As you begin the process of selling your business, it’s important to make sure that you have a grasp on the current market landscape. While conducting general market research is a starting point that allows business owners to get a pulse on the industry, it often leads to misunderstandings and raises more questions, particularly as owners try to get a feel for what similar companies are selling for.
Bennett Thrasher is pleased to share that it will be hosting its ninth annual Break Through Conference this summer. The conference, which hosts undergraduate accounting students who are interested in pursuing a career in public accounting, will be held virtually for the second year in a row from June 3-4, 2021.
As the new year starts, it’s important to note that the IRS recently made some changes to common year end forms and updated filing deadlines that are quickly approaching. As a result of the Protecting Americans from Tax Hikes (PATH) Act, Form 1099-NEC is being introduced for the 2020 tax year and is relevant for businesses who have nonemployee compensation and make payments to independent contractors.
After years of consideration, the Financial Accounting Standards Board (FASB) revised lease accounting by issuing Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). In the eyes of the FASB and users of the financial statements, leases in the financial statements of lessees represented valid assets and obligations as a result of the lessee receiving the right to use certain assets while receiving the economic benefits of using such assets.
After several days of negotiation, the Consolidated Appropriations Act, 2021 (the “CAA”) was passed by Congress on December 21, 2020 and signed by the president on December 27. The legislation includes numerous provisions intended to provide additional relief in response to the ongoing COVID-19 crisis.
Amidst the commercial shutdowns brought on by COVID-19, state revenue collections have plummeted nationwide resulting in significant budget shortfalls. In response, many states are taking action. In an effort to overcome an estimated budget deficit of over $50 billion, California Governor Gavin Newsom signed Assembly Bill 85 (“A.B. 85”) on June 29, 2020. The bill contains several tax measures to provide much-needed tax revenue.
Bennett Thrasher is pleased to share the Bennett Thrasher Foundation FY2020 Annual Report. The purpose of the Annual Report is to share both the accomplishments and impact the Foundation has made in the Metro Atlanta Area through monetary grants and volunteer projects.
Despite states relaxing shelter-in-place and work-from-home mandates, most employers continue to allow employees to work remotely. Employees have since transitioned to exclusively working from their home offices, vacation homes or other remote locations.
As 2020 comes to a close, individuals and businesses are looking to carry out their year-end tax planning in a potentially changing political landscape. Although Vice President Joe Biden is expected to be sworn in as president on January 20, 2021 and Democrats have maintained control of the House of Representatives, the Senate remains undecided because of two run-off races in Georgia scheduled for January 5, 2021.
On December 9, 2020, the Small Business Administration (SBA) updated a set of “frequently asked questions” (FAQs) concerning the Paycheck Protection Program (PPP). The SBA released FAQ #53 to explain why recipients of PPP loans of $2 million or more are receiving Loan Necessity Questionnaires.
Bennett Thrasher, one of the largest and fastest-growing certified public accounting and consulting firms in the country, is pleased to announce it has been named a Best Tax and Accounting Firm in the United States by Forbes for the second consecutive year.
On November 9, 2020, the IRS issued Notice 2020-75 announcing that Treasury and the IRS plan to issue proposed regulations to clarify that state and local income taxes imposed on and paid by partnerships and S corporations are not subject to the $10,000 SALT cap for their partners or shareholders.