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).
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.
Peter Stathopoulos, Partner in Bennett Thrasher State & Local Tax practice and leader of the firm’s Entertainment practice, recently testified before the Georgia House Committee on Creative Arts and Entertainment that production in Georgia is currently booming due in part to the state being the first to reopen for production post-pandemic.
Bennett Thrasher is proud to announce it has been named to Accounting Today’s Top 100 Firms list for the sixth consecutive year, ranking 70th based on revenue and growth. The firm has consistently increased in rank since 2016, most recently moving up from #74 in 2020.
In January 2021, the U.S. Department of Justice (“DOJ”) reported its annual False Claims Act (“FCA”) statistics for recoveries resulting from civil settlements and judgements in fiscal year (“FY”) 2020 (October 1, 2019 – September 30, 2020). The FCA is the DOJ’s most powerful tool in combating false claims submitted to the government by individuals and companies. Most FCA cases brought by the government target those that operate in the healthcare industry.
The OECD’s new emphasis on aligning profits with value creation through the conclusion of the BEPS Action Plan has resulted in an ever-growing number of companies facing the challenge of preparing documentation that includes detailed value chain analyses and justifies transfer pricing (TP) policies.
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