Cherry Bekaert: Tax Services

Targeted populations transactions offer a powerful, but often misunderstood, pathway to qualify for New Markets Tax Credits (NMTCs) . These deals can unlock financing for projects that serve or employ low-income individuals, even when they fall outside traditional geographic eligibility. However, they also introduce unique compliance challenges and require strategic planning to execute successfull...

New Markets Tax Credits (NMTCs) continue to be a transformative tool for driving economic development and revitalization in underserved communities. With the recent passage of legislation making the NMTC program permanent beginning January 1, 2026, organizations now have long-term certainty to plan and invest in impactful projects. In this episode of Cherry Bekaert’s Tax Services Podcast, Laurel T...

New Markets Tax Credits (NMTCs) are a powerful tool for driving economic development and expanding services in underserved communities. In this episode of Cherry Bekaert’s Tax Services Podcast, Trevor Nelson , Manager with the Strategic Financing Services team, speaks with Catriona Carlisle , Executive Director of Meals on Wheels of Greenville , about how NMTCs supported a major facility expansion...

New Markets Tax Credits (NMTCs) provide essential benefits for driving economic growth and revitalization in underserved communities. By leveraging this impactful program, organizations can attract significant private sector investment through loans or equity, transforming community development projects and expanding access to jobs, facilities and services. Additionally, NMTCs enhance the capacity...

Sales tax automation provides numerous advantages, simplifying the complex process of calculating sales and use taxes. By leveraging advanced tax technology, such as Avalara, businesses can streamline tax compliance and rely on accurate tax calculations that can withstand the scrutiny of an audit.  Additionally, automation simplifies tax management across multiple platforms, channels, and enterpri...

In the most recent episode of Cherry Bekaert’s Tax Services podcast, we focus on the Virginia pass-through entity tax (PTET) election. Join Cathie Shaw , partner at Cherry Bekaert, and Tony Konkol , State and Local Tax Manager, as they navigate the intricacies of this important topic. The Virginia PTET election is a crucial consideration for businesses operating in the state. Throughout the podcas...

Following other jurisdictions that created a workaround from new requirements in the Tax Cuts and Jobs Act of 2017, North Carolina first enacted their pass-through entity tax (PTET) election through North Carolina Bill 105. These elections became available to businesses on January 1, 2022. Businesses operating as partnerships or S Corporations and filing a Federal Form 1065 or 1120-S, are potentia...

Georgia House Bill 149 , that went into effect January 1, 2022, created the opportunity to make pass-through entity tax (“PTET”) elections in the state. PTET elections provide a workaround of the $10,000 limitation for the amount of state and local taxes that individuals can deduct from federal taxes. Businesses that operate as S-corporations, pass-through entities, partnerships, and LLCs treated...

On June 1, 2022, the Internal Revenue Service (“IRS”) released the latest edition of the audit technique guideline (“ATG”). The recent round of updates take a look at the complexity around cost segregation studies and provide more guidelines and clarity for these studies. In Cherry Bekaert’s latest Tax Credits and Incentives Advisory’s (“TCIA”) podcast, Ron Wainwright, a Strategic Tax Partner and...

Our Tax Credits & Incentives Advisory podcast dives into the current hot topics our knowledgeable leaders have been seeing around cost segregation . This podcast covers the basics of cost segregation with a focus on the updated Audit Technique Guideline (ATG) for cost segregation. Our speakers will also provide clarity around how bonus depreciation can help with a cost segregation study and ho...

In this episode of Cherry Bekaert’s Tax Credits & Incentives Advisory Podcast, Martin Karamon welcomes Tax Credits & Incentives Advisory leaders Dan Mennel and Vivian Kohrs to talk about R&D documentation as you make investments in technology or look at the ROI of making such an investment. The R&D Tax Credit is one of the most lucrative incentives available to taxpayers and provid...

R&D tax credit studies help companies secure cash from credits and incentives in recognition of their innovative products, services and activities. When a R&D study is well prepared, it represents a low-risk endeavor that usually generates a strong ROI for the taxpayer. However, when the study is not well prepared, it can be high risk and have a low ROI. This podcast shares what to conside...

Now is the time to take a first, second or third look at the Employee Retention Credit (“ERC”) . It’s not too late for employers to qualify for significant tax credits due to partial shutdowns or declines in gross receipts during 2020 and 2021. Cherry Bekaert’s Jamie Walker , Tax Services Partner, and Martin Karamon , Tax Services Principal and leader of the firm’s ERC Team, clear up the confusion...

Don’t miss the opportunity for PPP loan forgiveness ! Payment deferral periods are ending for many loan recipients. Find out when you need to apply for forgiveness and learn how the application process works. Cherry Bekaert’s John Carpenter , Managing Director and leader of the firm’s PPP Loan Assistance team, is joined by Evan Usry , Senior Associate, to discuss what you need to know about PPP Lo...

Chapters: 1:10 - Address the postponed deadline for Form 1040 6:45 - Walk through key individual tax provisions contained in ARPA 14:55 - Continue to business tax provisions contained in ARPA 17:40 -Identify changes to the Employee Retention Credit program 25:37 - Highlight state and local income tax implications -------------------------------------------------------------------------------------...

COVID-19 Employee Retention Credit (“ERC”) has Applicability to Law Firms The Consolidated Appropriations Act, 2021 (“the Act”) expanded and extended the Employee Retention Credit (“ERC”) provisions making this payroll tax refund available to a broader range of employers. The Act also increased the credit rate from 50% of Qualifying Wages during the year (2020) to 70% of Qualifying Wages in both Q...

Employers that have been affected by COVID-19 that experienced a significant decline in revenues, or that had to comply with government mandates restricting travel, commerce, operating hours, may qualify for a refundable Employee Retention payroll tax credit, even if the Employer previously applied for PPP benefits. This podcast provides a complete and concise explanation of the Employee Retention...

Following the presidential inauguration on January 20, 2021, Ron Wainwright , Tax Partner and Sarah McGregor , Tax Director, took to the waves to discuss President Biden’s initial tax plans for the first 100 days and look back at proposals from his campaign. During this week’s podcast, Ron and Sarah discussed planning opportunities for both businesses and individuals as they examined the tax propo...