The SECURE Act Modifies Several Retirement Plan Requirements

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was passed as a part of the Further Consolidated Appropriations Act signed into law on December 20, 2019. The SECURE Act makes important changes to the requirements for retirement plan funding and distributions, as well as modifying other tax provisions including the kiddie tax rules. While most of the SECURE Act’s provisions expand opportunities for individuals to increase their savings, the legislation includes one change that will require some taxpayers to update their estate plans.

2019 Tax Law Change Update: Highlights of Spending Package’s Tax Law Changes

The federal government spending package titled the Further Consolidated Appropriations Act, 2020 and signed into law on December 20, 2019, averted a government shutdown that would have begun on December 19 and funds the government through September 30, 2020. The Act also includes various tax provisions. The tax legislation, which was the product of intense negotiations between congressional leaders and the White House, extends through 2020 some of the tax incentives for individuals and businesses, known as extenders, that had already expired or that were due to expire at the end of 2019.

What’s Adequate Risk Distribution After Recent Trilogy of Captive Tax Cases?

In three recent cases, the U.S. Tax Court found related-party insurance companies (captive insurance companies) didn’t sufficiently distribute risk to allow the insured parties to deduct their premium payments. In an article recently published by Bloomberg Tax, Laurie Bizzell of Bennett Thrasher LLP analyzes the cases, the court’s historical view and the IRS’ position to find there is no conclusive definition of risk distribution.

BT Foundation Annual Report FY19

We are proud to share our FY 2019 Bennett Thrasher Foundation Annual Report. The purpose of the Annual Report is to share both the accomplishments and impact the Foundation has made in the Greater Atlanta area through monetary grants and volunteer projects.

Bennett Thrasher LLP Selected as DFK USA Firm of the Year

Bennett Thrasher LLP, one of the country’s largest, full-service certified public accounting and consulting firms, has been awarded DFK USA’s Firm of the Year award. The award was presented to Bennett Thrasher at DFK North America’s annual conference on November 1, 2019 in Hawaii. Founded in 1962, DFK is a Top 10 international association of independent accounting firms and business advisers.

How to Navigate the New Lease Accounting Adoption Process

As was publicized earlier this month, FASB officially approved the deferral of the new lease accounting standard (ASC 842) for private companies for another year. The new effective date is for fiscal years beginning after December 15, 2020, or 2021 for calendar year companies.

What’s the BT Foundation Been Up To?

A few of the BT Foundation’s recipients recently visited the office to meet with Foundation members and receive their grants. Among those recipients include Susan G. Komen, Share the Magic, Nic’s Kicks, Hope Thru Soap, and Crossroads Community Ministries.

10 Tips for a Successful Internship

Bennett Thrasher’s talent acquisition team hosted close to 70 students for office visits to be considered for our 2020 internship program. We value the time students took to speak with our team and experience firsthand BT’s unique culture.

Appealing an IRS Decision

Tax compliance controversies can involve proposed tax assessments, tax collection or other IRS actions. While many taxpayers believe that the first decision in an IRS tax compliance matter is final, almost all decisions are subject to review by the IRS Independent Office of Appeals.

4 Key Takeaways from Ben Miller’s Presentation on Transfer Pricing

Bennett Thrasher Tax Partner Ben Miller recently spoke at a seminar at K&Y on transfer pricing. During the presentation, Miller shared the common mistakes made by multinational companies when pricing intercompany transactions and offered insight and simple steps companies can take to confirm their transfer pricing is appropriate and how to build an audit defense file.

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