As students return to campus around the country with shiny new dorm décor, laptops, and other assorted electronics, it is important to understand how those items are insured. A common misconception is that student’s belongings are covered under their school’s coverage of the building, but those policies only cover the structure and not the contents….
Cybersecurity has become a pervasive part of anyone doing business in today’s world. Every organization, no matter the size, needs to be aware of cyber threats and what they can do to protect themselves, their business, and the information they store and transmit. The real estate industry is no exception to this. The prevailing wisdom…
The Federal Work Opportunity Tax Credit (“WOTC”) provides tax incentives for hiring individuals who traditionally face barriers to employment. Unlike many state incentives, WOTC is available to restaurant and hospitality businesses. Furthermore, WOTC does not require employers to increase their overall headcount – merely replacing a departing employee with a WOTC-eligible employee is eligible –…
It will surprise no one that taxpayers are always looking to minimize their tax bill. It’s the means that is used to minimize the tax bill that gets people in trouble.The biggest hammer the IRS has is a Fraud Referral to the Criminal Investigation Division. The Internal Revenue Manual addresses a number of the actions…
There is a lot of chatter about the $80 billion of increased funding for the IRS in the Inflation Reduction Act, which President Biden signed into law on August 16, 2022. The burning question on everyone’s mind is whether the $80 billion of increased funding for the IRS will meaningfully increase IRS audit rates. The…
Withum’s Advisory Teams focus on modernizing IT systems, streamlining business processes, and analyzing data across the enterprise. But Withum is also a top 25 Public Accounting firm in the United States and that got us thinking.We decided to compare notes and polled several of our tax, audit, and financial support teams to identify the latest…
President Biden signed the Inflation Reduction Act into law on August 16, 2022. With its passage, R&D tax credits in the form of payroll tax offsets have effectively doubled for qualified small businesses. The payroll tax offset cap is increasing from $250,000 for the 2022 tax year to $500,000 for tax years starting after December…
Withum is proud to share that two Withum team members, Brad Caruso and Austin Hagaman, have been named on NJBIZ’s 40 Under 40 List for 2022. Brad Caruso is a Partner and Leader of Withum’s Not-for-Profit and Education Services Team. With fifteen years of experience in public accounting, he acquired a Certified Fraud Examiner license…
Update: House Approves Inflation Reduction Act The House of Representatives voted today to approve the 730-page bill and it now moves to the President’s desk for signature. The official name of the bill, as modified in the Senate, is “An Act to provide for reconciliation pursuant to title II of S. Con. Res. 14.” Separately,…
You are about to read a true story, though all names have been changed. The Incident Do you remember the rush of inspiration you felt when you began exploring the field that would later become your career? Maybe it was because of a training course or apprenticeship – opportunities that many unions make possible every…