Most Georgia residents have noticed that the state has become a major destination for the film and entertainment industry over the last several years. Known as the “Hollywood of the South,” Atlanta has become a hub for films and TV series, including The Walking Dead, The Avengers and The Hunger Games.
Countless businesses across the country have been forced to close their doors as COVID-19 continues to spread. As business owners seek to recover losses suffered due to shelter-in-place orders, many business interruption insurance claims are being denied under the assumption that closed businesses have not experienced a “direct physical loss of, or damage to, property.” In turn, business owners are taking insurers to court.
The Paycheck Protection Program Flexibility Act (PPP Flexibility Act) enacted on June 5, 2020 made certain changes to the terms of PPP loans, including extending the deferral period for borrower payments of interest to the date the SBA remits the borrower’s loan forgiveness amount to the lender, or ten months after the end of borrower’s loan forgiveness covered period if the borrower does not apply for loan forgiveness.
On October 8, 2020 the SBA and Treasury Department released a streamlined loan forgiveness application for PPP loans not exceeding $50,000. SBA Form 3508S may be used by any borrower with a total loan amount of $50,000 or less, except for those borrowers that together with their affiliates received loans totaling $2 million or greater.
On October 2, 2020, the Small Business Administration (SBA) issued a procedural notice providing long-awaited guidance for changes of ownership of a PPP borrower.
With all eyes on the November election, many are wondering what impact the upcoming presidential and congressional races might have on estate planning. To provide answers, Bennett Thrasher’s Estates & Trusts practice partnered with BT Wealth Management and Djuric Spratt to present, “Estate Planning in an Election Year.”
As the country struggles to navigate the challenges of COVID-19, schools in particular have had to make some difficult operating decisions for their students and teachers. Some have resumed the school year in-person whereas others have opted for virtual learning, and either option contains their own challenges.
Jeff Eischeid, Managing Partner at Bennett Thrasher, recently sat down with Business RadioX to discuss how the COVID-19 pandemic has presented opportunities and challenges for the firm. In the interview, he shares more about BT’s services, the company’s culture and plans for future growth, as well as lessons learned from the pandemic and current trends in accounting.
Each year, the Internal Revenue Service assesses millions of tax penalties against individuals and businesses. If you have received an IRS penalty notice, you are not alone. In 2019, the IRS sent over 40 million penalty notices and assessed over 40 billion dollars in penalties. More than 60 percent of these penalty notices involved just two offenses: delinquency (failure-to-file) and failure-to-pay.
Bennett Thrasher is proud to announce its recognition in three categories of the Daily Report’s Best of 2020 Reader Survey. The firm was voted as the winner for Best Full-Service Accounting Firm and Best Business Accounting Firm and was one of the top three firms selected as a Best Forensic Accounting Firm.
There is no disputing that the intent of the Coronavirus Aid, Relief and Economic Securities (CARES) Act of 2020 is to provide immediate and tangible economic relief to American workers, families and small businesses. What has been less clear since its passage in March 2020 is how the acceptance of funds available through various CARES Act programs could impact single audit requirements.
Bennett Thrasher, one of the largest full-service public accounting and consulting firms in the country, has been named an INSIDE Public Accounting Best of the Best Firm for 2020. These top performers within the profession are ranked on more than 50 metrics. Best of the Best firms produce superior financial results while planning for long-term, sustainable growth.