Cherry Bekaert: The Tax Beat

Tax Beat hosts, Brooks and Sarah , are joined by their Cherry Bekaert colleagues, Mike Elliot and Barry Weins for a look back at 2021 to discuss a sampling of Federal guidance and court cases that have an impact on closely held businesses and their owners. They talk about final Regulations, Tax Court decisions, Revenue Procedures, IRS Notices, and even changes to 2021 federal tax forms and instruc...

The latest version of the Build Back Better bill was released by the U.S. House of Representatives on November 5, 2021. The bill includes significant spending initiatives which are paid for, in part, by proposed tax provisions that impact companies operating outside the United States. Tax Beat hosts, Brooks and Sarah , invite Cherry Bekaert’s International Tax specialists, Brian Dill and Michael C...

On November 5, 2021, the House of Representatives released the latest version of the Build Back Better bill. This bill presents significant spending initiatives of the Biden Administration. The spending in the bill is paid for by proposed tax provisions impacting businesses and individuals and with greater enforcement efforts by the IRS. Tax beat hosts, Brooks and Sarah , talk with three Cherry Be...

The Internal Revenue Service (IRS) is the one government agency with which almost every individual, couple, business, trust, and not-for-profit organization interacts. And, just like all of us, the IRS and its thousands of employees have been profoundly impacted by the COVID-19 pandemic. In this Tax Beat episode, hosts Brooks and Sarah bring in Anne Oliver , Director and Leader of Cherry Bekaert’s...

As soon as the Tax Cuts and Jobs Act was signed into law in 2017, state tax administrators, small business owners, and residents of states with high property tax and income tax rates began to look for ways to work around the Act’s $10,000 itemized deduction limit for state and local taxes (SALT). Typically, the owner of a partnership or S corporation pays income tax on the share of state income pa...

On September 13, the House Ways and Means Committee and the Joint Committee on Taxation released drafts of proposed tax legislation and estimated budget effects of taxes under the $3.5 trillion budget reconciliation bill.  Many of the provisions in the draft legislation are familiar from President Biden’s American Families Plan and American Jobs Plan and Treasury’s Green Book released earlier this...

Claim R&D Tax Credits to Help Fund Digital Transformation   What if companies could fund part of their digital transformation with federal and state tax credits for increasing Research and Development activities?  In this session, Brooks and Sarah and their guests take a closer look at the intersection of digital transformation and R&D tax credits . Nita Sanger , Director with Cherry Bekae...

Many companies are having very successful years, and at the same time are struggling to find and retain key employees. Could a well-crafted retirement saving plan provide answers to both issues? Tax planning opportunities in the SECURE Act (Setting Every Community Up for Retirement Enhancement Act) may have been overlooked during the Coronavirus pandemic and the subsequent CARES Act. Tax Beat host...

Brooks and Sarah discuss the potential impact of proposed changes to U.S. based multinational companies with Cherry Bekaert’s Brian Dill , Principal and International Tax Leader, and Michael Cornett , Director for International Tax Services. These proposed changes were introduced in the American Jobs Plan and further explained in Treasury’s Green Book. The conversation covers proposed changes to F...

This episode of the Tax Beat focuses on SPACs - Special Purpose Acquisition Companies - that are taking the investment world by storm. SPACs are a new way to get private companies to the public equity market.  Nearly half of all IPOs in 2020 were SPACs and the trend is accelerating in 2021. Management teams and sponsors start with a new, shell corporation listed on a public stock, raise funds by s...

This episode of the Tax Beat is part two of reviewing the U.S. Treasury’s “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (the “Green Book”). The Treasury report was released on May 28, 2021, and provides details of the tax provisions introduced with the American Jobs Plan and the American Families Plan. Following up on our Green Book, Part One conversation, we di...

This episode of the Tax Beat is part one of two reviewing the U.S. Treasury’s “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals” (aka, the “Green Book”). This report was released on May 28, 2021 and provides details of the tax provisions introduced with the American Jobs Plan and the American Families Plan. This episode focuses attention on proposed tax rate increase...

What does the U.S. Supreme Court’s 2018 Wayfair ruling mean today?  How are states enforcing new nexus laws? Can remote sellers ease the burden of their complicated tax obligations?  Tax Beat hosts, Brooks and Sarah , talk to Cherry Bekaert’s State and Local Tax Practice Leader, Cathie Stanton , and Sales and Use Tax Team Leader, Lauren Stinson , to examine the impact of this milestone ruling on b...

The employee retention credit (“ERC”) can be a rewarding incentive for employers who continue paying employees while their businesses and not-for-profit organizations are disrupted by mandates or diminished by lost revenues. Martin Karamon , the leader of the Firm’s ERC team and Robby Burgen , a manager in the Firm’s Credits and Incentives practice answer practical questions about the ERC. Brooks...

This episode of the Tax Beat highlights the income tax provisions proposed in the American Families Plan. The White House staff released the Fact Sheet: The American Families Plan and President Biden introduced the Plan to Congress in a speech on April 28, 2021.  Hosts Brooks Nelson and Sarah McGregor discuss the Plan with their fellow Cherry Bekaert tax professionals, Mike Kirkman , Leader of the...

Listen in as Cherry Bekaert’s Brooks Nelson and Sarah McGregor review the proposed tax provisions outlined in the American Jobs Plan, 2021. They are joined by the firm’s partners Brian Dill , International Tax Practice leader, and Ron Wainwright , Federal Tax Credits and Accounting Methods team leader. The group addresses the legislative process for this proposed bill, the potential impact of tax...