What is a PPA? A Purchase Price Allocation (“PPA”) is a financial accounting process that takes place after a business acquisition or merger. It involves the allocation of the purchase price to the acquired company’s tangible and intangible assets. The purpose of a PPA is to determine the fair value of the acquired assets and…
It is Withum’s longstanding belief that the Firm’s greatest asset is its people. To ensure a prosperous and longstanding career with the Firm, Withum intentionally implements programs that foster a culture rooted with an Employer of Choice focus. It is the Firm’s mission to be a place where underrepresented talent and emerging professionals can show…
Having learned the possible reasons for your Union’s selection for a CAP audit, you are ready to proceed to the next section, which outlines the steps involved in the audit process.
Withum held its annual State of the Firm on January 9, 2024, at the New Jersey Performing Arts Center (NJPAC) in Newark, NJ. Team members from all over the country gathered to hear the latest updates and projections across Advisory, Tax and Audit Services as well as Firm Operations. Pat Walsh, Managing Partner and CEO,…
In the realm of finance, a revolutionary trend is emerging: tokenization. This process involves converting real-world assets into digital tokens, a concept gaining traction worldwide. As reported by Bloomberg, the Philippines Bureau of the Treasury’s recent decision to offer 10 billion pesos ($179 million) of tokenized treasury bonds marks a significant step in this direction….
Many questions have surfaced amongst auto dealerships regarding seller and transfer reports and how to properly report them on the IRS Energy Credit Online Portal. While the roll-out of the portal has been bumpy, the Internal Revenue Service (“IRS”) is working through the problem areas as they are presented. The updated IRS guidance regarding these…
The IRS released two pieces of favorable guidance on Friday, December 22, 2023, clarifying the definition of contract research and identifying automatic changes in accounting methods for the 2023 taxable year in relation to Section 174 research and experimental (“R&E”) expenditures. While taxpayers are still waiting for Congress to pass legislation allowing immediate expensing of Section…
Withum is proud to share that the Los Angeles Business Journal has named Chris Passmore and Aza Ghazaryan on their Thriving in their 40s list for 2023. Christopher Passmore, CPA, MBA, specializes in assurance and business consulting services to emerging and middle-market companies and leads Withum’s Los Angeles office as the Partner in Charge. Chris…
The NYC Biotechnology Tax Credit offers a valuable financial incentive to investors and owners of qualified biotechnology companies. This credit can offset various taxes including business corporation tax, general corporation tax, and unincorporated business tax. Eligibility Criteria To be eligible, a company must: How to Apply Applications should be submitted by January 15 following the…