On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA) which contains specific provisions for the benefit of restaurant owners. Section 5003 of the ARPA establishes the Restaurant Revitalization Fund (RRF) to include $28.6 billion earmarked for nontaxable grants to eligible restaurant entities. $5 billion of this total amount will be designated for restaurants with 2019 gross receipts of $500,000 or less.
American Rescue Plan Act Signed into Law Authorizing a Third Round of Direct Payments to Individuals
The American Rescue Plan Act of 2021 was signed into law by President Biden on March 11, 2021, coinciding with the one-year anniversary of the COVID-19 pandemic. The legislation is the sixth federal relief package signed into law since the onset of the pandemic in the United States last year and addresses the continuing economic and health impacts of the pandemic.
2020-2021 Tax Guide
Bennett Thrasher is pleased to announce the release of its 2020-2021 Tax Guide. This guide is designed to help you understand key tax law and provision changes and ensure that you plan effectively for your future.
BT and Kennesaw State University Share Results of Georgia Construction COVID-19 Outlook Survey
Bennett Thrasher and Kennesaw State University’s (KSU) College of Architecture and Construction Management are proud to share the results of their fifth annual Georgia Construction Outlook Survey. This year’s survey, which focused on COVID-19’s impact on the industry in the state, captured insights and data from over 120 privately-held construction companies, including home builders, heavy contractors, general contractors and specialty contractors.
Number of COVID-19 Business Interruption Lawsuits Spikes, Insurers Racking Up Early Wins
Countless businesses across the country have been forced to close their doors as COVID-19 continues to spread. As business owners seek to recover losses suffered due to shelter-in-place orders, many business interruption insurance claims are being denied under the assumption that closed businesses have not experienced a “direct physical loss of, or damage to, property.” In turn, business owners are taking insurers to court.
Bennett Thrasher Managing Partner Jeff Eischeid Featured on Business RadioX
Jeff Eischeid, Managing Partner at Bennett Thrasher, recently sat down with Business RadioX to discuss how the COVID-19 pandemic has presented opportunities and challenges for the firm. In the interview, he shares more about BT’s services, the company’s culture and plans for future growth, as well as lessons learned from the pandemic and current trends in accounting.
Secretary Mnuchin Aims to Delay Implementation of Digital Tax on Multinational Corporations
On June 12, 2020, the United States (“U.S.”) Secretary of Treasury issued a statement (“Statement”) requesting that the Organization for Economic Co-operation and Development (“OECD”) pause international discussions designed to address the tax challenges facing the rapidly digitalized economy.
Peter Stathopoulos Discusses Production Incentive Issues Arising from COVID-19
In a recent webinar, Peter Stathopoulos, leader of Bennet Thrasher’s State & Local Tax practice and the firm’s Entertainment practice, breaks down the many expenses production companies could experience due to COVID-19. These expenses include shut down, interim holding and restart costs. As production companies strategize the most effective ways to tackle these expenses, they are looking to individual states to issue legislation and provide production incentives.
The IRS Confirms No Tax Deduction for Expenses Resulting in PPP Loan Forgiveness, but Will Notice 2020-32 Be the Final Word?
On May 1, 2020, the IRS released Notice 2020-32 to explain that taxpayers receiving a loan through the Paycheck Protection Program (PPP) are not permitted to deduct business expenses normally deductible, to the extent the expenses are reimbursed by a PPP loan that is forgiven. The guidance follows weeks of debate within the tax community regarding whether the loan proceeds that are used to fund payroll costs, rent, utilities and mortgage interest could still be deducted, because under the CARES Act the loans are forgivable on a tax-free basis.
Five Action Steps for Funded Startup Companies to Navigate the COVID-19 Crisis
Entrepreneurs are no strangers to the challenges of getting a business off the ground. Still, the coronavirus (COVID-19) pandemic presents an extreme – even, existential – challenge. As the situation continues to evolve, many startup companies face a very uncertain future.
The Bureau of Economic Analysis U.S. Direct Investment Abroad: 2019 Forms BE-10 Surveys
The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) under the U.S. Department of Commerce is conducting its 2019 benchmark survey, the BE-10 Survey of Direct Investment Abroad. The BE-10 survey occurs every five years pertaining to U.S. persons (individuals and entities) with large and small investments in one or more foreign affiliates.
M&A Insights: Recalibrating Your Approach to M&A as a Result of COVID-19
COVID-19 has impacted every industry and changed the way millions of businesses operate around the globe. While it’s safe to say we have not seen a disruptor of this magnitude in our lifetime, past pandemics have also forced industries to innovate and adapt.
Page 1 of 16
