Bennett Thrasher Adds Business Transformation Services Practice

Bennett Thrasher LLP, one of the top 100 full-service public accounting and consulting firms in the country, announced today the creation of a new Business Transformation Services Practice. The new service offering will provide outsourced financial operations to business owners, implementing best practice techniques at the intersection of software and accounting. John Yeager will lead the new Bennett Thrasher practice.

New Sales Tax Nexus Standard: South Dakota V. Wayfair, Inc.

In the landmark decision of South Dakota v. Wayfair, Inc., the US Supreme Court overturned the Quill physical presence standard, deeming it “unsound and incorrect.” In turn, the Court upheld South Dakota’s economic nexus law, which requires companies to collect sales tax when their sales or the number of transactions with the state exceed certain thresholds.

Bennett Thrasher Adds Value Acceleration and Exit Planning Practice

Bennett Thrasher LLP, one of the top 100, full-service public accounting and consulting firms in the country, announced today the formation of a new practice group: Value Acceleration and Exit Planning Services, providing comprehensive exit planning consulting that includes valuation, corporate tax, personal tax, wealth advisory, transaction advisory, audit and assurance consulting, and operational support for business owners planning to transition out of their businesses.

The Tax Cuts & Jobs Act Influences Business Valuation

On December 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act (“TCJA”) into law.  It is the most comprehensive tax reform seen in the United States since President Ronald Reagan’s 1986 Tax Reform Act. 

Qualified Opportunity Zone Investments

Included in the Tax Cuts and Jobs Act, signed into law in December 2017, is a new tax planning technique for deferring gains from sales. By investing in Qualified Opportunity Funds, taxpayers can defer (and potentially partially avoid) gain recognition on the sale of any property.

What to Expect During an IRS Audit

There is a letter for you.  The return address looks ominous – as the first line reads:  Internal Revenue Service.  You opened it.  Your worst fears were confirmed.  It is the dreaded notice that your individual income tax return is under audit or, to put it in the language used by the IRS, “your return has been selected for examination.” 

Page 1 of 7