Rev. Proc. 2023-41 was issued on December 7, 2023 detailing the discount factors for accident year 2023 in all future tax years as well as the discount factors for all years to be used in the 2023 tax year. Discount factors are provided for various lines of business and should be applied to both loss…
In a concerted effort to adhere to the mandates outlined in section 504 of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018, the Securities and Exchange Commission (SEC) has recently set forth a proposal for a rule amendment aimed at refining the definition of a “qualifying venture capital fund.” This strategic move…
Privately held medical practices have continued to attract more attention from outside investors (e.g., private equity) due to their highly fragmented and under-scaled nature relative to the broader healthcare industry. Their attraction as a potential investment class has given rise to an increasingly ubiquitous joint venture known as the MSO-PC Model, or simply, the MSO…
The cannabis tax community is abuzz with rumor and delight. The giddiness stems from a recent announcement by a publicly traded cannabis company that it obtained large tax refunds from the IRS, even though the company has been tightlipped about the reason for the refunds. The company announced nothing more than the amount of the…
Women within the Financial Services Industry share advice on work-life integration and how they incorporate it into their own lives. The term Renaissance Man was coined in the 1400s by Leon Battista Alberti, the initiator of Renaissance art theory. The term, still used today, embraces being well-rounded, consistently challenging oneself to continue to grow and…
This month, as a part of Withum’s mission to instill volunteerism and philanthropy in emerging professionals, winter interns took to their communities to participate in give-back efforts for a variety of organizations. In East Brunswick, New Jersey, a small group of interns and staff members went to the Ronald McDonald House (RMH) to prepare special…
Accounting Standards Update (“ASU”) 2022-04 Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Programs is effective for fiscal years ending on or after December 15, 2022, which means it is effective beginning with fiscal years ending on December 31, 2023. The purpose of this ASU is to provide information in the form…
Withum is proud to share that team members have graduated from the Florida Institute of Certified Public Accountants (FICPA) Leadership Academy for the past two consecutive years. 2024 FICPA Graduates Ivan Calata, CPA and Sameer Uddin, CPA graduated from the Florida Institute of Certified Public Accountants (FICPA) Leadership Academy in 2024. Ivan is a Tax…
In today’s fast-paced business landscape, optimizing accounting procedures is essential for success. Oracle NetSuite ERP (Enterprise Resource Planning) stands out as an indispensable tool for in-house accounting, offering a comprehensive, cloud-based solution that revolutionizes how companies manage their financial operations. Today, embracing NetSuite ERP is not just an option – it’s a strategic imperative. Let’s…
Withum is proud to share that the San Francisco Business Times has named Thomas Orosco, CPA and Maggie Wu, CPA to the Inaugural Next Generation in Accounting List. Thomas is an Audit Manager with over seven years of experience. He specializes in the life sciences, real estate and private equity industries where he exceeds client…