IRS Expands Mandate to Increase Electronic Tax Filing

Although the major majority (92 percent) of tax returns are filed electronically, the IRS is seeking full conversion to e-filing. Two sections of The Taxpayer First Act of 2019 (TFA) extend that mandate by requiring more businesses, partnerships and nonprofit organizations to e-file.

Anthony Szczepaniak Named Chief Executive Officer of LEA Global

LEA Global welcomes Anthony (Tony) Szczepaniak as Chief Executive Officer (CEO). Szczepaniak will lead the strategic direction and day-to-day operations of the international accounting association, focusing on membership best practices, cohesiveness, collaboration and growth.

Understanding COVID-19’s Impact on Fair Value Measurements

As the coronavirus (COVID-19) pandemic continues to rattle financial markets and the broader global economy, it also has added even greater uncertainty around fair value measurements, a financial reporting requirement that many businesses have long found challenging.

SBA Releases New PPP Loan Forgiveness Applications

On June 16, 2020 the Small Business Administration (SBA) released a revised PPP Loan Forgiveness Application, unveiled a new simplified version of the application that requires fewer calculations and documentation, and issued new guidance to reflect changes made by the Paycheck Protection Program Flexibility Act of 2020 (PPP Flexibility Act). The applications and guidance clarify what compensation is eligible for loan forgiveness and ease concerns for businesses trying to use PPP loans and have them fully forgiven.

Trump Signs PPP Flexibility Act, Provides Greater Flexibility to Use Loan Funds

On June 3, 2020, the Senate unanimously passed the Paycheck Protection Program Flexibility Act of 2020 (the “PPP Flexibility Act”), which was enacted on June 5, 2020. In a nearly unanimous vote, the House approved the bill on May 28 with only one representative casting a dissenting vote. The bi-partisan legislation makes extensive changes to the Small Business Administration’s Paycheck Protection Program (PPP) by providing employers with more flexibility and time to use PPP funds and still qualify for loan forgiveness.

Research & Development Tax Credits: What You Need to Know

Businesses across industries continue to struggle during the coronavirus pandemic to ensure they can maintain adequate cash flow, meet financial obligations and keep their operations afloat.  Fortunately, the federal research and development tax credit may provide refund opportunities and provide some relief during uncertain times. 

Payroll Tax Compliance: What Employers Need to Know

When thinking about tax obligations, companies and individuals often focus their attention on federal and state income taxes. However, it is important that companies not overlook their payroll tax obligations, as these can often be a trap for the unwary.

Stephen Klein Shares PPP Insights in Mission Local Article

As businesses are struggling to navigate the SBA Paycheck Protection Program (PPP), Mission Local sought out Stephen Klein, Managing Director of Bennett Thrasher’s Bankruptcy & Restructuring practice, for his insight on the program. While PPP loans are intended to be used to pay employees and other overhead costs during the coronavirus pandemic, business owners are weary about the forgiveness process and how they should navigate repayment versus forgiveness.

Tim Oberst Joins Thought Leaders to Discuss Strategies to Implement during Uncertain Times

The Rawls Group recently hosted a webinar featuring experts from Bennett Thrasher, Burr Forman, People 1 and NLP Center of Atlanta who weighed in on effective strategies companies should implement to navigate the current uncertainty related to the coronavirus. Tim Oberst, a Tax Partner at Bennett Thrasher who has been instrumental in navigating the Paycheck Protection Program (PPP) loans and Coronavirus Aid, Relief and Economic Security (CARES) Act, shared his insight and advice for small businesses to consider in the current environment.

National Bestseller “The Millennial Whisper” Captures BT’s Commitment to Employees and Culture

The Millennial Whisperer, the practical, profit-focused playbook for working with and motivating the world’s largest generation, dives into what it takes to create a workplace environment that attracts, rewards, promotes and maintains millennial employees. Chris Tuff, the Atlanta-based author of the book, highlights Bennett Thrasher’s commitment to this generation and shares how the firm engages all employees.

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