August 10, 2017
Our fall edition of GACS Today features an interview with Labor Commissioner Mark Butler as he discusses available resources for small and large business owners. But there is more to the interview. Below we dive deeper into who Mark Butler is and how he came to be Georgia’s Department of Labor Commissioner.
Q: Tell us a little about your public service career. What prompted you to run for a House Seat?
A: I always had a strong interest in politics. I was one of those weird kids that thought it was interesting. My college major was public administration. And after college, I went back to the family business in Carrolton. The first thing I did was volunteer to help a gentleman run for an open house seat. He won. That man ended up not being the person he said he was going to be and continued to run with no opposition. Finally, I told myself that if no one runs against him, I’m going to run just because no one else has and to give the people in our area a choice. They chose me by a wide margin; I had 56% of the votes.
I was the first in this house seat as a republican and served two years as a minority caucus member. We had a republican controlled Senate and a republican Governor, but not a republican house.
August 9, 2017
Partners should review, and possibly revise, their operating agreements to reflect proposed IRS changes to ensure their partnerships are properly equipped to undergo an IRS audit.
The new rules generally apply to partnerships for tax years beginning after December 31, 2017.
New Provisions Include:
*In the event of an audit and assessment, the IRS may now collect any additional taxes, interest, and penalties directly from the partnership, rather than going to the individual partners. The tax is generally assessed at the highest individual tax rate.
*If there have been changes in the ownership structure, current partners could be responsible for tax liabilities of prior partners. Elections and opt-outs of the proposed regulations may be available, and your agreement may need revision to specify who makes these decisions.
*There are new tax terms and concepts that will likely require you to adjust your partnership’s operating agreement.
August 3, 2017
Courtesy of Convenience Store News
RaceTrac Petroleum Inc. CEO Allison Moran stepped down from her role on July 24, the convenience store chain announced today.
“RaceTrac will continue to benefit from Allison’s 23 years of experience as she remains a member of the board of directors,” the company said in a statement. “The Bolch family remains committed to the continued success of RaceTrac and serving our guests as a third-generation family business.”
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