Once an affordable housing project has been developed or rehabilitated and is ready to be placed in service, the developer usually engages a managing agent to manage the day-to-day operations, monitor compliance with regulations, as well as maintain the accounting records. Most managing agents usually maintain the books on a cash basis and begin recording…
On November 13, 2023, New York Governor Kathy Hochul announced the release of statewide proposed cybersecurity regulations for hospitals. If adopted by the Public Health and Health Planning Council this week, the regulations will be published in the State Register on Dec. 6, with a 60-day public comment period ending on February 5, 2024. The proposed…
Pharmaceutical innovators are searching for additional tax relief after the new Section 174 R&E capitalization requirement may not go away. The Orphan Drug Credit (“ODC”) represents a significant incentive offered by the U.S. government under IRC Section 45C, specifically designed to encourage pharmaceutical innovators to pioneer medications and therapies for rare diseases — conditions that…
Withum is proud to announce that the AICPA has named Trevor Shaw, CPA, ABV, CFF, as a 2023 FVS Standing Ovation Award recipient. The Standing Ovation Program honors successful young professionals with FVS-specified credentials, including Financial Forensics (CFF) and Accredited in Business Valuation (ABV®) and their unique contributions to the field. Trevor’s work as a…
Withum is proud to share that the Los Angeles Business Journal has recognized Aza Ghazaryan, Tax Partner, and Kerra Diener, Tax Senior Manager, on its Top 100 Accountants list for 2023. Aza Ghazaryan, CPA, MBA, is a tax partner with over 15 years of experience helping businesses minimize their tax liability. She provides tax compliance…
After a decade of budget cuts and watching audit rates of wealthy taxpayers decline due to fiscal constraints, the IRS announced earlier this year its plans to establish a special unit to focus on large or complex pass-through entities. IRS Commissioner Daniel Werfel says the goal is to “disrupt efforts by certain large partnerships to…
In a move aimed at modernizing and streamlining the interaction between the Internal Revenue Service (IRS) and taxpayers, the IRS has recently announced the launch of its new Online Document Upload Tool. This tool represents a significant shift from the traditional method of correspondence, which primarily involved sending paper documents via regular mail. The Problem…
Download a PDF of this case study. Executive Summary A mid-western regional bank recognized that its cybersecurity initiatives were inconsistent with industry standards and sought third-party expertise to improve its cyber defense strategy. Withum’s Cyber and Information Security Services Team partnered with the bank to revamp its cybersecurity program. Using a multiphase approach, Withum conducted…
Hollywood has a gaming fascination. From award-winning shows like Cyberpunk: Edgerunners (2022), Arcane (2021), and The Last of Us (2023) to movies like The Super Mario Brothers Movie (2023), and Sonic the Hedgehog (2020, sequel in 2022) and the upcoming Legend of Zelda movie studios can’t get enough of video games. This is part of…
Are you a Massachusetts non-profit or academic institution with a focus in life science? Or perhaps you’re a for-profit Massachusetts life science company, collaborating with a Massachusetts non-profit. If so, you should be aware of the following grant programs with application deadlines rapidly approaching on November 17, 2023. You may be eligible for the following…