Why a Forensic Accountant? Using a forensic account is essential in developing a strategy to handle and defend the findings of a cash-based audit. However, before delving into how they can assist counsel and the client, it’s essential to define what a forensic accountant is. Forensic accounting is a subset of the accounting profession. The Oxford Dictionary…
The R&D Tax Credit is a tax incentive that can be applied as a dollar-for-dollar offset against a company’s tax liability if they engage in activities related to the design and development of a product, process, formula, invention, software, or technique within the United States. Additionally, start-up businesses with less than $5 million in gross…
Learn how Withum helped a limousine company with its corporate income tax return to claim over $150,000 in electric vehicle tax credits. Download a PDF of this case study Executive Summary A Withum client, an established limousine company experiencing significant growth, was unsure of the recent effects of new tax policies and credits that applied…
In my last two blogs in this series on how to use Power Automate, I discussed best practices on how to get started and then the planned updates for release wave 1 scheduled for mid-2023. Now it’s 2024, and with a new year will come a slew of new and exciting Power Automate release wave…
In the life sciences sector, the journey from research to a marketable product often spans several years. During this phase, entities typically accrue substantial Net Operating Losses (NOLs), earmarked to counterbalance future taxable income. A pivotal change emerged on January 1, 2022. Research and Experimentation (R&E) expenditures, once directly deductible, now must be capitalized for…
Selecting the right e-commerce platform can be the key to achieving your business objectives. For Retail, Consumer Packaged Goods (CPG) or companies considering e-commerce, NetSuite offers two robust solutions: SuiteCommerce (SC) and SuiteCommerce Advanced (SCA). Let’s pin SuiteCommerce vs. SuiteCommerce Advanced and explore what these platforms are, how they empower e-commerce goals and their key…
The U.S. Securities and Exchange Commission (SEC) has approved the first exchange-traded funds (ETFs) that track the price of bitcoin, marking a major breakthrough for the cryptocurrency industry. 11 ETFs were simultaneously approved Wednesday January 10, 2024 by the SEC signaling a positive shift in the overall acceptance of digital assets. The significance of these…
Premier Sports Network is pleased to announce it has extended its agreement for a second year with Withum, a Top 25 Public Accounting and Advisory firm in the US. As a Player Care Partner at PSN, Withum has been able to grow its sports desk and portfolio, working closely with some of the highest-performing athletes…
We are excited to announce that Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR) released a bipartisan tax framework that promotes Main Street businesses, while also providing more financial security to families in need. The agreement is between the two Chairs, but respective ranking members and leadership support…
For those operating or investing in Massachusetts Life Sciences Companies, you should be familiar with the following programs: Massachusetts Companies The Massachusetts Life Sciences Center Tax Incentive Program application window is now open and is offering lucrative tax savings to eligible companies. Companies that apply and are accepted into this program can benefit from various…