Share We will begin with page 2 of the Form LM-2. This is known as the “Questions Page”; it contains 13 questions, labeled as Items 10-21 (Item 11 has 2 questions) about the labor organization. Some of these questions are straight forward, such as asking if the labor organization has a political action committee (Item…
Share Labor organizations subject to the Labor-Management Reporting and Disclosure Act of 1959 must file an annual financial report (Forms LM-2, LM-3 or LM-4) with the Department of Labor’s (DOL) Office of Labor-Management Standards (OLMS) each year. All forms disclose the unions assets and liabilities at the end of the reporting period and the amount…
Share Examination Priorities We recently discussed a recap of the SEC Office of Compliance Inspections and Examinations (OCIE) 2019 examination results. In this follow-up segment, we discuss OCIE’s 2020 examination priorities, which were recently published by the SEC. Key topics relating to Registered Investment Advisors (RIAs) are discussed below. OCIE’s exams are grounded in the…
Share ROI-NJ’s annual Power List names the top influencers in various industries all over the state. This year, they recognized Withum’s CEO and Managing Partner Bill Hagaman as one of Accounting’s Top Influencers of 2020. “One of the best-know firm leaders in the state,” ROI praises Bill, “Some will joke it’s because of his ubiquitous…
Share General Provisions The 2017 Tax Cut and Job Act (TCJA) included major revisions to the taxation of individuals. This included the temporary (through the 2025 tax year) reduction or elimination of deductions for: State and local taxes in excess of $10,000. All real estate taxes on foreign property. A portion of the mortgage interest…
Share Business travelers are employees who travel for a variety of reasons, including project-based travel, visits to suppliers or customers, or to attend training or business meetings. The destinations for such travel can be as varied as the length of the trip. The duration of a business traveler’s trip may be a day, several weeks…
Share What Are Business Tax Deductions and How They Work Business, partnership, and corporate tax deductions are permitted if they are considered “ordinary and necessary.” In order for an expense to be considered a business tax deduction, it must be appropriate, helpful, and reasonable to the business — even if not absolutely essential or the…
Way back in 2014, the tangible property regulations (“TPR”) became effective and were met with a mostly positive response. The rules provided a relatively high threshold for requiring improvements and repairs to be capitalized. Less capitalization and more expensing means lower taxable income for property owners and renters, alike. However, less capitalized property can now…
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Convertible debt is attractive for pre-and post-valuation start-up companies and others looking to conserve cash and to avoid dilution of their capital structure in the short term. It is a hybrid instrument consisting of a combination of nonconvertible debt and an out-of-the-money call option (usually American style) on a fixed amount of the issuer’s stock….