Insights

It’s hard to believe that over a year has gone by since the Tax Cuts and Jobs Act (TCJA) of 2017 was passed by Congress as one the most comprehensive changes to US taxation in over 30 years.  The carried interest safe harbor, interest expense limitation and the corporate tax rate reduction are three of the most significant ways that the Tax Act has impacted private equity funds, their management companies and their portfolio companies.

In 2018, Georgia passed House Bill 918 to modify and expand usage of Georgia tax credits, particularly for credits against Georgia payroll tax withholding. Georgia law permits taxpayers to elect to use certain income tax credits, such as the Jobs Tax Credit or Research & Development Tax Credit, against their Georgia payroll tax withholding obligations.

Bennett Thrasher is pleased to present the results from the 2019 National Manufacturing Outlook and Insights Survey. Participants from across the U.S. provided insight in the survey, in conjunction with the Leading Edge Alliance (LEA) and other LEA firms.

The White House Office of Management and Budget (OMB) announced Monday, January 7, 2019, that the IRS will pay tax refunds during the shutdown.  This is a change from the previous policy announcement.

In last summer’s landmark decision of South Dakota v. Wayfair, Inc. (“Wayfair”), the US Supreme Court upheld South Dakota’s economic nexus law, which requires companies to collect sales tax when their sales or number of transactions with that state exceed certain thresholds.

As you may have heard, the Federal Government partially shut down on December 22, 2018 due to a budget impasse between the current administration and Congress.  This shutdown includes the Internal Revenue Service (IRS).

Bennett Thrasher is pleased to announce the release of our 2018-2019 Tax Guide. This guide provides an overview of the most consequential changes under the Tax Cuts and Jobs Act and other key tax provisions that taxpayers need to be aware of.

Net Working Capital (NWC) is one of the most contentious points in a deal process and a topic that is frequently ignored on the front end of a transaction. NWC is derived from a company’s balance sheet and represents current assets, less current liabilities at a given point in time.

Among the many changes brought on by last year’s Tax Cuts and Jobs Act, one potentially beneficial update from the law is the new Employer Credit for Paid Family and Medical Leave. This completely new credit is currently available for the 2018 and 2019 tax years. Employers may be eligible for a credit ranging from 12.5% to 25% of wages paid to employees taking protected leave provided for in the Family and Medical Leave Act.

As private companies are gearing up for the implementation of Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, many are wondering how this guidance will impact the manufacturing industry. For privately‐held entities, ASC 606 applies for annual periods beginning after December 15, 2018 (2019 will be the first year for December year‐ends).