Fraud in the workplace has become a major topic of conversation over the past few years. It seems that frauds of various types are being reported at a rate far greater than just a decade ago. Are there really more frauds being committed today than ten years ago, or are we just getting better at…
On October 3, 2016, the IRS released final regulations (TD 9786) clarifying the rules regarding the treatment of research related to internal-use software (IUS) for purposes of the research credit under Section 41. The final regulations offer guidance to resolve controversy between the IRS and taxpayers related to internal-use software. The final regulations related to…
Form 5471: Information Return of US Persons with Respect to Certain Foreign Corporations US Persons entering into foreign ventures or owning offshore captive insurance companies likely have additional tax compliance reporting requirements. In a short series, we will cover the tax compliance obligations imposed on foreign activities. Failure to comply with IRS reporting requirements can…
Are Your Nonqualified Deferred Compensation Plans in Compliance with 409A? Section 409A (“409A”) of the Internal Revenue Code (“IRC”) provides a framework for the federal taxation of nonqualified deferred compensation plans. Under 409A, the definition of nonqualified deferred compensation is quite broad and generally includes “a legally binding right during a taxable year to compensation…
Foreign Corrupt Practices Act – Implications for the Alternative Investment Industry Ever since Dodd-Frank required certain funds to register with the SEC, the bright light of compliance scrutiny with the Foreign Corrupt Practices Act (FCPA) has been casting an ever longer shadow as the SEC and DOJ continue to gain experience and insight to the…
Share Anything is Possible John Schrumpf officially joined Withum 300 at the end of July with the daunting goal of hitting 300 miles in just five months. John not only achieved that quest — he shattered it. As of the end of August, John managed to complete 302 miles, split between the miles he ran…
Change of Control – Revisited Cardinal Ximinez: “Nobody expects the Spanish Inquisition! Our chief weapon is surprise, surprise and fear, fear and surprise. Our *two* weapons are fear and surprise, and ruthless efficiency. Our *three* weapons are fear and surprise and ruthless efficiency and an almost fanatical dedication to the pope.” – Monty Python “The…
Kids in the business- Can it work? “Kids suck” quote from James Beaudette – my very close friend Jim and I have been friends for over 30 years. We first got to know each other when we began coaching our sons in soccer and our relationship has grown since then. We each had three children…
Investment risk is a term that nearly everyone has some familiarity and understanding. From the so called experts to the local day traders and everyone in between, investment risk is a top of mind concept not to be ignored. In the not-for-profit world, investment risk has been evident for the last 7-8 years because of…
Governor Christie to Withdraw from PA/NJ Reciprocal Income Tax Agreement The PA/NJ Reciprocal Income Tax Agreement (“Reciprocal Agreement”) became effective on January 1, 1978, shortly after the enactment of the New Jersey Gross Income Tax. The Reciprocal Agreement provided that Pennsylvania residents who received compensation (e.g., wages and salaries) from New Jersey sources were not…