Scott Lawrence

On November 5, 2021, the US House passed the Infrastructure Investments and Jobs Act (H.R. 3684) with a 228-206 vote. The US Senate passed the same version of the bill on August 10, 2021, and the bill was signed into law by President Biden on November 15, 2021. The Act’s provisions are intended to update the country’s aging infrastructure and include over $1.2 trillion billion in new spending.

Bennett Thrasher is pleased to announce the release of its 2021-2022 Tax Guide. This guide is designed to help you understand the key tax law and provision changes that have taken place, so you can plan effectively for your future.

Ben Miller, BT Partner and DFK International Tax Committee Vice Chair for Transfer Pricing, contributed to and served as editor of the recently published 2021 DFK Transfer Pricing Handbook. The updated handbook provides a summary of the transfer pricing rules for over 35 different transfer pricing regimes around the world.

On October 15, 2021, the Internal Revenue Service (IRS) released its Chief Counsel Memorandum, which outlines new requirements for claiming a tax credit refund for the Research & Development (R&D) Tax Credit. Specifically, when claiming a refund for the R&D Tax Credit, taxpayers are required to provide the information below with their tax return.

The CARES Act was signed into law on March 27, 2020, and provides financial assistance to businesses through the ability to claim an Employee Retention Credit (“ERC”). An ERC is a refundable tax credit against certain payroll taxes in 2020 and 2021. The ERC was expanded via the signing of the American Rescue Plan Act into law on March 11, 2021, thereby allowing all newly found businesses to receive funds as a Recovery Startup Business for qualified wages paid during the third and fourth quarter of 2021.

Gamers beware, what has always been said about the only certainties of life, including taxes, is still accurate. Currently, the global eSport industry is valued over $1.08 billion and is projected to grow to $1.62 billion by 2024. With an industry boom, Georgia and other states are taking a closer look at how they’re responding to the income and revenue generated by the eSports industry and professional players.

Companies importing goods from a foreign-related party are required to set prices for imports that meet the expectations of Customs and Border Protection (CBP) and the Internal Revenue Service (IRS). CBP rules focus on ensuring multinational enterprises (MNEs) do not set prices at a level lower than fair market value in order to avoid duties, while the IRS is focused on confirming taxpayers do not set pricing higher than an arm’s length amount to reduce profits and avoid taxes.

In 2010, the Affordable Care Act (ACA) was passed and signed into law, requiring employers with 50 or more full-time employees to offer minimum essential coverage to at least 95 percent of their full-time employees. If coverage isn’t offered or if the coverage offered isn’t affordable, the employer can face an IRS assessment known as an Employer Shared Responsibility Payment (ESRP). It’s important for employers to understand how to navigate the ACA and ESRP reporting requirements and processes.