The F word: Fraud. It is infamous in the accounting world and important that it is an “intentional” act. But why does it happen? How does it happen? The fraud triangle is a famous model in the fraud investigation world and states that fraud can occur when the following 3 elements are present: Pressure, opportunity,…
Giving back is one of the ten tenets of the Withum Way — a code that Withum team members work and live by. Volunteerism and the spirit of philanthropy spread quickly, so it is no wonder why team members in offices from coast to coast contributed to the donation campaign. At the end of each…
The NetSuite 2023.2 release is underway, and it brings with it some great new enhancements. The specific date for your scheduled upgrade can be found in the “New Release” portlet in your NetSuite dashboard. What Is a NetSuite New Release Feature? Twice a year, NetSuite releases scheduled updates that enhance the functionality of the ERP…
Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021. The inability of Congress to pass a tax extender in December of 2022…
The IRS continues to pound the table with its most recent press release on employee retention credit (ERC) claims. On September 14, 2023, the IRS announced a moratorium on processing new ERC claims until at least 2024. It wants to “protect against fraud but also to protect the businesses from facing penalties or interest payments…
In today’s fast-paced business landscape, companies must be agile, efficient and adaptable to remain competitive. Enterprise Resource Planning (ERP) systems are the backbone of modern businesses, streamlining operations, enhancing productivity and enabling data-driven decision-making. However, some organizations hesitate to embark on ERP migration projects due to budget constraints or concerns about economic downturns. Let’s explore…
Largely unheard of before the 2010s, Esports have grown to a $1.64 billion industry and are projected to surpass $2 billion by 2027. Fueled by online streaming platforms like Twitch and YouTube, the past decade has brought Esports to billions of people worldwide and saw widespread tournaments offering multimillion-dollar grand prizes. The body of providers…
Each year, plan administrators are responsible for filing a Form 5500 for employee benefit plans covered by the Employee Retirement Income Security Act (“ERISA”). Since the electronic version of the Form 5500 was released for the 2009 Form 5500, the Department of Labor (“DOL”) and the Internal Revenue Service (“IRS”) have identified common errors found…
Learn how Withum helped a food manufacturer leverage an existing Microsoft investment to streamline business processes and empower citizen developers with Power Platform.
Self-custody refers to the practice of individuals or businesses holding and managing their own digital assets, such as cryptocurrencies, without the need for a third-party custodian. This can be done through the use of a hardware wallet or by managing private keys on a software wallet. This allows the individual or business to have full…