Share There has been a recent uptick in M&A activity. Whether your company is raising additional capital or exiting, you want to be due diligence ready. It is critical to prepare for due diligence to maximize the valuation and prevent potential issues from coming up at the last minute, which can either lower the sales…
Share Every year during the holiday season, Withum team members leave their offices to go out into their communities and volunteer with local charities. Giving Back is a pillar of the Withum Way—the code that defines the Firm’s unique culture. The Firm’s annual Withum Week of Caring (WWoC) is a company-wide initiative that encourages and…
Share Owning a profitable business? Everyone would agree that sounds nice. Owning a profitable foreign business? Still nice, just a tad more complicated. With a few compliance seasons in our rear view mirror after the enactment of the Tax Cuts and Jobs Act of 2017 (TCJA or “Tax Reform”), there is no better time for…
In 1986, the Federal government started a program to encourage private investors to develop and manage affordable housing under the Tax Reform Act of 1986. The incentive created under this program is a tax credit that investors can use to offset their income tax liability dollar for dollar to increase the investors’ internal rate of…
Share Background Previously, to determine unrelated business taxable income (“UBTI”), an organization that operates multiple unrelated trades or businesses would aggregate income from all those activities and subtracts the aggregate of deductions from that income to determine net unrelated business income/loss. As a result, an organization could use a deduction from one unrelated trade or…
Share Update: November 24, 2020 As we’re nearing the end of what feels like the longest and strangest year in recent history, many businesses are shifting their focus to year-end planning. Learn More on Coronavirus Relief Grants Update: August 5, 2020 Several counties in Florida have allocated funding received from the Coronavirus Aid, Relief, and…
Share 2020 has presented taxpayers with unprecedented challenges in keeping business operations running normally while dealing with a myriad of COVID-19 aspects, which in certain cases threaten the overall viability of businesses. While these challenges will most certainly continue into next year, there may be a silver-lining in terms of benefitting from Research and Development…
Share The IRS Tax Exempt & Government Entities (TE/GE) division recently released its FY 2021 Program Letter, listing its priorities and strategic goals for the new fiscal year. This annual guidance was redesigned for FY 2021, and is presented as a compact summary of goals and steps to achieve those goals, in sync with the…
Share On November 18, 2020, the IRS issued Revenue Ruling 2020-27 and Revenue Procedure 2020-51. The issuance of these documents follows the IRS’s issuance of Notice 2020-32 on April 30, 2020. As expected, this recent guidance hews to the analysis in the Notice and denies a deduction for expenses related to PPP loan forgiveness regardless…