According to a CNBC survey of businesses in 2022, 74% of businesses are dealing with supply cost increases. It is not uncommon for businesses to utilize standard costing inventory in their internal ERP system and update the standard cost for products on an annual basis. Standard costing is based on the expected costs of material,…
Results from Withum’s 2022 Law Firm Leadership Survey What can law firm leaders do to ensure their firms thrive? In response to our flash survey, we received feedback from Managing Partners, Firm Chairs and C-suite executives from law firms around the country regarding their most pressing issues. Download our 2022 Law Firm Leadership Annual Trend…
The new lease accounting standards under ASC 842 were effective for private companies with a calendar year-end beginning January 1, 2022. These new standards require companies to record substantially all leases on their balance sheets and will affect real estate leases for both tenants and landlords. There will be a significant change for tenants, who…
On October 19, 2022, the IRS issued a press release (IR-2022-183) warning taxpayers to be wary of third parties who advise them to claim an employee retention credit (ERC) when they do not qualify. According to the IRS, these third parties “often charge large upfront fees or a fee that is contingent on the amount…
A cyber Incident Response Plan (IRP) can help an organization prepare to reduce the overall impact of an incident. A potential cyber breach incident can be a ransomware attack, a malicious insider, an external attacker that gained access via a phishing campaign or internal human error, among many others. When dealing with incidents, we often…
Are you getting fatigued looking at walls of text on your Microsoft Teams channels every day? Looking for more ways to get your team engaged remotely? Perhaps you are new to Teams and simply find the platform intimidating. Thankfully, Microsoft gives you options and provides many simple ways to spice up your day-to-day activities and…
Gross margins, profits, ARR, EBITDA – the list of financial metrics can go on and on. These metrics are all very helpful in the decision-making and analysis process in determining the trajectory and direction of a startup. Each metric is uniquely designed, and success can vary by industry. In times of economic uncertainty with increased…
The intention of Senate Finance Committee Chair Ron Wyden was clear in advocating for the excise tax on stock repurchases: to stop “mega-corporations” from using stock buybacks to “juice” their stock prices and reward their executives and wealthiest investors through massive stock buybacks. However, the legislation as it exists today may cast a larger net…
A new corporate alternative minimum tax (“CAMT”) was enacted as part of the Inflation Reduction Act passed on August 16, 2022. The applicability of the CAMT under the most recent law is greatly diminished and was recently estimated to impact as few as 150 companies based on the Joint Committee of Taxation’s analysis. While at…