The real estate professional rules under Internal Revenue Code (IRC) Section 469(c)(7) were instituted in 1993 to afford those who earn their living in real estate trades or businesses the opportunity to deduct losses from their real estate activities. Under IRC Section 469(c)(2), passive activities include any rental activity except as provided in (7), which…
Share How we evaluated and provided recommendations for offshoring business processes for corporate functions Download a PDF of this case study. Executive Summary A global multi-billion-dollar renowned historic media company was suffering due to transformation of the market with digital media and increased competition by providers of cheap and easy access to news and analysis….
The qualified small business stock (QSBS) tax regime, introduced in 1993 and codified in section 1202 of the Internal Revenue Code, remains one of the most powerful incentives for investors in start-up ventures. There are many rules governing the QSBS regime, but in general it allows taxpayers to exclude from Federal income tax eligible capital…
Share Claiming Your UBIT Refund or Credit or Adjusting Form 990-T for Qualified Transportation Fringe Amounts On January 21, 2020 the IRS issued instructions on how to claim a refund for the now repealed Qualified Transportation Fringe amounts that were subject to Unrelated Business Income Tax (UBIT). If you wish to claim a refund or…
What happens when an unintentional error is discovered on a prior year tax return? What if past depreciation was not calculated correctly, or an incorrect method or life was used, or the total cost basis of fixed assets according to the depreciation schedule does not agree to the balance sheet? While there is a temptation…
Share The retail business is hard. It’s cutthroat, moves at lightning speed and only the strong and adaptable survive. It must meet the demands of the market through efficiency, quality, cost-effectiveness, differentiation, accessibility, and customer service. These pillars of performance are constantly evolving, though the objective to deliver a product to the final end-user is…
Share How to: Custom Segment There may be certain scenarios where businesses want to track other metrics across posting transactions like invoices. You can track a new metric with custom segments in NetSuite. Watch this video to find out how. View more of Withum’s ERP How To Videos. Previous Post Next Post
Share How to: File Drag and Drop In this tip video, we will take a look at a free NetSuite app, which is meant to be an alternative to the native method for uploading files. With the app, you will gain the ability to simply drag and drop files drop your desktop into the record…
Navigation Tips In this NetSuite tip video, we share four effective ways to navigate around the suite. We will cover reminders, shortcuts, recent records and creating a new menu. All these navigation tips are supplemental ways to get your records faster, increase your productivity and streamline your navigational efforts.