In November 2016, Donald Trump was elected the 45th President of the United States. It is worth noting that Republicans retained control over the House of Representatives and Senate and as a result the GOP has unfettered control over the immediate future of tax policy. Based on the recent dialogue from Speaker Paul Ryan, Senate…
Do you own a personal residence or vacation home? Under today’s rules, what deductions are you entitled to and what do you do about a gain or loss on the sale of such a home? What if you rent a portion of a personal residence or vacation home? These are two common types of residential…
A long-time manufacturer and distributor of school supplies in Taunton, Mass. had enjoyed many years of strong, consistent revenues. Yet lately, the company was showing annual losses in the mid-six figures – a situation that worried both the company’s owner and the bank that had extended him a significant line of credit. Background The owner’s…
Shareholder-Employee Compensation: Defending Reasonability in Closely Held C-Corporations The “reasonable compensation” issue is in the news again and has been mired in controversy since its origin as part of the Revenue Act of 1918! Future planned economic tax stimulus and infrastructure spending may mean more C-corporation profits in your construction business along with increased owner…
Using ERP Software to Deliver KPIs to Manufacturing Companies Many firms in the production industry – especially those in the manufacturing sector – have achieved more efficient business operations by investing in a cloud-based, agile ERP system. Historically,manufacturing companies have been known to be “old-school” businesses — the polar opposite of high-tech software and services…
Share A transfer price is the price charged for intercompany transactions. The principles of I.R.C. Section 482 require that intercompany transactions be priced at arm’s length. Although ostensibly a simple concept, the arm’s length standard has spawned thousands of pages of regulations, rulings and opinions. In its most basic form, the arm’s length standard requires…
Do I Let My Company CFO Into My Family Office? “Badges; we don’t need no stinkin’ badges.” – quote from “Blazing Saddles” by Mel Brooks. (Believe it or not, this is a “misquote” from a 1948 movie.) There is no doubt that in any business a CFO can be a very valuable asset. The ability…
Advantages of International Secondment Programs This blog post is written by Federico Giordano, Tax Partner on Secondment from Marchionni & Partners – HLB Italy at Withum. The HLB International Secondment is temporary work assignments arranged between HLB Member Firms that operate in two different countries. Many people do not realize that it is possible to…
Internal controls in the authorization of reporting and processing transactions’ can at first glance seem like an exceedingly dry topic. What exactly does this mean? Why is it important to my company or organization? That phrase and understanding its implications is actually incredibly important in any organization – whether it’s a multimillion, multinational enterprise, or…
Keep Your Best People Motivated There’s a talent war underway in the Architecture and Engineering industry and some firms are feeling vulnerable with staff jumping ship for better pay and incentive plans. It’s already a concern that millennials do not want to spend more than five years at any one company, let alone 30 plus…