Extended Tax Deadline for Hurricane Harvey & Irma Victims As a result of the devastation caused by Hurricane Harvey, the Internal Revenue Service (“IRS”) has designated a number of counties in Texas as federal disaster areas qualifying for assistance. “Affected” taxpayers[1] generally have until the “extended date” to file most tax returns including individual, C…
State Tax Update Tax-exempt integrated healthcare delivery systems can typically have related organizations that are incorporated as for-profit entities such as C corporations and professional medical corporations. In addition, non-hospital owned physician groups are generally structured as professional corporations or limited liability companies taxed as partnerships. Due to budget issues, state tax examinations of taxpayers…
Qualified Disaster Relief Payments in the Wake of Hurricanes Harvey and Irma The extensive damage and suffering caused by Hurricanes Harvey and Irma have caused charitable organizations, employers, labor unions, associations and all Americans to want to provide needed financial assistance to all of those affected, including employees and union members. While the relief of…
Conversion of Non-Grantor Trust to Grantor Trust Not Taxable The Internal Revenue Service, in a private letter ruling, has ruled on several aspects of the conversion of a non-grantor trust to a grantor trust. The taxpayer was seeking rulings on whether the proposed conversion (1) is not a taxable transfer of property to the grantor…
The Perfect Pitch Works “He cared; more than Harvey Ramos” – quote from this blog’s author. I know what you are thinking – he has run out of quotes so now he is quoting himself. So before you get the wrong impression, let me explain. As part of instructor training at EY, we were told…
Withum Announces New York City Lease Expansion at Class-A 1411 Broadway Office Tower Accounting and advisory firm expands lease, now occupies 44,000+ SF in Midtown. Withum, a top-30 nationally ranked public accounting and advisory firm, has announced the expansion of its New York City operations with the addition of 25,000 square feet of Class-A office…
Views, Dos and Icelandic Foods By Terry Mullen, MBA A single viral photo on Twitter of the Blue Lagoon gave me the epiphany of planning a trip to Iceland. After a few months of planning and a little effort in convincing friends to accompany me on this journey, the wheels were in motion. I was…
Bond Beebe joins its practice with WithumSmith+Brown, PC (Princeton, NJ & Bethesda, MD) Effective August 31, 2017, Bond Beebe, an accounting and advisory firm based in Bethesda, MD, joined its practice with WithumSmith+Brown, PC (Withum), a regional CPA and consulting firm with 14 offices, 850 staff members and annual revenue of $170M, ranking in the…
Equity Promises, Promises, Promises “Your ego is writing checks your body can’t cash.” – Stinger – dialogue from” Top Gun” When I started this blog over four years ago, I promised myself I would not repeat a topic, and to prevent that, I keep a file of all my blogs. Well today, I have to…
The revenue recognition standard, ASC 606, represents the most sweeping change to revenue accounting rules in years. Now is the time for software and high tech companies to ready themselves and begin working toward compliance. NetSuite’s Advanced Revenue Management solution enables a streamlined revenue accounting function to ensure compliance with current and future FASB and…