On March 21, 2022, the US District Court for the Eastern District of Tennessee ruled in favor of CIC Services, LLC (“CIC”) in their case against the IRS regarding Notice 2016-66 (the “Notice”). In CIC Services, LLC v. IRS (“CIC Services”), the ruling stated that IRS did not comply with the mandatory notice-and-comment requirements under the Administrative Procedures Act (“APA”) and the IRS’ issuance of the Notice was arbitrary and capricious as set forth under the APA.
BT alumni are doing exciting things all over the world, and we want to share a few of their stories with you. Our first spotlight is Haley Chura, a professional triathlete who previously worked for BT in our audit department. Check out our interview with Haley below, and be sure to view her pictures from her time at BT and her current career!
Bennett Thrasher is proud to announce that it has been named by the Atlanta Business Chronicle as the sixth largest accounting firm and tenth fastest-growing accounting firm by revenue in Atlanta. The first list highlights Atlanta’s 25 largest accounting firms, and BT moved up to #6 on this year’s list.
Each year, the IRS assesses thousands of tax penalties for filing tax returns, required forms and making payments late. Taxpayers frequently fail to challenge these penalties and in many cases, the taxpayer didn’t understand that a penalty had been asserted or the IRS mailed the penalty notice to the wrong address.
For many manufacturing firms, balancing inventory costs is vital to the company’s success. However, it can be a guessing game that is difficult to predict. Playing a vital role in successfully managing growth through the company’s business strategy, sustainable inventory cost management requires an effective system.
Titan CEO and headline sponsor Wipfli LLP are pleased to announce Jeff Eischeid, Managing Partner of Bennett Thrasher, as a 2022 Georgia Titan 100. The Titan 100 program recognizes Georgia’s Top 100 CEO’s & C-level executives. They are the area’s most accomplished business leaders in their industry using criteria that includes demonstrating exceptional leadership, vision, and passion. Collectively the 2022 Georgia Titan 100 and their companies employ upwards of 240,000 individuals and generate over $66 billion dollars in annual revenues.
The new lease accounting standard is here for private companies. The revised lease guidance was introduced by the Financial Accounting Standards Board (FASB) in 2016 as Accounting Standards Update (ASU) 2016-02 creating Topic 842, Leases, of the Accounting Standards Codification (Topic 842 or the Lease Standard). Topic 842 is intended to “increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements.”
2021 was another impactful year for the Bennett Thrasher (BT) Foundation, despite the challenges of the COVID-19 pandemic. The Foundation continued to support non-profits in our community via monetary grants and volunteer opportunities for associates and we are proud to share the FY2021 BT Foundation Annual Report, which highlights these activities.
Bennett Thrasher (BT) is proud to share that it has established a Diversity, Equity and Inclusion (DE&I) endowment with the Bennett Thrasher Foundation to support DE&I initiatives in the communities in which our associates live and work. BT is excited to announce its initial grant of $300,000 in conjunction with the Firm’s celebration of Black History Month.
The Tax Cuts and Jobs Act (TCJA) permanently eliminated deductions for most business-related entertainment expenses paid or incurred after 2017. For example, taxpayers can no longer deduct any of the cost of taking clients out for a round of golf, to the theater or for a football game. Taxpayers responded to these changes by implementing changes to accounting systems and reimbursement policies to comply with new rules. But the TCJA didn’t specifically address the meals, beverages and snacks that often accompany entertainment activities, leaving some taxpayers with questions.
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