There is a lot going on regarding taxes these days. For starters, Democrats are still trying to pass a smaller version of Build Back Better (BBB), the legislation that stalled in Congress last year. Senate Majority Leader Chuck Schumer and Senator Joe Manchin from West Virginia are leading the discussions because Sen. Manchin’s buy-in will…
If you have previously worked with Power BI or any other self-service BI tool, then I am sure you have found the incredible value it brings to an organization when making important data-driven business decisions. Users no longer must come from an extensive coding or developer background to ingest data from disparate sources, design and…
Now that we are halfway through the new year, most companies have wrapped up their books and records for 2021 and sent them to their accounting professionals for tax compliance and financial statement preparation. While the inclination can often be to consider the cleanup of accounting records to be an annual process, there are real…
The employee retention credit (ERC) started out slow but keeps going strong, even to the present day. When it was first enacted on March 27, 2020 as part of the CARES Act, it received little fanfare because taxpayers that received a forgivable loan under the paycheck protection program (PPP) were prohibited from claiming the ERC….
Withum is proud to share that Profiles in Diversity Journal named Theresa Richardson, Chief Talent Officer, a 2022 Women Worth Watching Award Winner. Theresa was acknowledged for her work with Withum’s Inclusion and Diversity initiatives, specifically with the Team Member Resource Groups and expanding the Firm’s team member benefits. She is a co-leader of Women…
I receive at least 5 calls per year with some variation of this question. The callers are asking about the exclusion for capital gain on the sale of qualified small business stock (QSBS). By the time they reach me, the callers have already spoken with their local tax advisors and/or looked on the internet, and…
We have seen an uptick recently in enforcement activity regarding paycheck protection program (PPP) loan eligibility and forgiveness. The Small Business Administration (SBA) typically pursues the civil investigations, usually by denying a loan forgiveness application and forcing the borrower to pursue an administrative appeal and then possibly an appeal in court. On the criminal side,…
Let’s face it, we all make mistakes; we are human, and it is part of our nature. While some mistakes lead to growth, we do not want to see mistakes made regarding our company’s accounting. Segregation of duties and review help to reduce human error. Still, depending on the size of your organization, the reality…
Jim Ferrare, Managing Principal of Withum Wealth Management and Principal of Withum’s sub-investment advisor Pinnacle Associates, was named to this year’s 2022 Best-In-State Wealth Advisors list by Forbes for the fifth year in a row. A Chartered Financial Analyst® (CFA®) and CPA, Jim is an investment advisor who helps clients understand and manage investments as…