Share On September 30th, 2019 the IRS issued a draft of the tax year 2019 Schedule K-1 for form 1065, U.S. Return of Partnership Income. You may recall in 2018 there were last minute changes to the K-1 instructions related to Tax Reform that caused some headaches. However, per the IRS the 2019 Draft is…
Share Are you considering transitioning your on-premise ERP solution to the cloud? A big part of determining whether this transition is right for your company, is understanding the economic impacts of your current ERP solution and what your ERP might look like in the cloud. In an on-premise environment, you will need a server, a…
Utilizing Withum’s Customer Journey approach, we reviewed and analyzed the current state of Music Together’s people, process, and technology. Customer Journey focuses on the key interactions of internal and external customers and assists in prioritizing key initiatives to create a holistic modernization roadmap. The intention is to reduce complexity, drive value, and achieve financial and…
On Wednesday, October 17, 2019, the Financial Standards Accounting Board (FASB) voted to approve the deferral of several recently-issued standards, including the application of Accounting Standards Update (ASU) 2016-02, Leases. The ASU will now be effective for years beginning after December 15, 2020, or calendar 2021, for nonpublic companies. This is the beginning of a…
Share The transfer pricing audit environments in the US and other tax jurisdictions are quite active, with no indication of slowing down. Transfer pricing scrutiny is both industry – and country – agnostic and encompasses questions around cross-border, related party activity in these four main categories: Transfer of Tangible Goods: purchase or sale of products…
Summary: Beginning in 2018, the IRS has expanded the requirement for individuals to attach S corporation tax basis schedules to their tax return. Specifically, an individual who has a loss, distribution, stock disposition, or loan repayment from an S corporation must attach the stock and/or debt basis calculation to their tax return. Additionally, the 2018…
Share Organizational Protections Begin with Equity Pay Audits From the World-Cup Champion U.S. Women’s National Soccer Team filing a lawsuit for equal pay commensurate with that of their male counterparts, to the latest U.S. sanctions imposed against the international group behind the Sony hack exposing pay disparity between male and female lead actors, pay equity…
The applicability to nonpublic entities of the new revenue recognition standard, FASB Accounting Standards Codification 606: Revenue from Contracts with Customers (”ASC 606”), has arrived and is effective for periods beginning after December 31, 2018 (i.e. calendar year 2019) for nonpublic entities. ASC 606 supersedes the revenue recognition methods in FASB ASC 605, FASB ASC…
With the advent of online marketplaces like Airbnb that connect property owners with short-term renters, property owners have undoubtedly found an effective and profitable method for cutting out the middleman, such as a property manager, who was traditionally responsible for the listing and maintenance of the property. In today’s age, an owner can single-handedly list…
Do you ever feel like your business is being held back by its technology? Do you feel as though you are poised for tremendous growth, but it is not being realized to the level you envision because of the necessary evil of time-consuming manual busy work like creating invoices, entering bills, recording payments, cutting checks,…