In Part I and Part II of this series we introduced different aspects of tax outsourcing, including specific advantages to the co-sourcing model. In Part III we will discuss potential disadvantages to comprehensive outsourcing, and how they may be avoided.
Bennett Thrasher Partner Peter Stathopoulos authored the article “Entertainment Tax Credits and Loan-Out Withholding: A Rough Ride” that appeared in the weekly Ambassadors’ QuickRead.
Bennett Thrasher is proud to announce that the Firm has been recognized as a “Best Full-Service Accounting Firm” and “Best Forensic Accounting Firm” in the Daily Report’s third annual Best Of supplement, honoring the vendors that Georgia lawyers and firm administrators turn to first to keep their lives and their practices on track.
Last month, on September 6, the women of Bennett Thrasher gathered together in the multipurpose room for the launch of the “First Friday” Perspectives meeting. Taking into consideration that many were in the thick of busy season, the meeting was a quick 30 minute session.
David Cay Johnston, in authoring “The Importance of Tax Tribunals,” published by State Tax Today, turned to Peter Stathopoulos for insight on the growing trend of state tax courts/tribunals and their resulting effects on taxpayers. Currently, 32 states and the District of Columbia have some form of a tax tribunal, with Georgia and Illinois being the most recently launched.
Bennett Thrasher is proud to be a sponsor of the Vermont Captive Insurance Association Road Show in Atlanta on October 16 where shareholder Anton Hayward will provide the opening remarks. The day-long seminar, entitled “Strategic Advantages of Captives,” focuses on the basics of captive insurance companies; the reasons for formation; the feasibility process; and key issues in putting a successful captive program together.
Up until the mid-2000s, 1031 exchanges (or like-kind exchanges) were commonly used to defer income taxes on real estate transactions. Around the midpoint of the last decade, the collapse of real property values and the scarcity of bank debt to finance projects caused this tax tool to fall into almost complete disuse.
Restaurants often charge an automatic gratuity for large parties, usually adding about 18% to the check of parties of six or more. For tax purposes, this charge has previously been considered a tip, though it is not up to the discretion of the customer. This definition may soon change due to an IRS announcement, which provides interim guidance on Revenue Ruling 2012-18.
At the beginning of 2013, a new 3.8 percent tax on net investment income took effect for those with annual income above a certain threshold. In his article, “New 3.8 Percent Surtax Could Affect Your Next Home Sale,” published by the Atlanta Journal-Constitution on Sept. 30, 2013, Trey Webb discusses the effect this new tax has on certain real estate transactions.
In Part I of this series we introduced different aspects of tax outsourcing. Part II will be a more in depth discussion of specific advantages to the comprehensive outsourcing, or co-sourcing, model.
In 2009, the Financial Accounting Standards Board (FASB) established an advisory committee to help with the not for profit (NFP) sector known as the Not-For-Profit Advisory Committee (NAC).
The Fortune 500 companies have been taking their businesses international for decades, and now we are seeing the small and medium-sized US businesses enter the global market as well- why is all this effort being made? Simply, it is viewed as a path to grow the company on a larger platform.