5 Steps to Business Continuity During the Coronavirus Pandemic

As the coronavirus (COVID-19) rapidly spreads within the U.S., how do business leaders ensure continuity during this pandemic? Employee, customer and vendor safety is paramount, but as more activities are canceled and face-to-face meeting aren’t advised, how can business leaders take steps to continue serving their customers? While many employers are encouraging employees to work from home, that’s not always possible for industries like manufacturing, retail and many others.

Family First Coronavirus Response Act

On March 18, 2020, President Trump signed the Families First Coronavirus Response Act to provide affected individuals with paid sick and family leave and create tax credits for employers effected by the coronavirus. Effective 15 days after enactment (March 18, 2020), the Act creates a new category of benefits available until December 31, 2020. Please find the highlights of the new law below.

Breaking News – April 15 Filing Deadline Extended to July 15

Treasury Secretary Steven Mnuchin tweeted today that the April 15, 2020 tax return filing deadline will be postponed until July 15, giving all taxpayers an additional three months to file their returns and make tax payments without interest or penalties. We are waiting for clarity on how today’s statement will modify guidance previously released and will provide additional details as they are made available.

A Warning About Phishing Emails

With the everchanging COVID-19 pandemic, “threat actors” are increasing their focus on Phishing emails and other creative methods of attack. To assist in securely communicating with Bennett Thrasher or any other company/individual, we wanted to provide these helpful safety tips when communicating sensitive information over the internet.

Bennett Thrasher Rises on Accounting Today’s Top 100 Firms List

In the 2020 edition of Accounting Today’s Top 100 Firms, Bennett Thrasher is ranked as the 74th largest accounting firm in the nation – moving up four spots from 2019 – based on the firm’s revenue and growth over the past year. Accounting Today’s Top 100 Firms list annually ranks the largest accounting firms in the United States and regions across the nation.

Atlanta Business Chronicle Shares M&A Insights from Strategic Dealmakers

The Atlanta Business Chronicle recently published an article that captures M&A insights from a panel discussion at ACG’s 2020 Atlanta Capital Connection. Bennett Thrasher Partner Vijay Vaswani moderated the conversation and strategic dealmakers from Burr & Thurman, LLP, McGriff Seibels & Williams, Cox Enterprises, Cardlytics and Argenbright Holdings elaborated on current themes and trends in the industry.

State & Local Taxation: A Two Year Survey

Brian Sengson, DiAndria Green and David Greenberg, advisors within Bennett Thrasher’s State and Local Tax group, were recently published in the Fall edition of Mercer Law Review’s Annual Survey of Georgia Law. Their article, State & Local Taxation: A Two Year Survey, summarizes the most critical and comprehensive changes to Georgia tax law from June 2017 to May 2019.

IRS LBI Division – Recent Developments and Trends

To address the loss of over 40% of its Revenue Agents over the past decade, in 2017 the IRS Large Business and International Division (LBI) embarked on an issue-focused approach to identify and address tax compliance problems. LBI Revenue Agents still conduct the traditional broad-based examinations in which many tax issues are examined but are moving toward focusing on certain tax issues, in which taxpayers having one or more of these issues on their tax return are selected for what the IRS calls “campaign treatment streams.”

Excess Business Loss Rules May be Unfavorable

Sole proprietorships and pass-through entity structures, which include partnerships, S corporations and certain limited liability companies (LLCs), provide owners with valuable tax benefits, such as avoidance of double taxation and the potential ability to deduct losses from the business on their individual tax returns. However, the Tax Cuts and Jobs Act (TCJA) of 2017 placed new limitations on deducting business losses. Here’s a look at the changes in the rules and how they might affect you.

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