Can renting a vacation property be financially beneficial? Whether it be an entire house, room in a house, condominium or mobile home, the goal is to gain some extra spending cash or help pay off some of the expenses associated with owning the property. There are certain tax provisions that are beneficial to a vacation…
With the emergence of e-commerce and multi-channel selling, retail has evolved from consumers solely selling products in-store to having the ability to buy products from anywhere they have a wi-fi connection. Because of this, retailers face some business challenges. You might relate to some of these most common challenges: Customers are choosing multichannel buying experiences…
Share What is a SOC 1 Certification? Unlike ISO 27001, SOC1 is not a certification but is a type of audit report issued by a Certified Public Accounting (CPA). SOC (System and Organization Controls) audits are Internal Control Audit engagements that are performed for Service Organizations (organizations that provide certain functions for other entities on…
Share What is the Difference Between SSAE 18 and Soc 1? Is there a difference? How do these two compare? SSAE 18 is the auditing standard applicable for both SOC 1 and SOC 2 reports. SOC (System and Organization Controls) audits are Internal Control Audit engagements that are performed for Service Organizations (organizations that provide…
The Taxpayer First Act of 2019 (H.R. 3151), which was signed into law on July 1, 2019, included two provisions that are of interest to tax-exempt organizations: a mandatory e-filing of returns or statements and a required notification before revocation of an organization’s tax-exempt status due to failure to file a return for two consecutive…
The Role of Inventory Management Technology In parts one and two of our Enterprise Resource Planning (ERP) series, we discussed common inventory challenges and the process of inventory management, as well as the importance of the people behind those processes. In this final piece, we’ll dig into inventory management technology and why it’s important to…
By Aron Fredheim, Cloud Technology Group Processing payroll can be one of the most tedious aspects of running your business. Luckily, there is an abundance of payroll software available, however the level of service you are provided varies between applications. These applications can simplify and automate much of the processes related to payroll, from recording…
The Tax Cuts and Job Act (TCJA) aimed to enhance the depreciation expense to entice manufacturers to bring production back to the US. To help accomplish this goal the bonus depreciation deduction was increased from 50% to 100%. However, with that came some compliance requirements in regards to making certain elections for fiscal year filers….
In times of economic expansion, business owners often look for ways to defer paying their taxes or eliminate their tax burden by maximizing deductions under current tax rules. One method that will allow a taxpayer to take advantage of current tax deductions is a cost segregation study. A cost segregation study is a strategic tax…
Share Construction Executive Announces Top 50 Construction Accounting Firms Withum has been ranked 15th in the Construction Executive’s Top 50 Construction Accounting Firms. Withum’s Construction Services Team, led by Practice Leader Louis Sandor, III, CPA, CCIFP® has been serving the industry for over 40 years and is active in many national and regional industry organizations…