Insights

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 otherwise known as the “SECURE Act” was signed into law. This law made important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules.

Before the tectonic shift felt by businesses and industries across the U.S. due to the pandemic, our team was spending thousands of hours and budget on one task. Nine Bennett Thrasher associates monitored, manually opened, downloaded, logged and updated billing codes to confirm and initiate signed client engagement letters.

In the early stages of the pandemic, state revenue forecasts anticipated losses of approximately $370 million (a decrease of over 40%). Amidst these changes, states looked to evolve their existing tax laws to bridge the anticipated budgetary shortfalls.

In the height of the COVID-19 pandemic, the Secretary of the Department of Health and Human Services decided to waive many of the restrictions found in the Physician Self-Referral Law, more commonly known as the Stark Law. The primary intent of the waivers was to increase access to healthcare for those who needed it most due to COVID-19.

On April 27, 2022, the IRS issued proposed regulations intended to provide additional clarity on the estate and gift tax “anti-clawback” provision adopted by the Service in late 2019. The proposed regulations would exclude certain lifetime gifts that are treated as includible in the donor’s gross estate from the favorable treatment provided by the anti-clawback rules.

Governor Kemp ended Georgia Small Business Week by signing HB 1058, which permits affiliated corporations in Georgia to elect filing a consolidated income tax return for tax years beginning on or after January 1, 2023.

The cybersecurity landscape is rapidly becoming more challenging as the pace of attacks on organizations increases and new threats emerge. An increasing reliance on remote work necessitated by the COVID-19 pandemic has only added to these challenges. 

The cybersecurity landscape is rapidly becoming more challenging as the pace of attacks on organizations increases and new threats emerge. An increasing reliance on remote work necessitated by the COVID-19 pandemic has only added to these challenges. 

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.

Under the current law, Required Minimum Distributions (RMDs) are the minimum amounts that an Individual Retirement Account (IRA) owner must withdraw annually starting after the year that he or she reaches age 72. IRA owners are responsible for taking the correct RMD each year from their IRA.