Bennett Thrasher, one of the largest and fastest-growing certified public accounting and consulting firms in the country, is pleased to announce it has been named a Best Tax and Accounting Firm in the United States by Forbes for the second consecutive year.
IRS Guidance Sanctions SALT Cap Workarounds Using Entity-Level Taxes on Passthroughs
On November 9, 2020, the IRS issued Notice 2020-75 announcing that Treasury and the IRS plan to issue proposed regulations to clarify that state and local income taxes imposed on and paid by partnerships and S corporations are not subject to the $10,000 SALT cap for their partners or shareholders.
IRS Doubles Down on Non-Deductibility of Expenses Paid with Forgiven PPP Loan Proceeds
Since the IRS issued Notice 2020-32, PPP borrowers and their advisors have questioned whether they can deduct forgivable expenses paid with PPP loan proceeds on their 2020 tax returns if the loan will not be forgiven until 2021. On November 18, 2020, the IRS released Revenue Ruling 2020-27 and Revenue Procedure 2020-51 resolving the timing issues related to PPP loan forgiveness and the deductibility of related PPP expenses.
BT Foundation Donates More Than 125 Boxes of Food to the Center for Family Resources’ Food Drive
The BT Foundation is proud to announce it has donated 128 boxes of food to the Center for Family Resources’ annual Thanks for Giving food drive. This year’s food drive provides Thanksgiving meals and pantry staples for individuals and families in Cobb County who have been directly impacted by COVID-19.
Vault.com Names Bennett Thrasher to 100 Best Internships and Best Internships for Employment Prospects Lists
Bennett Thrasher, one of the largest and fastest-growing certified public accounting and consulting firms in the country, is pleased to announce it has been selected to online career resource Vault.com’s 100 Best Internships and Best Internships for Employment Prospects lists.
Bennett Thrasher Partner Rick Suid Quoted in Atlanta Journal-Constitution Article
Rick Suid, a Partner in Bennett Thrasher’s Financial Reporting & Assurance practice and co-leader of the firm’s Real Estate practice, was recently quoted in an Atlanta Journal-Constitution (AJC) article about how urban dwellers are increasingly moving to suburbia as a result of COVID-19.
2020-2021 Tax Guide
Bennett Thrasher is pleased to announce the release of its 2020-2021 Tax Guide. This guide is designed to help you understand key tax law and provision changes and ensure that you plan effectively for your future.
SBA Intends to Request Loan Necessity Questionnaires from Large PPP Borrowers
On October 26, 2020, the Small Business Administration (SBA) published a notice seeking approval from the Office of Management and Budget (OMB) to release two new forms to supplement the loan forgiveness applications of larger PPP borrowers. The forms, not yet publicly available but have been circulated, will facilitate the collection of information that will be used by SBA loan reviewers to assess borrowers’ good faith certification made on their Paycheck Program Protection (“PPP”) loan application that current economic uncertainty made the loan request necessary to support their ongoing operations.
Peter Stathopoulos Hosts Business Aviation Tax Issues Webinar
When COVID-19 hit the U.S., it brought travel to a screeching halt. As restrictions in the country loosen or are lifted altogether, many are wondering how traveling can be safely resumed, especially in a business setting. Many companies that have traditionally relied on commercial aircrafts are contemplating purchasing a private plane for associates to use instead.
2020 Presidential Election Impact on Tax Policy
The upcoming presidential election could hold long-term implications for tax reform, no matter which candidate wins. While neither campaign has released a detailed tax plan on the campaign trail, former Vice President Biden has proposed high-level policies familiar of the Obama era, and an abrupt departure from the Tax Cuts and Jobs Act (TCJA) measures put into place in 2017.
John Yeager Shares Accounting Outsourcing Tips with Modern Restaurant Management Magazine
Modern Restaurant Management (MRM) magazine recently published an article by John Yeager, Managing Director of Bennett Thrasher’s Business Transformation Services practice. In the article, titled “Three Reasons to Outsource Your Restaurant’s Accounting Services,” he outlines the cost-saving and time-saving benefits of outsourcing accounting services to a skilled provider.
BT and Kennesaw State University Share Results of Georgia Construction COVID-19 Outlook Survey
Bennett Thrasher and Kennesaw State University’s (KSU) College of Architecture and Construction Management are proud to share the results of their fifth annual Georgia Construction Outlook Survey. This year’s survey, which focused on COVID-19’s impact on the industry in the state, captured insights and data from over 120 privately-held construction companies, including home builders, heavy contractors, general contractors and specialty contractors.