Share Congress reached an agreement on Sunday, December 20, 2020 on new stimulus legislation – the Emergency Coronavirus Relief Act of 2020. If press reports are to be believed, it would provide $900 billion of stimulus and most important for PPP borrowers, it would reverse legislatively the IRS position that expenses relating to PPP loan…
Share To provide quality health care benefits at a reasonable cost, many employers sponsor a self-insured health plan because they have determined that they are more cost effective than fully insured health products. As part of the administration for this type of plan, employers may hire a Third-Party Administrator (“TPA”) to process medical and pharmacy…
Share The United States Department of Health and Human Services (HHS) began distributing the third phase of COVID-19 relief funding for providers Wednesday, December 16, with $24.5 billion to go to more than 70,000 providers through the end of January. Many providers had dollars hit their bank account Wednesday morning. The amount exceeds the original…
Share Withum appointed Bill Bradshaw as the Firm’s first Director of Inclusion and Diversity. The Director of Inclusion and Diversity will head the Firm’s I&D Initiatives by overseeing its strategy and objectives, including advancing diverse leaders, foresting an inclusive workplace, and collaborating with leadership to provide broad perspectives and innovative client solutions. Bill will also work…
Share As 2020 comes to a close, it’s a perfect time to review some key considerations for NFP organizations year-end planning. We provide 5 year-end tips to help with this process: 1. Make sure donors know It’s a great time to give… AND receive an enhanced deduction! It’s that time of year where, both for…
What Is the Low Income Housing Tax Credit (LIHTC)? The LIHTC was created in 1986 as a way to help finance and restore more affordable rental housing. Instead of the project having high amounts of rental income that normally would bring in investors, the LIHTC gives investors a large incentive to finance these projects in…
Share On December 9, 2020, the SBA posted final versions of Forms 3509 and 3510 on the Treasury website, along with a new question and answer (FAQ #53) to its running list of FAQs. These forms have been and will be sent to all PPP borrowers whose loan size, together with its affiliates, is $2…
Learn how Withum’s Cyber and Information Security Services Team transformed and aligned an irrigation company’s IT technology to streamline short and long-term business objectives, strengthening its position in the market for future growth and M&A opportunities. Download a PDF of this case study. A California-based, leading, family-owned landscape and irrigation company struggled with ill-advised selection…
Share The Tax Cuts and Jobs Act of 2017 (“TCJA”) made significant changes to types of property that qualifies for like-kind exchange treatment. Specifically, after the TCJA, only real property qualified for tax deferred exchange under Sec. 1031. This substantially reduced the number of transactions Sec. 1031 could apply to, but also led to a…
Share The Internal Revenue Service (“IRS”) recently adopted final regulations pertaining to business expense deductions for meals and entertainment. These “Final Regs” were aimed at addressing changes previously incorporated with the enactment of the Tax Cuts and Jobs Act (“TCJA”). The TCJA had (1) eliminated the deductibility of any expenses related to activities generally considered…