Bennett Thrasher is proud to announce it has been named a Top Workplace by The Atlanta Journal-Constitution (AJC) for the second year in a row. Based solely on employee feedback gathered through a third-party survey administered by the AJC and its technology partner Energage, LLC, this award ranks companies on criteria such as employee engagement, company leadership, benefits and training initiatives.
On March 17, 2021, the Treasury Department and the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers, including those who pay self-employment tax, can also postpone 2020 federal income tax payments due on April 15, 2021 to May 17, 2021, without penalties and interest, regardless of the amount owed.
Bennett Thrasher, one of the largest full-service public accounting and consulting firms in the country, is proud to announce the addition of Tom Quinn as Chief Financial Officer. Quinn brings over 25 years of executive leadership experience with public companies, private equity portfolio companies and closely held ownership structures.
Internal Revenue Code (IRC) Section 1202 is a significant tax benefit that should be considered by those who have invested in small businesses and startups. This tax exemption allows noncorporate taxpayers who acquired qualified small business stock (QSBS) at original issuance and have held the stock for at least five years, the opportunity to take advantage of preferential tax treatment upon disposition of the QSBS.
Needless to say, COVID-19 has impacted the economic landscape of many businesses, across a wide array of industries, around the globe. As a result, many businesses have experienced increased risk and uncertainty about the future. This risk and uncertainty have caused many proposed and pending M&A transactions to be renegotiated, put on hold or terminated altogether.
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA) which contains specific provisions for the benefit of restaurant owners. Section 5003 of the ARPA establishes the Restaurant Revitalization Fund (RRF) to include $28.6 billion earmarked for nontaxable grants to eligible restaurant entities. $5 billion of this total amount will be designated for restaurants with 2019 gross receipts of $500,000 or less.
The American Rescue Plan Act of 2021 was signed into law by President Biden on March 11, 2021, coinciding with the one-year anniversary of the COVID-19 pandemic. The legislation is the sixth federal relief package signed into law since the onset of the pandemic in the United States last year and addresses the continuing economic and health impacts of the pandemic.
In January 2021, the market value of the world’s cryptocurrencies passed $1 trillion – a record-breaking milestone for digital currencies that only six months prior had a total market value of around $260 billion. Although the masses have yet to adopt digital currencies as a widely used, primary medium of exchange, cryptocurrency is now the world’s fifth most circulated currency by value, suggesting it’s becoming more mainstream.
Brian Sengson, a Senior Manager in Bennett Thrasher’s State & Local Tax practice and BT Foundation board member, was recently selected to serve on the board of directors for Pebble Tossers, Atlanta’s leading youth development non-profit foundation. According to a press release from the organization, the 2021 board will focus on expanding offerings, diversifying the organization’s community base and helping local youth with developing leadership skills. Sengson is one of four community leaders to be selected to the board.
Zoom fatigue is real, but are there ways to fight it and continue to work effectively virtually? Jabari Scott, Bennett Thrasher’s Talent Acquisition Coordinator, recently spoke with Kennesaw State University’s Nicole Pearce on her Career Conversations podcast, sharing tips for teams to implement to combat Zoom fatigue and grow closer while working remotely.
Timothy Watt, a Tax Partner and member of Bennett Thrasher’s Real Estate practice, was recently quoted in an Accounting Today article focused on the employee retention credit (ERC) and its impact on Paycheck Protection Program (PPP) eligibility.
On March 3, 2021, the Small Business Administration (SBA) released new FAQs related to the Paycheck Protection Program (PPP) which incorporate the changes made to the program by the Consolidated Appropriations Act. Notably, the SBA updated FAQ 46 to assure businesses that all Second Draw PPP loan borrowers, because they must demonstrate a 25% reduction in gross revenues, will be deemed to have made the required good faith certification concerning the necessity of their loans.