Cherry Bekaert: Tax Services

Navigating Targeted Populations in New Markets Tax Credit (NMTC) Deals

Wed, 10 Dec 2025 03:00:00 -0500

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 successfully.

In this episode of Cherry Bekaert’s Tax Services Podcast, Jason Callaham and Joe Hennessee, Senior Managers in the Strategic Financing Services group, break down the essentials of targeted populations within the NMTC program. They explore:

What targeted populations are and why they matter
Common misconceptions and compliance hurdles
Practical strategies for structuring competitive transactions
Real-world lessons from a recent youth services project in Alaska

Whether you’re a nonprofit, business sponsor or investor, this conversation offers actionable insights to help you leverage targeted populations effectively and deliver meaningful community impact.

New Markets Tax Credits: Driving Economic Growth with The Innovate Fund

Fri, 25 Jul 2025 06:00:00 -0400

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 Tinsley, Strategic Financing Services Leader, speaks with Emma Wyatt, Chief Operating Officer of The Innovate Fund, about how NMTCs are being leveraged to create meaningful outcomes across a six-state service area. The conversation explores how The Innovate Fund identifies and structures projects that generate quality jobs, improve health and wellness, and align with long-term community goals.

Discover how Cherry Bekaert's Strategic Financing Services team and the Innovate Fund are working together to strengthen local economies and support sustainable growth.

Using NMTCs to Expand Meals on Wheels Services

Tue, 17 Jun 2025 02:00:00 -0400

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.

The conversation highlights the key phases of a successful NMTC closing, from project planning through compliance. It also demonstrates how Cherry Bekaert’s Strategic Financing Services team supports clients throughout the NMTC process, helping unlock funding and enhance community impact.

Listeners will gain practical insights on aligning with community development goals, managing documentation and compliance while keeping stakeholders informed. This client testimonial emphasizes the importance of preparation, strong partnerships, and long-term planning in delivering meaningful, lasting change.

Exploring New Markets Tax Credits (NMTC) Benefits

Mon, 14 Apr 2025 01:00:00 -0400

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 of community development lenders, investors and financial service providers, creating a robust network that addresses the needs of low-income areas. With strategic allocation and comprehensive guidance, NMTCs empower businesses and nonprofits to achieve substantial community impact and sustainable growth.

On this episode of Cherry Bekaert’s Tax Services Podcast, Laurel Tinsley, Strategic Financing Services Leader, and David Altman, Project Finance Senior Manager, delve into the fundamentals of NMTCs and their profound influence on community revitalization. Together, they explore insightful examples of NMTC-driven projects and discuss how Cherry Bekaert's Strategic Financing Services team supports organizations in navigating the NMTC process.

Discover how Cherry Bekaert combines strategic knowledge and a nationwide network to maximize the benefits of NMTCs for impactful community development.

Simplify Sales Tax Compliance with Automation Technology

Wed, 06 Nov 2024 04:00:00 -0500

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 enterprise resource planning (ERP), allowing businesses to scale without worrying about sales tax. With real-time updates and precise tax calculations, businesses can focus on strategic activities, confident that their sales tax compliance is accurate and efficient.

On this episode of Cherry Bekaert’s Tax Services Podcast, Sales & Use Tax Leader Lauren Stinson and Sales & Use Tax Senior Manager Tiffany Rodi are joined by Avalara’s Global Head of Strategic Accounting Partnerships Sona Akmakjian. Together, they explore the transformative impact of technology on sales tax compliance and discuss insights on automated tax solutions. Discover the strategic partnership between Cherry Bekaert and Avalara, which merges technology with professional guidance to optimize tax processes for businesses.

Related Insights

Virginia PTET Election Guide: Key Benefits and Tips

Tue, 07 May 2024 03:00:00 -0400

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 podcast, our knowledgeable speakers address common questions and concerns and provide clarity on key issues, such as cash flow implications, refundability and the interplay with federal tax regulations.

Cathie and Tony explore the benefits of making the election, including potential tax deductions and credits, as well as the practicalities of filing and deadlines. They also cover the retroactive nature of the election and tips on navigating the complexities of state tax law.

Whether you're a business owner, tax professional, or simply interested in the intricacies of state tax law, this episode offers valuable insights to help you navigate the complexities of the Virginia pass-through entity tax election.

Related Thought Leadership

How To Take Advantage of Pass-Through Entity Tax in North Carolina

Fri, 03 Feb 2023 06:00:00 -0500

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 potentially eligible to take advantage of the North Carolina PTET election.

Cathie Stanton, State & Local Tax Leader, and Tony Konkol, State & Local Manager, are back on Cherry Bekaert’s Tax Podcast to discuss North Carolina’s PTET elections. Together, they unpack how businesses can capitalize on this benefit, utilize this election, tackle its intricacies and comply with each jurisdiction’s varying requirements when filing.

Related Resources:

How Does the Georgia Pass-Through Entity Tax Election Work?

Thu, 05 Jan 2023 04:00:00 -0500

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 as partnerships, are all potentially eligible to take advantage of these savings.

Join Cathie Stanton, State & Local Tax Leader, and Tony Konkol, State & Local Manager, on Cherry Bekaert’s latest podcast as they discuss the intricacies of how PTET elections can benefit Georgia businesses.

Related Resources:

What the New Audit Technique Guidelines Mean for Cost Segregation?

Tue, 06 Sep 2022 05:00:00 -0400

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 Leader of the Cost Segregation Practice in the TCIA group, and Sean O’Leary, a Senior Manager, dive into these cost segregation study updates and provide deeper guidance, discuss the new audit technique guideline (“ATG”) for cost segregation.

Chapter Markers:

1:24 – What is the Cost Segregation ATG?
2:15 – Background on ATG
4:30 – Latest ATG Changes
7:47 – Areas of Focus for IRS
11:21 – What to Expect from an IRS Audit
23:30 – Impact of Cost Segregation on Taxpayers
26:33 – Concluding Thoughts

Related Guidance:

Hot Topics in Cost Segregation

Tue, 02 Aug 2022 07:00:00 -0400

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 how qualified improvement property can help taxpayers that own real property.

Chapter Markers

1:29 - What Is Cost Segregation?

4:02 - Bonus Depreciation

7:43 - Qualified Improvement Property

11:04 - ATG Updates

18:32 - ATG for 179D

How Best to Document the R&D Credits For Your Technology Investments

Mon, 25 Jul 2022 03:00:00 -0400

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 provides a permanent offset to tax liabilities. This credit is an activity-based credit – meaning that if a taxpayer is performing specific types of activities, the costs incurred to perform those activities go into a separate tax credit calculation.

As it relates to the R&D Tax Credit, Cherry Bekaert’s Tax Credits & Incentives practice is primarily focused on helping companies identify and document qualifying R&D costs.

Discussion includes:

Types of investment and the four-part test to determination qualification
How to properly document support for R&D activities, which may qualify as these types of investments
Real-life examples of qualified R&D investments
IRS ASC 730 directive

If you have any questions specific to your business needs, Cherry Bekaert’s Tax Credits & Incentives Advisory team is available to discuss your situation with you.

If you haven’t already, catch up on other podcasts covering the R&D topic:

What’s New with R&D Tax Credits in 2022

Tax Beat: Digital Transformation and R&D Tax Credits

The Benefits of using a CPA Firm to Perform Credits & Incentives Projects

Mon, 18 Apr 2022 10:00:00 -0400

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 consider when selecting your R&D study provider to ensure you receive the best quality services at fair prices. It also revisits the relevance of Circular 230 as well as IRS guidance on amended returns, contrasting the approaches taken by a CPA firm and a boutique firm. Marty Karamon, Leader of Cherry Bekaert’s Tax Credits & Incentives Advisory Group, is joined by Ron Wainwright and Dan Mennel, both Tax Partners in the Firm’s Tax Credits & Incentives Advisory Group, to discuss the benefits of working with a CPA firm to perform your tax credits and incentives projects.

This podcast is the first in a series of episodes focusing on the news and nuances of tax credits and incentives for businesses.

Related Guidance:

Podcast: 2022 Update on the Employee Retention Credit

Podcast: What’s New with R&D Tax Credits in 2022

Clearing Up Confusion about the Employee Retention Credit

Tue, 17 Aug 2021 09:00:00 -0400

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 about the ERC. Find out if your company may qualify for the ERC, tips to monetize the credit and insight into the refund process.

Additional Guidance:

How and Why to Apply for PPP Loan Forgiveness Now

Wed, 14 Jul 2021 10:00:00 -0400

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 Loan Forgiveness.

American Rescue Plan Act 2021: Impact on Taxpayers and Key Issues to Understand

Tue, 23 Mar 2021 17:00:00 -0400

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

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Join us and listen in as our roundtable of tax leaders discuss the American Rescue Plan Act, 2021 (“ARPA”) and comment on the recent announcement from the IRS postponing the tax filing due date. The team will address which taxpayers are impacted and what additional issues are raised by the new legislation.

Walk through key tax provisions contained in ARPA
Identify changes to the Employee Retention Credit program
Highlight state and local income tax compliance issues

Speakers:

Brooks Nelson, Tax Partner, Tax Advisory Group Leader
Catherine Stanton, Tax Partner, State and Local Tax Group Leader
Martin Karamon, Tax Principal, Federal Tax Credits and Incentives
Sarah McGregor, Tax Director, Federal Tax Services

Employee Retention Credit for Law Firms

Mon, 22 Feb 2021 13:00:00 -0500

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 Q1 and Q2 of 2021. Resulting in a maximum refundable payroll tax credit of $5,000 per employee in 2020 and $14,000 per employee in 2021.

The other change that the Act provided was the ability for firms to claim both Paycheck Protection Program (“PPP”) and ERC benefits, as long as both benefits are not related to the same wages. Firms that received PPP funding in 2020 never considered whether they were Eligible Employers for purposes of the ERC due to the prior prohibition of claiming both benefits. Now, many firms are analyzing the government orders affecting court closures and limitations on jury trials to consider whether they experienced a partial shut-down for purposes of the ERC.

Join Jamie Walker, a leader in our Professional Services Industry practice and Martin Karamon, a Principal in the Firm’s Tax Advisory Services practice for a podcast where they discuss the Employee Retention Credit (ERC), how law firms may qualify and what firms must demonstrate in order to claim the credit.

Employee Retention Credit: What is It, Who Qualifies and How to Claim It

Thu, 28 Jan 2021 11:00:00 -0500

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 Credit (“ERC”), including who qualifies and how to claim the credit. Two of Cherry Bekaert’s Credits and Incentives professionals will describe the credit benefits, what you need to do to take advantage of the credit, and how Cherry Bekaert can help.

Presenters: Martin Karamon and Anne Yancey

Moderator: Sarah McGregor

A Look Into Biden’s 100-day Tax Plan Initiatives

Wed, 27 Jan 2021 13:00:00 -0500

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 proposals for changes in business tax rates and possible individual taxes changes, including changes to the corporate tax rate, itemized deductions, and limitations to small business deductions, as well as other key initiatives such as Coronavirus relief, clean energy production (renewable and alternative energy sources), Made in America supply chain incentives, new infrastructure projects, enhanced and extending Opportunity Zone benefits and New Markets Tax Credits and assisting small business with credits, incentives and financing.