Bennett Thrasher LLP Selected as DFK USA Firm of the Year

Bennett Thrasher LLP, one of the country’s largest, full-service certified public accounting and consulting firms, has been awarded DFK USA’s Firm of the Year award. The award was presented to Bennett Thrasher at DFK North America’s annual conference on November 1, 2019 in Hawaii. Founded in 1962, DFK is a Top 10 international association of independent accounting firms and business advisers.

How to Navigate the New Lease Accounting Adoption Process

As was publicized earlier this month, FASB officially approved the deferral of the new lease accounting standard (ASC 842) for private companies for another year. The new effective date is for fiscal years beginning after December 15, 2020, or 2021 for calendar year companies.

What’s the BT Foundation Been Up To?

A few of the BT Foundation’s recipients recently visited the office to meet with Foundation members and receive their grants. Among those recipients include Susan G. Komen, Share the Magic, Nic’s Kicks, Hope Thru Soap, and Crossroads Community Ministries.

10 Tips for a Successful Internship

Bennett Thrasher’s talent acquisition team hosted close to 70 students for office visits to be considered for our 2020 internship program. We value the time students took to speak with our team and experience firsthand BT’s unique culture.

Appealing an IRS Decision

Tax compliance controversies can involve proposed tax assessments, tax collection or other IRS actions. While many taxpayers believe that the first decision in an IRS tax compliance matter is final, almost all decisions are subject to review by the IRS Independent Office of Appeals.

4 Key Takeaways from Ben Miller’s Presentation on Transfer Pricing

Bennett Thrasher Tax Partner Ben Miller recently spoke at a seminar at K&Y on transfer pricing. During the presentation, Miller shared the common mistakes made by multinational companies when pricing intercompany transactions and offered insight and simple steps companies can take to confirm their transfer pricing is appropriate and how to build an audit defense file.

Considerations for Contractors Implementing the New Revenue Recognition Standard (ASC 606)

When the Financial Accounting Standards Board (FASB) finally revealed its new revenue recognition standard (ASU 2014-09 – Revenue from Contracts with Customers) back in 2014, the standard was beyond complex. As a result, the FASB formed 16 industry task groups (including one for construction) to clarify and explain the standard, and issued five related standards.

Increase the Value of Your Business for a Successful Exit

As a business owner, you probably think of all the things you would like to do once you sell your business and enjoy your next venture. Or perhaps you have plans to travel, learn new skills and achieve personal growth. To do all of these things, however, it is essential that you make plans now to strengthen the value of your business prior to exiting.

Changing Rules in Taxation of Digitalization of the Economy

On May 31, the Organization for Economic Co-operation and Development (“OECD”) issued a proposed approach to addressing challenges arising from the digitalization of the economy (the “Program of Work”).  If it reaches consensus, the Program of Work could change “how taxing rights on income generated from cross-border activities in the digital age should be allocated among countries.”

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