The Virtual Currency Question is Front & Center in 2020

The IRS continues to increase their scrutiny of cryptocurrency and virtual currency activity in an effort to eliminate widespread noncompliance. The prioritization of virtual currency above other current tax issues reflects the scale of noncompliance and potential revenue collection opportunities. This is most evident in the annual revisions to 2020 Form 1040, where The Virtual Currency Question has been moved to the first page and is prominently featured—front & center.

Paycheck Protection Program Extended Through May 31st

On Tuesday, March 30, 2021, the Paycheck Protection Program (PPP) application deadline was officially extended from March 31, 2021 until May 31, 2021 via President Biden’s signing of the PPP Extension Act of 2021 (H.R. 1799).

Nexus and Withholding Considerations for Employers with a Remote Workforce

The global pandemic has catalyzed the use of remote workforces. As previously discussed in this article, there are challenges and intricacies for employer nexus and employee withholding, and many states have continued to expand and extend relief granted to companies with employees working remotely due to the COVID-19 pandemic.

Stephen Klein Discusses PPP Loan Eligibility for Small Businesses in the AJC

Nearly one year after the launch of the SBA’s Paycheck Protection Program (PPP), many small business owners are still struggling to access the financial aid needed to stay afloat. The complexity of the program’s forms, requirements and rule changes has created barriers for small business owners, who may not have access to a knowledgeable source.

Considerations for Estimating Company-Specific Risk

Said simply, the value of any business is the present value of its expected cash flows. In order to convert these estimated cash flows to present value, they must be discounted using a required rate of return. The discount rate used should be commensurate with the risk of achieving these expected cash flows.

Bennett Thrasher Recognized as a Top 100 Firm by Accounting Today

Bennett Thrasher is proud to announce it has been named to Accounting Today’s Top 100 Firms list for the sixth consecutive year, ranking 70th based on revenue and growth. The firm has consistently increased in rank since 2016, most recently moving up from #74 in 2020.

2020 False Claims Act Recoveries

In January 2021, the U.S. Department of Justice (“DOJ”) reported its annual False Claims Act (“FCA”) statistics for recoveries resulting from civil settlements and judgements in fiscal year (“FY”) 2020 (October 1, 2019 – September 30, 2020). The FCA is the DOJ’s most powerful tool in combating false claims submitted to the government by individuals and companies. Most FCA cases brought by the government target those that operate in the healthcare industry.

A Five-Step Process for Value Chain Analysis

The OECD’s new emphasis on aligning profits with value creation through the conclusion of the BEPS Action Plan has resulted in an ever-growing number of companies facing the challenge of preparing documentation that includes detailed value chain analyses and justifies transfer pricing (TP) policies.

Health Savings Accounts: Benefits and Potential IRS Pitfalls

Health Savings Accounts (HSA) have become increasingly more popular choices for both employers and individuals as they look to offset the rising costs of healthcare and insurance premiums. In fact, according to the 2020 Midyear Devenir HSA Research Report, the HSA market will approach 35 million accounts by the end of 2022, holding over $100 billion in assets.

GILTI High Tax Exception Considerations

Since the introduction of the Global, Intangible, Low-Taxed Inclusion (“GILTI”) in the 2017 Tax Cuts and Jobs Act (“TCJA”), taxpayers have eagerly awaited the Treasury’s position on whether the High Tax Exception Election (“HTE Election”) under IRC §954(b)(4) would apply.

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