Under the auspices of ERISA, the Department of Labor (DOL) has substantial authority to examine virtually all aspects of multiemployer plan management and operations. The health of a plan is largely a function of the proper management and collection of contributions. Accordingly, plan fiduciaries should ensure that they are actively verifying the accuracy and completeness…
The Superfund Excise Tax went into effect on July 1, 2022, and many companies are still struggling to understand whether it applies to their operations and how to properly estimate their potential liability. Even though the Superfund Excise Tax has been implemented in the past, it last expired over 25 years ago. Under the reinstated…
Those who have been in the corporate world a while should recognize the latest trend in business solutions: business and IT stakeholders are once again building their own. For those of you already using the Office365/Microsoft 365 platform, you probably know that Microsoft strongly believes the next generation of business apps will be developed directly…
Commercial office building conversions are widely discussed but rarely acted upon. Leases on roughly 11% of office space in the U.S. are set to expire this year and leases on an estimated 900M square feet of office space nationwide are set to expire by 2025 according to a study by JLL (Sisson, 2022). Many tenants…
Proving intent is difficult, if not impossible, as it requires an understanding of what the taxpayer was thinking when he understated his tax bill.To address that situation, the IRS has developed a list of factors it calls Badges of Fraud. While no one factor is determinative, a combination of factors or totality of circumstances points…
There are two significant developments coming out of Congress. First, on July 28, 2022, the House voted to approve “The CHIPS and Science Act of 2022,” which was passed by the Senate on July 27, 2022. This bill passed in the House on a bipartisan basis with a vote of 243 to 187. It includes…
We all knew this day was coming, and it has finally arrived. Multiple businesses notified us recently that their claims for the employee retention credit (ERC) are being audited by the IRS. This does not mean that these businesses did anything wrong, or that they will end up owing money to the IRS; it just…
Over the past few months, the SBA has provided several audit-specific webinars for entities that have received an SVOG grant. These webinars have provided details and clarity around the requirement. The audit requirement is different for non-profit entities (referred to as non-Federal entities within 2 CFR 200) and for-profit entities. It is important to note…
Although most federal funds related to the COVID-19 pandemic have been exhausted, small businesses in New York are still eligible to receive sizeable grants and credits created by Governor Hochul’s Executive Budget. Specifically, two NY small business programs currently offer small business owners upwards of $75,000 in grants and credits. NY COVID-19 Capital Costs Tax…
Withum was engaged to assist a southwestern academic medical center grow its 340B Program to increase savings while also ensuring compliance and sustainability. Learn how our proprietary analytics tool helped the health system achieve its goals. Download a PDF of this case study. Executive Summary Withum was engaged to assist the Health System grow its…