Withum, a national top 25 accounting and advisory firm, announced today that Pat Walsh, Partner and Market Leader for Withum’s National Tax Services Practice, will succeed CEO and Managing Partner Bill Hagaman, after his term ends in 2023. Under Hagaman’s tenure, Withum grew six times in revenue and expanded nationally since January 2010, when he…
The Internal Revenue Service (IRS) has made revisions to Form 1024, Application for Recognition of Exemption Under Section 501(a) or Section 521 of the Internal Revenue Code, to permit electronic submission, and has mandated electronic filing. Effective January 3, 2022, applications for recognition of exemption on Form 1024 must be submitted electronically online at Pay.gov….
COVID Relief Programs Included: PPP, EIDL, ERC, FFCRA, SVOG, and RRF The COVID-19 pandemic created a vast network of small business relief programs in the form of loans, grants, tax credits and direct payments. From the Paycheck Protection Program (PPP) to the Employee Retention Credit (ERC), small businesses were infused with billions of dollars in…
Withum’s Jim Bourke and Ed Mendlowitz continue to shape the public accounting landscape and earn respect from their industry peers. For 2021, by way of 140 candidate votes, Bourke and Mendlowitz ranked on Accounting Today’s Top 100 Most Influential People in Accounting list together for the seventh consecutive year. Withum’s Advisory Services practice, he is…
Due to the magnitude of merger and acquisition (M&A) activity in both the private and public markets, it is important for founders, executives, and employees to all consider the effect a consolidation could have on stock options. In some cases, treatment may be found in the individual’s grant package in a section regarding change in…
How should PPP loan forgiveness and the related expenses be reported on IRS Form 1120-S? Some practitioners and tax software providers defaulted to including PPP loan forgiveness income in an S Corp’s Other Adjustments Account (OAA) while leaving the related expenses in its accumulated adjustments account (AAA). This can create unintended tax consequences for S…
On January 1, 2022, Lindquist, LLP, a public accounting, tax and business advisory firm headquartered in San Ramon, CA, officially joined its practice with WithumSmith+Brown, PC (Withum), a nationally recognized CPA and advisory firm with 15 offices and annual revenue of $360M, ranking in the top 25 firms in the country. Lindquist’s 10 partners and…
It’s almost the time we all have been waiting for – the implementation of ASC 842! After several FASB deferrals, calendar-year private companies will need to implement ASC 842 starting January 1, 2022. Private companies with fiscal year ends will luckily have up to an additional year to prepare and wait for us all to…
You’re heading into year-end and your corporation is showing its first profit. Congrats! What about your tax bill? You aren’t worried because you have plenty of net operating losses (“NOLs”) from when you started the company, back in 2018. There’s no tax bill to worry about, right? Right? Wrong. For tax years beginningafterDecember 31, 2020,…
A recent Chief Counsel memorandum announced by the IRS on October 15, 2021 (Field Attorney Advice memo 20214101F) provides legal advice on information required for a research credit claim to be considered valid. The IRS News Release (IR-2021-203) explains that “claims for refund” should be supported by extensive disclosures about the business components to which…