Recent estimates by the Internal Revenue Service (IRS) indicate that nearly $1 trillion in legally owed taxes go uncollected each year, making addressing this gap a major focus for both the IRS and Biden administration. In fact, it has been proposed by the current administration to increase the IRS’s budget by $80 billion over the next 10 years.
Bennett Thrasher recently collaborated with Sovos, a tax software solution provider, on a webinar discussing what software and digital goods suppliers need to know about the sales tax.
Several key calculations can help you determine gaps in your business that may prevent you from meeting your goals. Our graphic explains the three most important gaps that exist for most business owners and shares how to calculate these gaps to determine how to best meet your business and personal goals.
More than seven weeks after the American Rescue Plan Act (ARPA) was signed into law authorizing the $28.6 billion Restaurant Revitalization Fund (RRF), access to this much-anticipated grant program is now within sight. The U.S. Small Business Administration’s (SBA) RRF Application Portal is set to open for account registration on Friday, April 30, 2021 at 9:00 AM EDT.
On April 9, 2021, the IRS issued IR-2021-82, which urged participants in abusive micro-captive insurance arrangements to exit these transactions as soon as possible. At the time of the release, the IRS noted it has increased examinations of micro-captive arrangements and that it recently won another US Tax Court Case with the March 10, 2021 ruling in Caylor Land & Development, Inc. v. Commissioner, T.C. Memo 2021-30 (“Caylor”).
The COVID-19 pandemic has impacted, to varying degrees, both the current and future financial performance of almost every company across all industries. As a result, assessing goodwill impairment has become a hot topic, with some companies taking another look at the valuation-related processes surrounding their existing goodwill impairment procedures.
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 Accounting 50 and Most Prestigious Accounting Firms lists for 2022.
While the COVID-19 pandemic prompted delays in some captive insurance tax case proceedings and IRS audit activity, there were many other captive insurance developments that occurred in 2020. Captive.com recently published an article that takes a closer look at the current captive insurance landscape.
The IRS continues to increase their scrutiny of cryptocurrency and virtual currency activity in an effort to eliminate widespread noncompliance. The prioritization of virtual currency above other current tax issues reflects the scale of noncompliance and potential revenue collection opportunities. This is most evident in the annual revisions to 2020 Form 1040, where The Virtual Currency Question has been moved to the first page and is prominently featured—front & center.
On Tuesday, March 30, 2021, the Paycheck Protection Program (PPP) application deadline was officially extended from March 31, 2021 until May 31, 2021 via President Biden’s signing of the PPP Extension Act of 2021 (H.R. 1799).
The global pandemic has catalyzed the use of remote workforces. As previously discussed in this article, there are challenges and intricacies for employer nexus and employee withholding, and many states have continued to expand and extend relief granted to companies with employees working remotely due to the COVID-19 pandemic.
Nearly one year after the launch of the SBA’s Paycheck Protection Program (PPP), many small business owners are still struggling to access the financial aid needed to stay afloat. The complexity of the program’s forms, requirements and rule changes has created barriers for small business owners, who may not have access to a knowledgeable source.