IN THIS EDITION: IRS points to tax law changes that benefit tax-exempt orgs … Cherry Bekaert buys data analytics firm Icimo … Four companies split $150,000 in funding from South Carolina Research Authority … Busy Greenville-Spartanburg Airport set to add 2,000 parking spots as part of $92M in road renovations

IRS Points to Tax Law Changes that Benefit Tax-Exempt Orgs

Charities, private foundations, houses of worship and religious groups, rural utilities seeking disaster relief, and other tax-exempt organizations stand to benefit from a range of recent changes in tax law, according to the Internal Revenue Service. December’s Taxpayer Certainty and Disaster Tax Relief Act includes provisions that can apply to current and previous tax years for tax-exempt organizations, such as claiming refunds for a repealed provision for paying unrelated business income tax on expenses for qualified transportation fringe benefits, such as employer-provided parking. Also, private foundations will see the 2% excise tax on net investment income lowered to 1.39%. (Accounting Today)

Cherry Bekaert Buys Data Analytics Firm Icimo

CPA consulting firm Cherry Bekaert LLP has acquired the Raleigh-based data analytics and services firm Icimo LLC. The entity “Icimo Analytics by Cherry Bekaert” will contribute more than 25 tech professionals to the digital solutions and services practice of Cherry Bekaert, which is headquartered in Richmond, Va., and has an office in Greenville. The move aims to empower “clients to utilize their own data to make timelier, better-informed business decisions,” according to a news release. (GSA Business Report)

Four Companies Split $150,000 in Funding from South Carolina Research Authority

The South Carolina Research Authority has awarded $150,000 in grant funding to four companies as part of the SCRA’s mission as a state-chartered nonprofit. Two Greenville-based for-profit companies each earned a $50,000 Acceleration Grant: GoBeep Inc., which deals with customer data privacy, and the aviation app UA Sidekick LLC; Charleston-based YoJanus Inc., a user-generated tenant experience app for tenants and landlords, was granted $25,000. Tide Stop LLC, based on Johns Island and sponsored by Clemson University, will see $25,000 from the SCRA’s Academic Startup Assistance Program to develop and manufacture a patented stormwater check valve that will prevent roadway flooding that stems from tidewater overwhelming stormwater drainage systems. You can learn more about the SCRA’s Industry Partnership Fund, which helps fuel the state’s innovation economy, on the SCACPA blog. (Charleston Regional Business Journal)

Busy Greenville-Spartanburg Airport Set to Add 2,000 Parking Spots as Part of $92M in Road Renovations

Greenville-Spartanburg International Airport, which in the past five years has clocked double-digit increases in passenger traffic, will add nearly 2,000 new parking spaces. Construction of a parking garage where there is currently daily and employee parking will begin around fall after a new employee lot and 1,500-space daily surface lot are completed. The total project, which will include a new Aviation Drive traffic circle and better access to the existing cell phone lot should be completed by 2022. The project’s $92 million total has $75 million dedicated to the new garage, with money coming from cash from airport reserves, car rental revenue and borrowed money. GSP set its all-time passenger record with 2.3 million passengers in 2018, the most recent year for available data. (Greenville News)