Insights

On June 14, 2022, the United States Senate Committee on Finance heard testimonies from small business owners, members of the U.S. Government Accountability office and members of the Streamlined Sales Tax Governing Board on the increasing complexity and cost of sales tax compliance since the U.S. Supreme Court’s 2018 Wayfair decision.

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.

Taxpayers with foreign income have additional IRS forms they must complete each tax season to avoid penalties.

The Infrastructure Investment and Jobs Act (“IIJA”), enacted November 15, 2021, reinstated the Superfund chemical excise taxes, effective July 1, 2022 on certain chemicals and chemical substances.

The IRS has announced an update to the to the standard mileage rate, effective July 1, 2022. The standard mileage rate for business related miles will increase from 58.8 cents per mile to 62.5 per mile.

For 2022, the lifetime gift and estate tax exemption has reached a whopping $12.06 million ($24.12 million for married couples). As a result, few people will be subject to federal gift taxes. If your wealth is well within the exemption amount, does that mean there is no need to file gift tax returns? Not necessarily.

With the passage of the Tax Cuts and Jobs Act of 2017 (“TCJA”), many itemized deductions previously available to taxpayers were either limited or eliminated. Due to the significant increase in the standard deduction, many taxpayers have abandoned the task of accumulating expenses once allowed to offset taxable income as an itemized deduction.

The Financial Accounting Standards Board (FASB) issued new lease standards in 2016, ASC 842, replacing and modifying current financial accounting and reporting for lessees and lessors. The new standard is a significant shift in accounting processes, which can impact various other aspects of a business.

One previously obscure section of the Internal Revenue has gotten renewed interest in recent years and it could mean significantly lower taxes for you. Policymakers have long sought to encourage investment in small businesses and one of the strongest incentives that Congress has enacted is Internal Revenue Code (IRC) Sec. 1202.