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JJ LITTRELL
JJ leads firm’s Outsourced Accounting and Business Consulting practice, as well as serving as the functional Engagement Performance leader. In her roles, JJ focuses on developing the team, supervising accounting and advisory work, as well as writing and documenting policies and procedures. JJ leads the Employment Retention Credit and Families First Coronavirus Response Act task IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB August 27, 2020 You made your annual “contribution” to your college booster club (such as Clemson’s IPTAY, Alabama’s Tide Pride, the Wolfpack Club, Gamecock Club) or any of the similar clubs of major college football schools that provide contributors the right to purchase tickets.BERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customersTHOMAS SELF
Thomas focuses on pass-through entities, closely held businesses and high net-worth individuals. As a member of the firm’s Closely Held Business and Personal Financial Services group, he provides holistic tax planning and compliance services to businesses and their owners to ensure that client objectives are met. Thomas has extensive experience in providing tax services toANNIE BRINK
Professional Overview Based in the Greenville office, Annie helps identify, develop, and secure new business opportunities for the Risk Advisory and Cybersecurity practice by generating leads, maintaining client relationships, and coordinating promotional activities. Annie is experienced in developing, writing, and assisting in the proposal process and has helped her service line in developing LUCY GATES | ELLIOTT DAVIS Lucy has more than 10 years of experience in tax planning and compliance. She focuses primarily in the areas of corporate, partnership and state taxation. Working with flow-through entities with an emphasis on hedge funds, offshore funds, mezzanine funds, private equity funds and venture capital groups. Lucy has advised and assisted clients with federal, stateDENISE DAUPHIN
Professional Overview Denise has more than 25 years of consulting experience, providing financial advisory services for matters in dispute or under investigation involving issues related to business valuations, contract disputes, shareholder disputes, mergers and acquisitions, breaches in fiduciary duties, tortious interference, business interruptions, accounting and fraud, among others.BRENT MCDADE
Professional Overview With more than 25 years of experience in the fields of business valuation and economic damages, Brent provides valuation, litigation support, and transaction advisory services to companies in a variety of industries. His experience includes valuation services related to buy-sell agreements, employee stock ownership plans, estate and gift tax matters, fairness opinions HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm. QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accountingJJ LITTRELL
JJ leads firm’s Outsourced Accounting and Business Consulting practice, as well as serving as the functional Engagement Performance leader. In her roles, JJ focuses on developing the team, supervising accounting and advisory work, as well as writing and documenting policies and procedures. JJ leads the Employment Retention Credit and Families First Coronavirus Response Act task IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB August 27, 2020 You made your annual “contribution” to your college booster club (such as Clemson’s IPTAY, Alabama’s Tide Pride, the Wolfpack Club, Gamecock Club) or any of the similar clubs of major college football schools that provide contributors the right to purchase tickets.BERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customersTHOMAS SELF
Thomas focuses on pass-through entities, closely held businesses and high net-worth individuals. As a member of the firm’s Closely Held Business and Personal Financial Services group, he provides holistic tax planning and compliance services to businesses and their owners to ensure that client objectives are met. Thomas has extensive experience in providing tax services toANNIE BRINK
Professional Overview Based in the Greenville office, Annie helps identify, develop, and secure new business opportunities for the Risk Advisory and Cybersecurity practice by generating leads, maintaining client relationships, and coordinating promotional activities. Annie is experienced in developing, writing, and assisting in the proposal process and has helped her service line in developing LUCY GATES | ELLIOTT DAVIS Lucy has more than 10 years of experience in tax planning and compliance. She focuses primarily in the areas of corporate, partnership and state taxation. Working with flow-through entities with an emphasis on hedge funds, offshore funds, mezzanine funds, private equity funds and venture capital groups. Lucy has advised and assisted clients with federal, stateDENISE DAUPHIN
Professional Overview Denise has more than 25 years of consulting experience, providing financial advisory services for matters in dispute or under investigation involving issues related to business valuations, contract disputes, shareholder disputes, mergers and acquisitions, breaches in fiduciary duties, tortious interference, business interruptions, accounting and fraud, among others.BRENT MCDADE
Professional Overview With more than 25 years of experience in the fields of business valuation and economic damages, Brent provides valuation, litigation support, and transaction advisory services to companies in a variety of industries. His experience includes valuation services related to buy-sell agreements, employee stock ownership plans, estate and gift tax matters, fairness opinions SALT IN A VIRTUAL WORLD On June 9, 2021, Elliott Davis hosted a webinar on state and local tax considerations in a virtual world for not-for-profit, governmental, and educational institutions. Topics included nexus considerations, including those for employees working remotely during the COVID-19 pandemic, income tax considerations including unrelated business income, sales and use tax considerations, taxPROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. 2021 RISK MANAGEMENT SEMINAR WITH VACB WEBINAR REPLAY On June 10, 2021, the Virginia Association of Community Banks (VACB) and Elliott Davis partnered to present a summer Risk Management seminar. Updates from the Federal Reserve Bank of Richmond, the LIBOR Transition from Williams Mullen and Atlantic Union Bank were given, along with presentations on Cannabis/Hemp banking risk management and Bank Secrecy Act Reform THE GREEN BOOK: A SUMMARY OF THE BIDEN ADMINISTRATION’S The Biden Administration’s “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” also known as the Green Book, was released by the Treasury Department on May 28, 2021. The Green Book provides greater detail and highlights the administration’s priorities with respect to tax reform proposals andrevenue generation.
CAREERS | ELLIOTT DAVIS Life at Elliott Davis At Elliott Davis, our mission is to make a positive impact on our customers, our people, and our communities. Our team of nearly 750 professionals is located in nine offices across four states and brings extensive knowledge, deep experience, and critical insights to businesses, organizations, and individuals. We offer a challenging, LUCY GATES | ELLIOTT DAVIS Lucy has more than 10 years of experience in tax planning and compliance. She focuses primarily in the areas of corporate, partnership and state taxation. Working with flow-through entities with an emphasis on hedge funds, offshore funds, mezzanine funds, private equity funds and venture capital groups. Lucy has advised and assisted clients with federal, state COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether toTHOMAS SELF
Thomas focuses on pass-through entities, closely held businesses and high net-worth individuals. As a member of the firm’s Closely Held Business and Personal Financial Services group, he provides holistic tax planning and compliance services to businesses and their owners to ensure that client objectives are met. Thomas has extensive experience in providing tax services to REAL ESTATE ADVISOR: TRANSFERRING OWNERSHIP INTERESTS IS A If you’re at the age when it’s time to consider retiring from the real estate business, make sure you look at the advantages of a grantor retained annuity trust, also known as a GRAT. It can provide substantial estate planning benefits. The nitty-gritty of GRATs A GRAT is an irrevocable trust funded by a RELATED PARTIES’ PROPERTY EXCHANGE DOESN’T QUALIFY AS LIKE Like-kind exchanges under Internal Revenue Code Section 1031 provide a valuable tool for taxpayers to defer taxes on capital gains. The exchanges are subject to some strict rules that are intended to prevent tax avoidance scams. In a recent U.S. Tax Court case, the parties to a like-kind exchange ran into one of those restrictions HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm.PROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. MAKE THE MOST OF THE EMPLOYEE RETENTION CREDIT The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the creditworth as
ELLIOTT DAVIS PAYMENT PORTAL Elliott Davis is an independent member firm of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms in MGNL are independent entities, owned and managed in each location. REVISITING THE BENEFITS OF THE EMPLOYEE RETENTION CREDIT For 2020, the credit equals 50% of “qualified wages” — including health care benefits. Qualified wages are limited to a maximum of $10,000 per eligible employee from March 13, 2020 through December 31, 2020. As a result, the maximum benefit for 2020 is $5,000 in fully refundable credits per employee. The ERC is a credit against payroll QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accounting COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether toBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customers APPRAISAL OR EVALUATION? A LOOK AT THE RULES IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm.PROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. MAKE THE MOST OF THE EMPLOYEE RETENTION CREDIT The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the creditworth as
ELLIOTT DAVIS PAYMENT PORTAL Elliott Davis is an independent member firm of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms in MGNL are independent entities, owned and managed in each location. REVISITING THE BENEFITS OF THE EMPLOYEE RETENTION CREDIT For 2020, the credit equals 50% of “qualified wages” — including health care benefits. Qualified wages are limited to a maximum of $10,000 per eligible employee from March 13, 2020 through December 31, 2020. As a result, the maximum benefit for 2020 is $5,000 in fully refundable credits per employee. The ERC is a credit against payroll QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accounting COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether toBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customers APPRAISAL OR EVALUATION? A LOOK AT THE RULES IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
SALT IN A VIRTUAL WORLD On June 9, 2021, Elliott Davis hosted a webinar on state and local tax considerations in a virtual world for not-for-profit, governmental, and educational institutions. Topics included nexus considerations, including those for employees working remotely during the COVID-19 pandemic, income tax considerations including unrelated business income, sales and use tax considerations, taxPROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. ELLIOTT DAVIS PAYMENT PORTAL Elliott Davis is an independent member firm of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms in MGNL are independent entities, owned and managed in each location. THE GREEN BOOK: A SUMMARY OF THE BIDEN ADMINISTRATION’S The Biden Administration’s “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” also known as the Green Book, was released by the Treasury Department on May 28, 2021. The Green Book provides greater detail and highlights the administration’s priorities with respect to tax reform proposals andrevenue generation.
VALUATION OF DEBT INSTRUMENTS Chapter 6 – Valuation of Debt Instruments of the Guide provides guidance for the valuation of debt instruments or debt-like preferred stock, both in situations when the debt or debt-like investment is the subject of the measurement, and in situations when the debt or debt-like investment is held by a third party and its value isconsidered as
ACCOUNTING FOR LOAN MODIFICATIONS AND/OR CONCESSIONS Overview In response to the Coronavirus (COVID-19) pandemic, the regulators have released communications that encourage banks to work with their customers and communities affected by COVID-191. This has given rise to questions about accounting for the effects of modifications or concessions made to loans by banks in supporting the regulators’ suggested COVID-19 pandemic IMPACT OF BIDEN'S TAX PLAN ON REAL ESTATE: WHAT WE KNOW The ability of presumed President-elect Joe Biden to pass sweeping tax reform hinges on the results of two Senate run-off races currently taking place in Georgia. If Republicans clinch one of the two seats, it is unlikely that Democrats will have the votes needed to pass their proposed tax law changes. If Democrats can secure REAL ESTATE ADVISOR: DEMOLITION AND YOUR TAX BASIS: WHAT Real Estate Advisor: Demolition and Your Tax Basis: What You Need to Know. Abstract: With the commercial real estate market on the upswing in many parts of the country, investors and developers are again turning to properties with older buildings on them for development opportunities. IRC Section 280B and changes in the final tangibleproperty
UPCOMING CHANGES TO THE SCHEDULE K-1 WILL IMPACT The Internal Revenue Service (IRS) has made a series of changes to the partnership Schedule K-1 (K-1) for the 2019 tax year, which will result in significantly enhanced disclosures by partnerships, including limited liability companies (LLC) since they are generally regarded as partnerships by the IRS. While the IRS has delayed some ofthe changes
REAL ESTATE ADVISOR: PASSIVE ACTIVITY SELF-RENTAL RULE It defines “passive activity” as any trade or business in which the taxpayer doesn’t materially participate. Rental real estate activities generally are considered passive activities regardless of whether the taxpayer materially participates. A PAL is the amount by which the taxpayer’s aggregate losses from all passive activitiesfor
HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm.PROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. MAKE THE MOST OF THE EMPLOYEE RETENTION CREDIT The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the creditworth as
ELLIOTT DAVIS PAYMENT PORTAL Elliott Davis is an independent member firm of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms in MGNL are independent entities, owned and managed in each location. REVISITING THE BENEFITS OF THE EMPLOYEE RETENTION CREDIT For 2020, the credit equals 50% of “qualified wages” — including health care benefits. Qualified wages are limited to a maximum of $10,000 per eligible employee from March 13, 2020 through December 31, 2020. As a result, the maximum benefit for 2020 is $5,000 in fully refundable credits per employee. The ERC is a credit against payroll QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accounting COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether toBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customers APPRAISAL OR EVALUATION? A LOOK AT THE RULES IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm.PROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. MAKE THE MOST OF THE EMPLOYEE RETENTION CREDIT The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the creditworth as
ELLIOTT DAVIS PAYMENT PORTAL Elliott Davis is an independent member firm of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms in MGNL are independent entities, owned and managed in each location. REVISITING THE BENEFITS OF THE EMPLOYEE RETENTION CREDIT For 2020, the credit equals 50% of “qualified wages” — including health care benefits. Qualified wages are limited to a maximum of $10,000 per eligible employee from March 13, 2020 through December 31, 2020. As a result, the maximum benefit for 2020 is $5,000 in fully refundable credits per employee. The ERC is a credit against payroll QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accounting COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether toBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customers APPRAISAL OR EVALUATION? A LOOK AT THE RULES IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
SALT IN A VIRTUAL WORLD On June 9, 2021, Elliott Davis hosted a webinar on state and local tax considerations in a virtual world for not-for-profit, governmental, and educational institutions. Topics included nexus considerations, including those for employees working remotely during the COVID-19 pandemic, income tax considerations including unrelated business income, sales and use tax considerations, taxPROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. ELLIOTT DAVIS PAYMENT PORTAL Elliott Davis is an independent member firm of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms in MGNL are independent entities, owned and managed in each location. THE GREEN BOOK: A SUMMARY OF THE BIDEN ADMINISTRATION’S The Biden Administration’s “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” also known as the Green Book, was released by the Treasury Department on May 28, 2021. The Green Book provides greater detail and highlights the administration’s priorities with respect to tax reform proposals andrevenue generation.
VALUATION OF DEBT INSTRUMENTS Chapter 6 – Valuation of Debt Instruments of the Guide provides guidance for the valuation of debt instruments or debt-like preferred stock, both in situations when the debt or debt-like investment is the subject of the measurement, and in situations when the debt or debt-like investment is held by a third party and its value isconsidered as
ACCOUNTING FOR LOAN MODIFICATIONS AND/OR CONCESSIONS Overview In response to the Coronavirus (COVID-19) pandemic, the regulators have released communications that encourage banks to work with their customers and communities affected by COVID-191. This has given rise to questions about accounting for the effects of modifications or concessions made to loans by banks in supporting the regulators’ suggested COVID-19 pandemic IMPACT OF BIDEN'S TAX PLAN ON REAL ESTATE: WHAT WE KNOW The ability of presumed President-elect Joe Biden to pass sweeping tax reform hinges on the results of two Senate run-off races currently taking place in Georgia. If Republicans clinch one of the two seats, it is unlikely that Democrats will have the votes needed to pass their proposed tax law changes. If Democrats can secure REAL ESTATE ADVISOR: DEMOLITION AND YOUR TAX BASIS: WHAT Real Estate Advisor: Demolition and Your Tax Basis: What You Need to Know. Abstract: With the commercial real estate market on the upswing in many parts of the country, investors and developers are again turning to properties with older buildings on them for development opportunities. IRC Section 280B and changes in the final tangibleproperty
UPCOMING CHANGES TO THE SCHEDULE K-1 WILL IMPACT The Internal Revenue Service (IRS) has made a series of changes to the partnership Schedule K-1 (K-1) for the 2019 tax year, which will result in significantly enhanced disclosures by partnerships, including limited liability companies (LLC) since they are generally regarded as partnerships by the IRS. While the IRS has delayed some ofthe changes
REAL ESTATE ADVISOR: PASSIVE ACTIVITY SELF-RENTAL RULE It defines “passive activity” as any trade or business in which the taxpayer doesn’t materially participate. Rental real estate activities generally are considered passive activities regardless of whether the taxpayer materially participates. A PAL is the amount by which the taxpayer’s aggregate losses from all passive activitiesfor
HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm.PROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. REVISITING THE BENEFITS OF THE EMPLOYEE RETENTION CREDIT For 2020, the credit equals 50% of “qualified wages” — including health care benefits. Qualified wages are limited to a maximum of $10,000 per eligible employee from March 13, 2020 through December 31, 2020. As a result, the maximum benefit for 2020 is $5,000 in fully refundable credits per employee. The ERC is a credit against payroll MAKE THE MOST OF THE EMPLOYEE RETENTION CREDIT The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the creditworth as
QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accounting COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether toBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customersQUARTERLY UPDATE Q1
Employee Retention Credit Highlights • For qualified employers • In 2020, can receive up to $5,000 credit per person, per year • In 2021, can receive up to $7,000 credit per person, per quarter –or $28,000 per year Facilitated through your payroll tax return • Can amend payroll tax returns for 3 years from the original filing date IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
UBTI CONSIDERATIONS FOR TAX -EXEMPT FUNDS INVESTING IN UBTI Considerations for Tax -Exempt Funds Investing in Private Equity . By: John Quinones, Senior Manager . Asset managers understand that delivering consistent annual HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm.PROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. REVISITING THE BENEFITS OF THE EMPLOYEE RETENTION CREDIT For 2020, the credit equals 50% of “qualified wages” — including health care benefits. Qualified wages are limited to a maximum of $10,000 per eligible employee from March 13, 2020 through December 31, 2020. As a result, the maximum benefit for 2020 is $5,000 in fully refundable credits per employee. The ERC is a credit against payroll MAKE THE MOST OF THE EMPLOYEE RETENTION CREDIT The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the creditworth as
QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accounting COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether toBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customersQUARTERLY UPDATE Q1
Employee Retention Credit Highlights • For qualified employers • In 2020, can receive up to $5,000 credit per person, per year • In 2021, can receive up to $7,000 credit per person, per quarter –or $28,000 per year Facilitated through your payroll tax return • Can amend payroll tax returns for 3 years from the original filing date IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
UBTI CONSIDERATIONS FOR TAX -EXEMPT FUNDS INVESTING IN UBTI Considerations for Tax -Exempt Funds Investing in Private Equity . By: John Quinones, Senior Manager . Asset managers understand that delivering consistent annualPROFESSIONALS
With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. THE GREEN BOOK: A SUMMARY OF THE BIDEN ADMINISTRATION’S The Biden Administration’s “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” also known as the Green Book, was released by the Treasury Department on May 28, 2021. The Green Book provides greater detail and highlights the administration’s priorities with respect to tax reform proposals andrevenue generation.
MAKE THE MOST OF THE EMPLOYEE RETENTION CREDIT The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the creditworth as
ELLIOTT DAVIS PAYMENT PORTAL Elliott Davis is an independent member firm of Moore North America, which is itself a regional member of Moore Global Network Limited (MGNL). All the firms in MGNL are independent entities, owned and managed in each location. VALUATION OF DEBT INSTRUMENTS Chapter 6 – Valuation of Debt Instruments of the Guide provides guidance for the valuation of debt instruments or debt-like preferred stock, both in situations when the debt or debt-like investment is the subject of the measurement, and in situations when the debt or debt-like investment is held by a third party and its value isconsidered as
REAL ESTATE ADVISOR: DEMOLITION AND YOUR TAX BASIS: WHAT Real Estate Advisor: Demolition and Your Tax Basis: What You Need to Know. Abstract: With the commercial real estate market on the upswing in many parts of the country, investors and developers are again turning to properties with older buildings on them for development opportunities. IRC Section 280B and changes in the final tangibleproperty
APPRAISAL OR EVALUATION? A LOOK AT THE RULES According to the federal banking regulators’ Interagency Appraisal and Evaluation Guidelines (the “Guidelines”), evaluations are permitted for: Transactions valued at $250,000 or less (a proposal to increase this threshold to $400,000 is being considered), Business loans valued at $1 million or less, provided they don’t rely on thesale
QUICKTIPS FOR QUICKBOOKS: WHAT SALES ORDERS ARE AND WHEN QuickBooks will ask whether you want to create an invoice for all the items or just the ones you select. You’ll be able to specify quantities, too, in the window that opens. Figure 3: When you create an invoice from a sales order, you can select all the items ordered or a subset. As we’ve said, sales orders are easy to fill out inQuickBooks.
JIMMY BUDDENBERG
Jimmy has more than 21 years of experience in providing high quality IT and cybersecurity services to over 150 customers in all industries varying in size from small-medium sized organizations to Fortune 500. Prior to joining Elliott Davis, Jimmy was a senior vice president fora
D. MICHAEL COSTELLO
Professional Overview Mike has more than 35 years of experience in business valuations, forensic accounting, business acquisitions and divestitures, exit planning and related fields. His experience includes extensive consulting work and testimony in tax, accounting, financial, economic and business issues of complex commercial litigation, with emphasis on business valuation, economic damage HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm. QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accountingBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customers LUCY GATES | ELLIOTT DAVIS Lucy has more than 10 years of experience in tax planning and compliance. She focuses primarily in the areas of corporate, partnership and state taxation. Working with flow-through entities with an emphasis on hedge funds, offshore funds, mezzanine funds, private equity funds and venture capital groups. Lucy has advised and assisted clients with federal, stateDENISE DAUPHIN
Professional Overview Denise has more than 25 years of consulting experience, providing financial advisory services for matters in dispute or under investigation involving issues related to business valuations, contract disputes, shareholder disputes, mergers and acquisitions, breaches in fiduciary duties, tortious interference, business interruptions, accounting and fraud, among others. IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
ANNIE BRINK
Professional Overview Based in the Greenville office, Annie helps identify, develop, and secure new business opportunities for the Risk Advisory and Cybersecurity practice by generating leads, maintaining client relationships, and coordinating promotional activities. Annie is experienced in developing, writing, and assisting in the proposal process and has helped her service line in developingBRENT MCDADE
Brent specializes in the appraisal of equity securities, debt instruments and derivatives. He also serves as an expert witness in disputes regarding business valuation and economic damages in state and federal courts. Brent is a noted presenter and speaker on thesubjects
RYAN LOVELESS
Industries: Healthcare, Travel and Tourism, Retail, Manufacturing and Distribution | Specializations: Business Strategy, Mergers and Acquisitions, Transformation, Strategic Planning, Process Improvement, Growth Strategy Professional Overview As the leader of the Management Consulting Services (MCS) practice, Ryan works with clients to answer their most challenging questions. By helping company REAL ESTATE ALERT: PHANTOM INCOME TRIGGERED BY DEBT By: Bobbi Jo Lazarus, CPA Recent changes with commercial lending requirements have driven some real estate investors to develop new approaches to investing in real estate. While these approaches may give way to significant earnings, investors should be aware of events that could also trigger phantom taxable income. The continued increase of distressed loans on HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm. QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accountingBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customers LUCY GATES | ELLIOTT DAVIS Lucy has more than 10 years of experience in tax planning and compliance. She focuses primarily in the areas of corporate, partnership and state taxation. Working with flow-through entities with an emphasis on hedge funds, offshore funds, mezzanine funds, private equity funds and venture capital groups. Lucy has advised and assisted clients with federal, stateDENISE DAUPHIN
Professional Overview Denise has more than 25 years of consulting experience, providing financial advisory services for matters in dispute or under investigation involving issues related to business valuations, contract disputes, shareholder disputes, mergers and acquisitions, breaches in fiduciary duties, tortious interference, business interruptions, accounting and fraud, among others. IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
ANNIE BRINK
Professional Overview Based in the Greenville office, Annie helps identify, develop, and secure new business opportunities for the Risk Advisory and Cybersecurity practice by generating leads, maintaining client relationships, and coordinating promotional activities. Annie is experienced in developing, writing, and assisting in the proposal process and has helped her service line in developingBRENT MCDADE
Brent specializes in the appraisal of equity securities, debt instruments and derivatives. He also serves as an expert witness in disputes regarding business valuation and economic damages in state and federal courts. Brent is a noted presenter and speaker on thesubjects
RYAN LOVELESS
Industries: Healthcare, Travel and Tourism, Retail, Manufacturing and Distribution | Specializations: Business Strategy, Mergers and Acquisitions, Transformation, Strategic Planning, Process Improvement, Growth Strategy Professional Overview As the leader of the Management Consulting Services (MCS) practice, Ryan works with clients to answer their most challenging questions. By helping company REAL ESTATE ALERT: PHANTOM INCOME TRIGGERED BY DEBT By: Bobbi Jo Lazarus, CPA Recent changes with commercial lending requirements have driven some real estate investors to develop new approaches to investing in real estate. While these approaches may give way to significant earnings, investors should be aware of events that could also trigger phantom taxable income. The continued increase of distressed loans on WEBINAR: QUARTERLY UPDATE Q3 How will emerging accounting, regulatory, and market developments impact financial reporting for your organization? Join us for a webcast on Oct 6th at 1:30pm designed to provide insight into recent discussions, actions, and pronouncements from the FASB and other accounting regulatory bodies. Register Learning Objectives: Recognized recently issued accounting and financial reporting guidance COMPLIANCE & RISK MANAGEMENT: ASKING THE RIGHT QUESTIONS Asking the right questions is the first step in finding the right answers. Financial institutions are facing ever-changing, more complex, unpredictable uncertainties that may rapidly shift from risk to either opportunity or crisis. Join our compliance advisors for a panel discussion addressing questions to help institutions deal with uncertainty, manage risk, and gain greater insights BY JAMES E. HAZEL, JR. IMPACT OF PAYCHECK PROTECTION Impact of Paycheck Protection Program Loans on the Construction Industry BY JAMES E. HAZEL, JR. Uncertainty certainly defined 2020. COVID-19 became real PPP BORROWERS GET CONCESSIONS, ADDITIONAL GUIDANCE ON PPP borrowers get concessions, additional guidance on forgiveness. The U.S. Senate has passed the bipartisan Paycheck Protection Program Flexibility Act of 2020, which loosens several of the Paycheck Protection Program’s (PPP’s) more onerous restrictions regarding loan forgiveness. President Trump has signed the bill into law.JJ LITTRELL
JJ leads firm’s Outsourced Accounting and Business Consulting practice, as well as serving as the functional Engagement Performance leader. In her roles, JJ focuses on developing the team, supervising accounting and advisory work, as well as writing and documenting policies and procedures. JJ leads the Employment Retention Credit and Families First Coronavirus Response Act task EXPLORING THE STEPS OF ESTABLISHING AN EFFECTIVE CAPTIVE As an example of what it takes to properly initiate a captive, consider the start-up funding needed to establish a captive in the state of Tennessee. A captive insurance program in Tennessee is generally going to require an initial capital commitment of $250,000. Additionally, it will likely take $80,000-plus to facilitate the setupwith a
COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether to REAL ESTATE ADVISOR: TRANSFERRING OWNERSHIP INTERESTS IS A The nitty-gritty of GRATs. A GRAT is an irrevocable trust funded by a one-time contribution of assets by the “grantor.”. For example, if you’re the owner of a real estate development company, you can transfer some or all of your ownership interests in the business to the GRAT. The GRAT pays you, as the grantor, an annuity for a specificterm.
ACCOUNTING FOR CONSTRUCTION CONTRACTS: IRS TARGETS LARGE Real Estate, Construction January 22, 2019 The IRS Large Business and International (LB&I) Division is currently pursuing a “compliance campaign” against large land developers of residential communities for improper use of the more taxpayer-friendly RELATED PARTIES’ PROPERTY EXCHANGE DOESN’T QUALIFY AS LIKE Related-party limit. The Tax Court based its decision on Sec. 1031 (f) (1). Congress enacted the provision in 1989 to limit nonrecognition treatment in like-kind exchanges between related persons. According to Congress, when a related-party exchange is followed shortly thereafter by a disposition of the property, the related parties essentially HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm. QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accountingBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customers LUCY GATES | ELLIOTT DAVIS Lucy has more than 10 years of experience in tax planning and compliance. She focuses primarily in the areas of corporate, partnership and state taxation. Working with flow-through entities with an emphasis on hedge funds, offshore funds, mezzanine funds, private equity funds and venture capital groups. Lucy has advised and assisted clients with federal, state IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB August 27, 2020 You made your annual “contribution” to your college booster club (such as Clemson’s IPTAY, Alabama’s Tide Pride, the Wolfpack Club, Gamecock Club) or any of the similar clubs of major college football schools that provide contributors the right to purchase tickets.DENISE DAUPHIN
Professional Overview Denise has more than 25 years of consulting experience, providing financial advisory services for matters in dispute or under investigation involving issues related to business valuations, contract disputes, shareholder disputes, mergers and acquisitions, breaches in fiduciary duties, tortious interference, business interruptions, accounting and fraud, among others.ANNIE BRINK
Professional Overview Based in the Greenville office, Annie helps identify, develop, and secure new business opportunities for the Risk Advisory and Cybersecurity practice by generating leads, maintaining client relationships, and coordinating promotional activities. Annie is experienced in developing, writing, and assisting in the proposal process and has helped her service line in developingBRENT MCDADE
Professional Overview With more than 25 years of experience in the fields of business valuation and economic damages, Brent provides valuation, litigation support, and transaction advisory services to companies in a variety of industries. His experience includes valuation services related to buy-sell agreements, employee stock ownership plans, estate and gift tax matters, fairness opinions REAL ESTATE ALERT: PHANTOM INCOME TRIGGERED BY DEBT By: Bobbi Jo Lazarus, CPA Recent changes with commercial lending requirements have driven some real estate investors to develop new approaches to investing in real estate. While these approaches may give way to significant earnings, investors should be aware of events that could also trigger phantom taxable income. The continued increase of distressed loans onRYAN LOVELESS
Industries: Healthcare, Travel and Tourism, Retail, Manufacturing and Distribution | Specializations: Business Strategy, Mergers and Acquisitions, Transformation, Strategic Planning, Process Improvement, Growth Strategy Professional Overview As the leader of the Management Consulting Services (MCS) practice, Ryan works with clients to answer their most challenging questions. By helping company HOME | ELLIOTT DAVISCONSTRUCTIONCLOSELY HELD BUSINESSDENTALEDUCATION What We Do Quality. Serving others. Doing the right thing. Always getting better. Mutual respect. These are the values that have earned us a place among the top forty accounting firms in the country. With a team of nearly 750 dedicated and strategic professionals throughout the Southeast, we are more than just an accounting firm. QUARTERLY FINANCIAL SERVICES UPDATE elliottdavis.com page 1 QUARTERLY FINANCIAL SERVICES UPDATE First Quarter 2021 April 7, 2021 Dear Customers and Friends: In this edition of our quarterly financial services update, we have provided information about all of the financial reporting and accountingBERGIN FISNIKU
Professional Overview Bergin has extensive experience, including with Big Four firms, in international tax law, tax planning, consulting, and transaction services. His experience includes buy-side and sell-side due diligence for C-Corp, S-Corp, and private equity clients and targets. He works across all industries of the firm utilizing his legal and consulting background to advise customers LUCY GATES | ELLIOTT DAVIS Lucy has more than 10 years of experience in tax planning and compliance. She focuses primarily in the areas of corporate, partnership and state taxation. Working with flow-through entities with an emphasis on hedge funds, offshore funds, mezzanine funds, private equity funds and venture capital groups. Lucy has advised and assisted clients with federal, stateDENISE DAUPHIN
Professional Overview Denise has more than 25 years of consulting experience, providing financial advisory services for matters in dispute or under investigation involving issues related to business valuations, contract disputes, shareholder disputes, mergers and acquisitions, breaches in fiduciary duties, tortious interference, business interruptions, accounting and fraud, among others. IF STADIUM SEATS REMAIN EMPTY, ARE BOOSTER CLUB The way that colleges and booster clubs are handling refunds of tickets and booster club contributions varies greatly. Most are providing some way to obtain a refund of seat contributions, as well as for tickets. Many are also permitting a donor to convert their seat contributions to what they suggest would be a tax-deductiblecontribution.
ANNIE BRINK
Professional Overview Based in the Greenville office, Annie helps identify, develop, and secure new business opportunities for the Risk Advisory and Cybersecurity practice by generating leads, maintaining client relationships, and coordinating promotional activities. Annie is experienced in developing, writing, and assisting in the proposal process and has helped her service line in developingBRENT MCDADE
Brent specializes in the appraisal of equity securities, debt instruments and derivatives. He also serves as an expert witness in disputes regarding business valuation and economic damages in state and federal courts. Brent is a noted presenter and speaker on thesubjects
RYAN LOVELESS
Industries: Healthcare, Travel and Tourism, Retail, Manufacturing and Distribution | Specializations: Business Strategy, Mergers and Acquisitions, Transformation, Strategic Planning, Process Improvement, Growth Strategy Professional Overview As the leader of the Management Consulting Services (MCS) practice, Ryan works with clients to answer their most challenging questions. By helping company REAL ESTATE ALERT: PHANTOM INCOME TRIGGERED BY DEBT By: Bobbi Jo Lazarus, CPA Recent changes with commercial lending requirements have driven some real estate investors to develop new approaches to investing in real estate. While these approaches may give way to significant earnings, investors should be aware of events that could also trigger phantom taxable income. The continued increase of distressed loans on WEBINAR: QUARTERLY UPDATE Q3 How will emerging accounting, regulatory, and market developments impact financial reporting for your organization? Join us for a webcast on Oct 6th at 1:30pm designed to provide insight into recent discussions, actions, and pronouncements from the FASB and other accounting regulatory bodies. Register Learning Objectives: Recognized recently issued accounting and financial reporting guidance COMPLIANCE & RISK MANAGEMENT: ASKING THE RIGHT QUESTIONS Asking the right questions is the first step in finding the right answers. Financial institutions are facing ever-changing, more complex, unpredictable uncertainties that may rapidly shift from risk to either opportunity or crisis. Join our compliance advisors for a panel discussion addressing questions to help institutions deal with uncertainty, manage risk, and gain greater insights BY JAMES E. HAZEL, JR. IMPACT OF PAYCHECK PROTECTION Impact of Paycheck Protection Program Loans on the Construction Industry BY JAMES E. HAZEL, JR. Uncertainty certainly defined 2020. COVID-19 became realJOANNA HOILES
Professional Overview Joanna began her career in public accounting in 2004 with a regional firm in Ohio and joined Elliott Davis in 2018. She provides accounting, assurance, and consulting services to a variety of customers ranging from closely held companies to SEC registrants. Joanna focuses primarily on the areas of construction, closely held business, andJJ LITTRELL
JJ leads firm’s Outsourced Accounting and Business Consulting practice, as well as serving as the functional Engagement Performance leader. In her roles, JJ focuses on developing the team, supervising accounting and advisory work, as well as writing and documenting policies and procedures. JJ leads the Employment Retention Credit and Families First Coronavirus Response Act task ACCOUNTING FOR LOAN MODIFICATIONS AND/OR CONCESSIONS Overview In response to the Coronavirus (COVID-19) pandemic, the regulators have released communications that encourage banks to work with their customers and communities affected by COVID-191. This has given rise to questions about accounting for the effects of modifications or concessions made to loans by banks in supporting the regulators’ suggested COVID-19 pandemic EXPLORING THE STEPS OF ESTABLISHING AN EFFECTIVE CAPTIVE As an example of what it takes to properly initiate a captive, consider the start-up funding needed to establish a captive in the state of Tennessee. A captive insurance program in Tennessee is generally going to require an initial capital commitment of $250,000. Additionally, it will likely take $80,000-plus to facilitate the setupwith a
COMMUNITY BANKING ADVISOR: WHEN CAN YOU RESTORE A LOAN TO In the years following the recession, many community bankers faced unfamiliar accounting challenges. For example, you had to determine whether to place poor-performing loans on nonaccrual status or to classify arrangements with struggling borrowers as troubled debt restructurings. Now, as the economy continues to improve, you face making new accounting decisions, including whether to REAL ESTATE ADVISOR: TRANSFERRING OWNERSHIP INTERESTS IS A The nitty-gritty of GRATs. A GRAT is an irrevocable trust funded by a one-time contribution of assets by the “grantor.”. For example, if you’re the owner of a real estate development company, you can transfer some or all of your ownership interests in the business to the GRAT. The GRAT pays you, as the grantor, an annuity for a specificterm.
RELATED PARTIES’ PROPERTY EXCHANGE DOESN’T QUALIFY AS LIKE Related-party limit. The Tax Court based its decision on Sec. 1031 (f) (1). Congress enacted the provision in 1989 to limit nonrecognition treatment in like-kind exchanges between related persons. According to Congress, when a related-party exchange is followed shortly thereafter by a disposition of the property, the related parties essentially SECONDARY NAVIGATION* About Us
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COVID-19 RESOURCE CENTER Visit our COVID-19 Resource Center for helpful information related to business continuity, tax updates, and other key topics to ensure you are prepared to navigate this unprecedented issue.Read More
AN OPERATIONAL DISCUSSION FOR M&D We are pleased to launch a 12-part manufacturing and distribution video series focused on a range of operational and managementsubjects.
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WHAT IS CMMC?
Requirements are changing in for businesses contracting with the Department of Defense. What are these cybersecurity-related changes and why are they important?Read More
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M&D OPERATIONAL DISCUSSION VIDEO SERIES In focus: Manufacturing and Distribution Businesses On-Demand | 20 minutes each These are challenging times.… Read More WATCH: YOU SURVIVED THE PPP APPLICATION PROCESS. WHAT’S NEXT? On Demand | 1 hour The Paycheck Protection Program (PPP) was announced with great fanfare… Read More AN UPDATE ON CMMC CERTIFICATION by Lizzie Tinker On May 18, 2020, The CMMC-AB (Cybersecurity Maturity Model – Accreditation Body)… Read More HHS STIMULUS PAYMENTS: HOW TO CALCULATE HOW MUCH YOU WILL RECEIVE by Ira Bedenbaugh The week of April 20, 2020, the Department of Health and Human… Read More SBA ANNOUNCES CERTIFICATION FOR PPP BORROWERS WITH LOANS FOR LESSTHAN $2M
Less than two weeks ago, in response to news of large, publicly-traded, corporations receiving Paycheck… Read More CASH REFUNDS FOR COMPANIES SELLING TO FOREIGN MARKETS Updated 5.11.2020 with information from the CARES Act Enacted by the Tax Cuts and Jobs… Read More NAVIGATION TO HOMEPAGE ED_LOGO_WHITE With nearly 750 professionals across the Southeast, Elliott Davis ranks among the top forty accounting firms in the United States. We provide comprehensive assurance, tax, and consulting solutions to diverse businesses, organizations, and individuals. Follow Elliott Davis * __ Follow us on Facebook * __ Follow us on Twitter * __ Follow us on Instagram * __ Follow us on Linked InSTAY IN TOUCH
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