Bennett Thrasher’s Commitment to its Associates Places it Among AJC’s Top Workplaces for Second Consecutive Year

Bennett Thrasher is proud to announce it has been named a Top Workplace by The Atlanta Journal-Constitution (AJC) for the second year in a row. Based solely on employee feedback gathered through a third-party survey administered by the AJC and its technology partner Energage, LLC, this award ranks companies on criteria such as employee engagement, company leadership, benefits and training initiatives.

IRS Extends the Tax Filing Deadline for Individuals to May 17

On March 17, 2021, the Treasury Department and the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers, including those who pay self-employment tax, can also postpone 2020 federal income tax payments due on April 15, 2021 to May 17, 2021, without penalties and interest, regardless of the amount owed.

Bennett Thrasher Welcomes Tom Quinn as Chief Financial Officer

Bennett Thrasher, one of the largest full-service public accounting and consulting firms in the country, is proud to announce the addition of Tom Quinn as Chief Financial Officer. Quinn brings over 25 years of executive leadership experience with public companies, private equity portfolio companies and closely held ownership structures.

Could You Benefit from IRC Section 1202 and the Sale of Qualified Small Business Stock?

Internal Revenue Code (IRC) Section 1202 is a significant tax benefit that should be considered by those who have invested in small businesses and startups. This tax exemption allows noncorporate taxpayers who acquired qualified small business stock (QSBS) at original issuance and have held the stock for at least five years, the opportunity to take advantage of preferential tax treatment upon disposition of the QSBS.

M&A Insights: Immunizing Your Deal from COVID-19 Disputes

Needless to say, COVID-19 has impacted the economic landscape of many businesses, across a wide array of industries, around the globe. As a result, many businesses have experienced increased risk and uncertainty about the future. This risk and uncertainty have caused many proposed and pending M&A transactions to be renegotiated, put on hold or terminated altogether.

Restaurant Owners to Benefit from The American Rescue Plan Act of 2021

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.

Spike in Cryptocurrency Market Value Fuels IRS Crackdown and Privacy Debate

In January 2021, the market value of the world’s cryptocurrencies passed $1 trillion – a record-breaking milestone for digital currencies that only six months prior had a total market value of around $260 billion. Although the masses have yet to adopt digital currencies as a widely used, primary medium of exchange, cryptocurrency is now the world’s fifth most circulated currency by value, suggesting it’s becoming more mainstream.

Brian Sengson Selected for Pebble Tossers Board of Directors

Brian Sengson, a Senior Manager in Bennett Thrasher’s State & Local Tax practice and BT Foundation board member, was recently selected to serve on the board of directors for Pebble Tossers, Atlanta’s leading youth development non-profit foundation. According to a press release from the organization, the 2021 board will focus on expanding offerings, diversifying the organization’s community base and helping local youth with developing leadership skills. Sengson is one of four community leaders to be selected to the board.

SBA Clarifies Need Assessment for Second Draw PPP Loans and New Rules for Schedule C Filers

On March 3, 2021, the Small Business Administration (SBA) released new FAQs related to the Paycheck Protection Program (PPP) which incorporate the changes made to the program by the Consolidated Appropriations Act. Notably, the SBA updated FAQ 46 to assure businesses that all Second Draw PPP loan borrowers, because they must demonstrate a 25% reduction in gross revenues, will be deemed to have made the required good faith certification concerning the necessity of their loans.

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