Download a PDF of this case study. Executive Summary After acquiring a local mortgage company, a community bank sought support from Withum’s Cyber and Information Security Team to secure their cyber defenses. The mortgage company did not have standard cybersecurity frameworks and looked to the community bank for resources and internal alignment. The Client The…
Since their creation in 2009, cryptocurrencies have been polarizing, especially when it comes to taxes, bringing both opportunities and challenges. While you must pay income taxes on income and gains made from cryptocurrency investments, the question of whether you can deduct losses from abandoned or worthless cryptocurrencies is still a hot topic. Understanding Abandoned and…
For many nonprofits, adhering to change can feel like you are attempting to cross a river on lily pads. It is not stable and it feels like there is a high likelihood of failure. Learn why embracing innovation, strategic technology investments and modern payment processors can help your nonprofit stay in front of donors. The…
On Friday, October 6, Seton Hall honored Pat Walsh, Managing Partner and CEO, with the 2023 Most Distinguished Alumnus Award at their 36th Annual Many Are One Celebration. Alums, faculty, students, parents and supporters of Seton Hall gathered at the Legacy Castle in Pompton Plains, NJ, to recognize and celebrate Pat’s outstanding achievements in servant…
The IRS announced a processing moratorium on employee retention credit (ERC) claims on September 14, 2023. As part of that press release, the IRS announced that it was planning to issue two different settlement initiatives in the coming weeks/months. The first is a settlement program for taxpayers whose ERC claims have already been processed and…
On November 1, 2022, the Centers for Medicare & Medicaid Services (CMS) released its finalized 2023 Medicare Physician Fee Schedule (MPFS) final rule. Among other critical updates summarized by CMS, the 2023 MPFS includes a reduction in the conversion factor from $34.6062 to $33.0607, reflecting the expiration of the temporary 3% supplemental increase in fee…
Healthcare-related not-for-profits have a myriad of different funding sources that support operations. These can come in the form of contributions, program service revenue, and governmental grants. With all these different funding sources, it is imperative that healthcare-related not-for-profits have a general ledger system that can support both financial reporting and operational efficiency. A general ledger…
With hundreds of video games hosting professional competitions and tournaments for increasing prize pools and opportunities, it is easy to get lost in the rapidly growing market that is Esports. For many, it may be beneficial to look at one of the oldest and most profitable games in the industry to get a better sense…
Capital accounts track the net equity owned by each partner in a partnership and typically include such information as initial and subsequent capital contributions, each partner’s distributive share of the profits and losses, and all distributions. Capital Accounts Beginning in tax year 2020, the IRS required partnerships to report their capital accounts on Schedule K-1,…