Have you been too busy to file your tax return for multiple years and just couldn’t get around to it? Was your income during those years more than $400,000? Have you recently received a letter inviting you to file back tax returns? If you answered yes to those questions, you are among a select group…
On May 10, 2024, the Federal Government issued a joint advisory asthe Black BastaRansomware Group continues accelerating attacks on the healthcare sector. TheFederal Bureau of Investigation (FBI)Cybersecurity and Infrastructure Security Agency,the U.S. Department of Health and Human Services (HHS), andMulti-State ISACreleased a joint cybersecurity advisory to provide information on Black Basta. TheHealth-ISACalso issued a bulletin…
On May 3, 2024, the DC Court of Appeals ruled that the IRS had the authority to automatically assess the $10,000 penalty for failure-to-file Form 5471 – overturning an April 2023 Tax Court decision to the contrary.The decision reinstates the nearly $500,000 in penalties assessed by the IRS against Alon Farhy, and is a set-back…
Withum is proud to share that Jim Bourke and Chris DeMayo were honored by New Jersey Business Magazine as part of their NJ Innovate 100 Celebration. The inaugural NJ Innovate 100 Celebration spotlights professionals dedicated to the progression of their industries and the overall innovative ecosystem in New Jersey. Innovation+, along with assistance from local…
As the adoption of Microsoft Azure AD (also known as Azure Active Directory and now referred to as Entra ID) grows, enterprises are increasingly leveraging its capabilities, particularly in terms of identity management. Frequently, companies have already been exposed to the Azure landscape via Office 365 or SharePoint, leading management to seek cost reduction and simplified administration…
Now that the ink has dried on your corporate tax return, it is time to consider your next important tax filing. If you sponsor a 401(k) plan with a December year-end, it is important to remember that your Form 5500 and audited financial statements, if required, are due July 31 with the option to file…
Bidding on government contracts requires meticulous preparation, a deep understanding of the procurement process, and the ability to navigate the complexities of government requirements. Contractors must be patient, resourceful, and ready to adapt to the evolving landscape of government needs and regulations. With the right approach, government contracts can offer substantial opportunities for business growth…
As discussed in our previous article, The Case for Using a Forensic Accountant, confronting the prospects of a cash-based audit is fraught with potential traps and exposure to civil and criminal penalties, including incarceration. Understanding the government’s process and having the information to respond quickly will make the process smoother. The goal should be to demonstrate…
Business succession planning is a topic that continues to gain prominence as business owners seek ways to transition their ownership. Closely-held, owner-managed companies face the biggest challenge when it comes to a successful transition. It is estimated that only 30% of construction companies survive after the founder dies, and that number drops to 20% through…