Top Three Tax Issues Impacting Private Equity Firms

It’s hard to believe that over a year has gone by since the Tax Cuts and Jobs Act (TCJA) of 2017 was passed by Congress as one the most comprehensive changes to US taxation in over 30 years.  The carried interest safe harbor, interest expense limitation and the corporate tax rate reduction are three of the most significant ways that the Tax Act has impacted private equity funds, their management companies and their portfolio companies.

Bennett Thrasher Promotes Six to Partner

Bennett Thrasher LLP is pleased to announce the election of six firm professionals to its partnership, effective July 1, 2019. The six represents Bennett Thrasher’s largest new partner class ever and includes individuals from six different practice areas: Financial Reporting and Assurance, International Personal Financial Services, Real Estate Hospitality Tax, Risk Advisory, State and Local Tax and Transaction Advisory Services

Georgia Law Makes Payroll Tax Credits Transferable

In 2018, Georgia passed House Bill 918 to modify and expand usage of Georgia tax credits, particularly for credits against Georgia payroll tax withholding. Georgia law permits taxpayers to elect to use certain income tax credits, such as the Jobs Tax Credit or Research & Development Tax Credit, against their Georgia payroll tax withholding obligations.

Bennett Thrasher Welcomes New Transfer Pricing Service Provider

Leda Zhuang joined Bennett Thrasher in 2019 as a transfer pricing expert to support the existing practice led by Ben Miller.  She has assisted numerous multinational firms with a global presence to evaluate and address their intercompany pricing matters for purposes of documentation, business restructuring, and tax planning.

BT in the Land Down Under

Secondment (NOUN): the detachment of a person from his or her regular organization for temporary assignment elsewhere.

This past summer, the three of us had the opportunity to participate in a secondment with two firms in Australia – one in Sydney and one in Melbourne. The opportunity came to Bennett Thrasher in April 2018 from Scott Hazy, an audit partner within our firm who is well connected to our global affiliates through the DFK and LEA networks.

Upcoming Recruiting Events

Although the firm welcomed 15 interns to the Bennett Thrasher family in January, we are busy preparing for our spring recruiting season.  During the spring, the firm recruits for our summer leadership Break Through Conference, which will be held June 6-7 this year.

Day of Understanding Recap

As a part of Bennett Thrasher’s continuing commitment to Diversity and Inclusion, on December 7th, over 130 associates gathered for a Day of Understanding.  The day focused on exploring implicit biases and conversations of understanding regarding personalities and organizational and cultural differences

Sales Tax Economic Nexus Applies to All Businesses, Not Just E-Commerce

In last summer’s landmark decision of South Dakota v. Wayfair, Inc. (“Wayfair”), the US Supreme Court upheld South Dakota’s economic nexus law, which requires companies to collect sales tax when their sales or number of transactions with that state exceed certain thresholds.

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