Over the past 15 years, Georgia has established itself as a go-to location for production. The coronavirus pandemic, however, has created challenges for the industry and temporarily brought production to a halt. To discuss how studios can successfully restart production in the state, Entertainment Partners and Barnes & Thornburg hosted the webinar, “Georgia on My Mind: Pushing Play on Production in Georgia.”
Today’s “gig economy” lends itself to temporary jobs, short-term contracts and flexible work arrangements between businesses and the professionals providing services. Since the beginning of the gig economy following the Great Recession, the number of contract workers has grown to more than one third of the total workforce in the U.S. With an increasingly remote labor force, this growth is expected to continually increase.
On August 4, 2020, Georgia Governor Brian Kemp signed H.B. 1037 (the “Bill”) into law, which contains modifications to Georgia’s entertainment tax credit program (the “Program”). Peter Stathopoulos, head of Bennett Thrasher’s Entertainment practice and Chair of the Governmental Affairs Committee of Georgia Production Partnership, worked with industry lobbyists, other entertainment coalitions and lawmakers in helping to shape portions of the Bill.
Bennett Thrasher, one of the largest full-service public accounting and consulting firms in the country, has been selected by Construction Executive (CE) for its annual list of The Top 50 Construction Accounting Firms in the U.S.
The coronavirus pandemic has forced business owners to pivot and embrace the changes that have come with this new normal. The restaurant industry in particular has had to adapt, as dining rooms are forced to close, and owners must rethink their ordering and payment processes. These changes have resulted in a primarily off-premise dining strategy. Kinetic12, a management consulting firm operating at the center of the food industry, stresses that these fixes will not be temporary; restaurants must continue to adjust to these changes not only to grow, but to survive.
SelectCobb, a division of the Cobb County Chamber of Commerce, is offering small businesses based in Cobb County with up to $40,000 in grants to help mitigate financial hardships created by the COVID-19 pandemic. The application has been reopened for funding, as it previously closed in June.
With the current COVID-19 pandemic, many businesses have applied for Paycheck Protection Program (“PPP”) loans with the intention of applying for loan forgiveness. However, companies that received PPP loans may experience a reduction in their ability to claim both federal and state Research and Development (“R&D”) tax credits.
Under pressure to audit taxpayers across all income classes more equally, the IRS has been directed by Treasury Secretary Steven Mnuchin to ramp up audits of the wealthier taxpayers. The move is in response to growing pressure on the agency after increasing audits on lower-income taxpayers and decreasing audits of high-income individuals.
The possibility of an IRS audit haunts many businesses, but what factors contribute to that risk? For example, have business processes been implemented to sufficiently capture required documentation, such as withholdings and withholding taxes? Has the business been consistent with its accounting methods?
Beginning your career can be an overwhelming experience, especially during a pandemic. To help students successfully navigate the job process in today’s virtual environment, Nicole Pearce, Assistant Director of Strategic Partnerships at Kennesaw State University, launched Career Conversations, a video series on LinkedIn that provides students with career-related tips and tricks. In one of her recent videos, she spoke with Jabari Scott, Bennett Thrasher’s Talent Acquisition Coordinator, and asked for his advice on how to maximize remote internships.
While COVID-19 has Americans spending more time than usual in their homes, many are wondering whether “home sweet home” might actually be sweeter elsewhere. Whether for convenience, vocation or quality of life, it is important to understand that moving states may not necessarily change an individual’s state of residence for income tax purposes.
Many practitioners are familiar with the benefit of using disregarded entities (DREs) or Single Member Limited Liability Companies (SMLLCs) in structuring merger and acquisition transactions. However, advisors should also consider the advantages of using F reorganizations to solve certain issues that can be encountered when forming a SMLLC.