updated handbook provides a summary of the transfer pricing rules for over 35 different transfer pricing regimes around the world.

On October 15, 2021, the Internal Revenue Service (IRS) released its Chief Counsel Memorandum, which outlines new requirements for claiming a tax credit refund for the Research & Development (R&D) Tax Credit. Specifically, when claiming a refund for the R&D Tax Credit, taxpayers are required to provide the information below with their tax return.