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…
Many US investors are increasingly looking to cryptocurrency and blockchain companies as ideal vehicles in which to invest. Early in the cryptocurrency boom, the IRS took the position that cryptocurrency was property and therefore, any purchase using a cryptocurrency is technically a taxable event (i.e. if you acquired the cryptocurrency for XX.XX and used it…
Has Crypto been on your mind? It should be. From a regulatory perspective, not only does it function as an alternative form of currency, but it also serves as an investment, similar to a security, that may generate capital gains. As a new generation of wealth is produced through the growth and adoption of cryptocurrencies,…
In the Previous Chapter The previous chapter’s focus was selecting the right project management model by evaluating the needs against different factors such as budget, release frequency, client base, client involvement, timeline, market geography, skillset, and team size among other variables. These factors help decide the most effective way to implement and manage product development,…
Innovate with Low-Code Automation like Power Apps Automating your manual processes via custom apps doesn’t need to be complicated. Microsoft Power Apps is a low-code automation platform that simplifies the creation process so you can leverage existing talent on your team, save money, accelerate development and scale quickly. We work with our clients to empower…
For over a decade, Withum team members have participated in volunteer work the week of Thanksgiving, getting involved in their communities and helping local organizations leading up to the holiday. After2020’s successful remote giving eventfor One Simple Wish, team members participated in online and live events across the country for this year’s Withum Week of…
What is Expatriation? An act of expatriation is whenever an individual permanently departs from a country. For example: A U.S. citizen who renounces citizenship or a U.S. lawful permanent resident “green card holder” who has held that status for eight or more of the last fifteen calendar years and decides to formally relinquish the green…
This quarterly newsletter will encompass timely insights relevant to your dealership. In this edition, we dive intoAICPA & CIMA Dealership Conference Highlights,protecting dealership data,reserving investment solutions for dealerships, and an introduction to our Partner,James Berg.