Federally Qualified Health Centers (“FQHC”) and Community Health Centers (“CHC”) (hereafter collectively referred to as “the Centers”) are safety net providers that serve the most vulnerable consumers of healthcare in America by providing necessary services without consideration of their ability to pay. Health centers are defined in the Public Health Services Act (“PHSA”) as “entities…
Withum Leads IPO Auditor Market Share In Proceeds Raised for Non-Big Four Firms For 2017 Year End Withum is No. 1 Non-Big Four Firm in IPO Proceeds Raised in 2017. According to Audit Analytics, there were 68 initial public offerings in U.S. markets in the fourth quarter of 2017, more than doubling from the same…
With Congressional reconciliation completed, here are six key provisions in the tax law that owners and developers of real estate should be aware of. 100% Expensing for Certain Business Assets Pre-Reform Law For 2017, 50% expensing (bonus depreciation) is allowed on qualified property (only new property qualifies). For 2018 and 2019, expensing would be phased…
Withum 300 Raises Over $33,000 for Staff Hardship Relief Fund Our Withum 300 health and fitness group was once again recognized at Monday’s annual State of the Firm event for their efforts by awarding each team member who completed the challenge of running 300 miles or more over the course of 2017 with a personalized…
Statement of Cash Flows for Not-for-Profit Entities Not-for-profit entities that prepare their financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) are required to include a statement of cash flows in their financial statements. The professional standards governing the statement of cash flows for not-for-profit entities and for-profit…
The following is a Case Study to demonstrate Withum’s Construction and Digital Workplace Solutions Teams’ expertise working with a construction client to create customized technology solutions. Challenge For many organizations, selecting software to improve operational efficiency is not an easy task, especially for organizations that do not intently follow the software market but are anxious…
Federal Tax Reform Act Changes Affecting Healthcare Organizations The House of Representatives and Senate conferees reached agreement on a single version of the Tax Cuts and Jobs Act (“TCJA”) which was approved by both the House and Senate on December 19, 2017. President Trump signed the bill into law on December 22, 2017. While much…
Share IRS Extends Due Date for Providing Affordable Care Act Information Returns to Employees The Internal Revenue Service (“IRS”) has extended the deadline for employers to provide employees with a 2017 Affordable Care Act information statement from January 31, 2018 to March 2, 2018. These information statements include: Form 1095-B, Health Coverage; and Form 1095-C,…
Share A significant new tax deduction taking effect in 2018 under the new tax law should provide a substantial tax benefit to individuals with “qualified business income” from a partnership, S corporation, LLC, or sole proprietorship (“pass-through deduction”). Permissible as a deduction will be 20% of your qualified business income (“QBI”) from a partnership, S…
Share Effective 2018, there will be a limitation on the deduction of business interest. Under this limitation, the deduction allowed for business interest for any tax year cannot exceed the sum of: the taxpayer’s “business interest income” for the tax year; 30% of the taxpayer’s adjusted taxable income for the tax year[i]; plus the taxpayer’s…