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.

It’s no secret that over the last decade, Georgia has emerged as a major player in the film production industry. However, many are likely unaware that a major factor behind that growth has been the state’s competitive tax incentive program for the entertainment industry. In fact, since the inception of this program in 2008, Georgia has seen a 376 percent increase in film industry jobs.

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.

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