Since the IRS issued Notice 2020-32, PPP borrowers and their advisors have questioned whether they can deduct forgivable expenses paid with PPP loan proceeds on their 2020 tax returns if the loan will not be forgiven until 2021. On November 18, 2020, the IRS released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 resolving the timing issues related to PPP loan forgiveness and the deductibility of related PPP expenses.
The BT Foundation is proud to announce it has donated 128 boxes of food to the Center for Family Resources’ annual Thanks for Giving food drive. This year’s food drive provides Thanksgiving meals and pantry staples for individuals and families in Cobb County who have been directly impacted by COVID-19.
Bennett Thrasher, one of the largest and fastest-growing certified public accounting and consulting firms in the country, is pleased to announce it has been selected to online career resource Vault.com’s 100 Best Internships and Best Internships for Employment Prospects lists.
Rick Suid, a Partner in Bennett Thrasher’s Financial Reporting & Assurance practice and co-leader of the firm’s Real Estate practice, was recently quoted in an Atlanta Journal-Constitution (AJC) article about how urban dwellers are increasingly moving to suburbia as a result of COVID-19.
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.
On October 26, 2020, the Small Business Administration (SBA) published a notice seeking approval from the Office of Management and Budget (OMB) to release two new forms to supplement the loan forgiveness applications of larger PPP borrowers. The forms, not yet publicly available but have been circulated, will facilitate the collection of information that will be used by SBA loan reviewers to assess borrowers’ good faith certification made on their Paycheck Program Protection (“PPP”) loan application that current economic uncertainty made the loan request necessary to support their ongoing operations.
When COVID-19 hit the U.S., it brought travel to a screeching halt. As restrictions in the country loosen or are lifted altogether, many are wondering how traveling can be safely resumed, especially in a business setting. Many companies that have traditionally relied on commercial aircrafts are contemplating purchasing a private plane for associates to use instead.
The upcoming presidential election could hold long-term implications for tax reform, no matter which candidate wins. While neither campaign has released a detailed tax plan on the campaign trail, former Vice President Biden has proposed high-level policies familiar of the Obama era, and an abrupt departure from the Tax Cuts and Jobs Act (TCJA) measures put into place in 2017.
Modern Restaurant Management (MRM) magazine recently published an article by John Yeager, Managing Director of Bennett Thrasher’s Business Transformation Services practice. In the article, titled “Three Reasons to Outsource Your Restaurant’s Accounting Services,” he outlines the cost-saving and time-saving benefits of outsourcing accounting services to a skilled provider.
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.
Most Georgia residents have noticed that the state has become a major destination for the film and entertainment industry over the last several years. Known as the “Hollywood of the South,” Atlanta has become a hub for films and TV series, including The Walking Dead, The Avengers and The Hunger Games.
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.