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.

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.

IRS LBI Division – Recent Developments and Trends

To address the loss of over 40% of its Revenue Agents over the past decade, in 2017 the IRS Large Business and International Division (LBI) embarked on an issue-focused approach to identify and address tax compliance problems. LBI Revenue Agents still conduct the traditional broad-based examinations in which many tax issues are examined but are moving toward focusing on certain tax issues, in which taxpayers having one or more of these issues on their tax return are selected for what the IRS calls “campaign treatment streams.”

The Power of Negotiation When it Comes to Relocating Your Business

When it comes to selecting a location for establishing a new business operation or expanding an existing one, understanding the full range of economic development incentives available can be a gamechanger.  Since many of these incentives are negotiable, timing is critical, and the opportunity to claim such incentives may be lost if the business waits too long to begin the incentives negotiation process.

How a Strategic Exit Plan Benefits You and Your Business

Kathleen King began selling her home-baked cookies as a child from her family’s farm stand. After growing her business over the next 20 years and developing a successful brand with a large following, Kathleen recognized the need for an exit strategy. Rather than engaging a professional service provider for advice, she accepted an offer for two business partners to buy into her business

A Closer Look at Recent Updates to §179D and §45L

In late December 2019, a long-awaited tax extenders package was signed, which includes the §179D Commercial Buildings Energy Efficiency Tax Deduction and the §45L New Energy Efficient Home Credit. This extends and provides retroactive application of the §179D Tax Deduction and the §45L Tax Credit for projects placed in service from 1/1/2018 through 12/31/2020. For more details on the changes to these programs, please see below.

BT Foundation Annual Report FY19

We are proud to share our FY 2019 Bennett Thrasher Foundation Annual Report. The purpose of the Annual Report is to share both the accomplishments and impact the Foundation has made in the Greater Atlanta area through monetary grants and volunteer projects.

Update On Georgia Entertainment Incentives Webinar Recording

This webinar discusses recent legislative, regulatory and administrative updates that affect companies claiming Georgia entertainment tax credits. Join Peter Stathopoulos, head of Bennett Thrasher’s Entertainment Practice, for a discussion.

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