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Southeast Middle-Market M&A Newsletter Q1 2022

By Advisory, Insights, Mergers & Acquisitions

In the Southeast Middle-Market M&A Newsletter for Q1 2022, Bennett Thrasher’s Transaction Advisory Services leaders provide data and highlights for Southeast (Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, South Carolina and Tennessee) middle-market (total transaction value < $USD 500mm) M&A transactions, including volume, value and enterprise value multiples.

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New Georgia Bill Provides Historic Income Tax Cut

By Individual Tax, Insights, Tax Planning & Consulting

As the 2022 legislative session came to a close, Georgia lawmakers finalized legislation (H.B. 1437) that will provide an anticipated $1 billion in individual taxpayer savings. The bill includes a change from Georgia’s current graduated income tax, where rates increase from 1 to 5.75 percent as income increases, to a flat tax rate that declines from 5.49 to 4.99 percent in 2029.

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One-Time Individual Georgia Income Tax Refund in Route for Taxpayers

By Individual Tax, Insights, Tax Planning & Consulting

Thanks to a record state surplus, the holidays have come early for many individuals who file and pay Georgia income taxes. Georgia’s recently enacted Act 582 provides a one-time individual income tax refund for those taxpayers who filed income tax returns for tax years 2020 and 2021. The Georgia Department of Revenue will automatically issue a refund up to $250 for all single or married filing separately taxpayers, $375 for head of household filers and $500 for married filing jointly filers.

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It’s Time to Track Section 174 Research and Development (R&D) Expenses – Interplay with the R&D Tax Credit

By Business Tax, Credits & Incentives, Insights, Tax Planning & Consulting

Effective for tax years beginning after December 31, 2021, the Tax Cuts and Jobs Act (“TCJA”) of 2017 changed the treatment of Internal Revenue Code (“IRC”) Section 174 costs requiring that Research and Development (R&D) costs be capitalized and amortized over a period of 5-years for domestic expenses and 15-years for offshore expenses. Although many hoped that this unfavorable provision from the TCJA would be postponed or removed prior to December 31, 2021, the change remains in effect in 2022.

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Digital Assets and Noncash Considerations

By Audit, Financial Statement Audit, Financial Statement Review, Insights

On March 21, 2022, the US District Court for the Eastern District of Tennessee ruled in favor of CIC Services, LLC (“CIC”) in their case against the IRS regarding Notice 2016-66 (the “Notice”). In CIC Services, LLC v. IRS (“CIC Services”), the ruling stated that IRS did not comply with the mandatory notice-and-comment requirements under the Administrative Procedures Act (“APA”) and the IRS’ issuance of the Notice was arbitrary and capricious as set forth under the APA.

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Court Invalidates Micro-Captive Reporting Requirements Under Notice 2016-66

By Insights, Insurance

On March 21, 2022, the US District Court for the Eastern District of Tennessee ruled in favor of CIC Services, LLC (“CIC”) in their case against the IRS regarding Notice 2016-66 (the “Notice”). In CIC Services, LLC v. IRS (“CIC Services”), the ruling stated that IRS did not comply with the mandatory notice-and-comment requirements under the Administrative Procedures Act (“APA”) and the IRS’ issuance of the Notice was arbitrary and capricious as set forth under the APA.

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