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.
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.
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.
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.
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.
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.
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.
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.
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.
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 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.
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.