McGuigan Tombs & Company joins its practice with WithumSmith+Brown, PC Effective August 1, 2016, McGuigan Tombs & Company, a $3 million plus certified public accounting firm based in Manasquan, NJ, joined its practice with WithumSmith+Brown, PC (Withum), a regional CPA and consulting firm with 14 offices, 800 staff members and annual revenue of $140M, ranking…
The Internal Revenue Service (IRS) recently issued Rev. Rul. 2016-15 concerning deferral of cancellation of debt (COD) income related to real property trades or businesses. IRS Code Sections 108 and 1017 together permit a taxpayer that is not a C corporation to elect to defer COD income recognition (subject to certain limitations) resulting from the…
What Recession? Americans Set a Record (Again) For Charitable Giving According to a recent poll taken at the Pew Research Center, Americans were surveyed between late August and early October 2015 to find out what we make of our collective self. The results are very interesting: The Good Patriotic: 79% Honest: 69% Intelligent: 67% The…
With more than 1.5 million nonprofit organizations in the United States alone, the nonprofit sector is a substantial one–and one with a complex set of priorities around technology and data. Real and significant limitations of these organizations to struggle to gain the efficiencies they know modern business technologies could bring them. Money spent on technology…
Withum 300 Helps Tackle Kids Cancer On Tuesday, July 26 members of our Withum 300 running team participated in their first group Corporate FunRun at the South Mountain Recreation Complex in West Orange, New Jersey. The event benefited Tackle Kids Cancer, Hackensack University Medical Center’s team at the Children’s Cancer Institute consisting of dedicated clinicians…
Ownership Style Options for Key Employees “I don’t like your cuffs, I don’t like your cuffs, I don’t like your cuffs . . . .” Line by Béarnaise from Mel Brook’s History of the World Part I. When I begin a conversation on ownership type incentives with owners of early stage companies (and mature ones…
New Partnership Audit Rules from the Bipartisan Budget Act of 2015 The Bipartisan Budget Act (BBA) of 2015 replaces the TEFRA partnership audit rules with new procedures effective for partnership tax years after 2017. In recent years, more large partnerships were being audited but based upon a US Government Accountability Office report of large partnerships…
Online Printing Now Available for NJ Tax Clearance Certificates New Jersey law requires that a person or business obtain a tax clearance certificate from the New Jersey Division of Taxation before a grant, incentive or financial assistance or benefit can be issued by a department or agency of the State. The State of New Jersey…
Overcoming the Seven Barriers to Business Success Introduction View PDF» Money makes the world go ’round, but can you tell your organization’s “money story” —how it generates revenue and profits, maximizes cash flow and steers clear of trouble? Not the practiced version that is supplied to the company’s investors, but the actual per unit economics,…
In small business valuations and income analyses in matrimonial litigation, one of the hardest components to determine is “cash”… Is there unreported cash income and, if so, how much? The typical scenario of minimal income reported on a business owner’s tax return versus their much greater lifestyle expenses is usually the first red flag. How…