Many were hopeful for U.S. tax legislation ensuring businesses could continue to fully deduct their research and experimental (“R&E”) expenditures in the 2022 taxable year. Senator Margaret Hassan (D-NH) introduced a bill as recently as March 16, 2023, to provide an immediate deduction related to Section 174 expenditures. However, the partisan Congressional divide will likely…
The magical application of Section 1202 for C corporation shareholders seems too good to be true, with millions of tax dollars being saved. However, after the significant corporate tax rate reduction passed in the Tax Cuts and Jobs Act, many S corporation shareholders are wondering why they are still being excluded from this worthwhile benefit….
As of March 20, 2023, the IRS has published five documents expressing that the employee retention credit (ERC) is rife with fraud because of unscrupulous tax credit shops. See October 19, 2022 (press release); November 7, 2022 (COVID Tax Tip); March 7, 2023 (press release); March 7, 2023 (OPR Memo); March 20, 2023 (IRS adds…
Withum’s global advisory and accounting network, HLB International, ranks 10th largest worldwide advisory and accounting network. Withum proudly shares that the International Accounting Bulletin (IAB) ranked HLB International as the 10th largest global advisory and accounting network. Withum is an independent member of HLB International, a global network of independent advisory and accounting firms, which…
It was the best of times; it was the worst of times for New York Met Fans. On December 2, 2022, long-time Met’s pitcher Jacob deGrom signed a 5-year contract worth $185 million with the Texas Rangers. The ace of the Mets pitching staff, who had been a lifelong Met, had decided to head to…
Whether you are pursuing a new contract or have extensive experience in the industry, having the proper contractor business systems in place can ensure that your business is on the path to profitability and compliance. An adequate business system is based on the extent in which the overall system allows the organization to comply with…
In celebration of Women’s History Month, Withum’s Women in Financial Services Team is spotlighting some dynamic female leaders in the industry. With dedication, hard work, and collaboration, these women continue to break barriers, ensuring that they and those who come after them have a rightful seat at the table. An overarching theme among women leaders…
In March of 2022, after President Biden’s State of the Union Address, we summarized increased efforts specifically related to the Paycheck Protection Program (“PPP”) and other pandemic relief fraud. Now a year later, President Biden has doubled down on the government’s efforts to fight pandemic-relief fraud. President Biden’s Proposal to Greatly Expand Resources President Biden…
OR The words “testing” and quality assurance (QA) are used interchangeably in the industry, and many aren’t aware of the difference between the two. Testing, as such, focuses on the correctness of the end product, whereas software quality assurance testing ensures that appropriate procedures and processes are in place and enables the delivery of a…
Artificial intelligence has been making tremendous strides recently and is continuing to improve every second, including advancements in AI for business and AI for developers. There are several different ways that AI can help improve your day-to-day processes, like helping you create Power Apps applications, Power Automate Flows and even help with researching and writing…