Secondment in Perth, Western Australia – Another Busy Season Bites the Dust This summer I had the amazing opportunity to work in Perth, Western Australia for four months as a secondee for HLB Mann Judd. My role as senior auditor included planning, conducting and finalizing all aspects of new and reoccurring audits. I also assisted…
Share During August 2005, Hurricane Katrina hit New Orleans and the surrounding area with an intense force that cost many lives and massive destruction. Katrina has been known as the costliest natural disaster as well as one of the five deadliest hurricanes in the history of the United States. A woman from New Orleans was…
The difference between being treated as a real estate dealer versus investor and how a strategy called land banking can help achieve more favorable capital gain treatment. Dealer Versus Investor Perhaps the most common issue that arises when a taxpayer sells appreciated real estate is whether the gain should be characterized as capital gain or…
New Rules Proposed: Funding Portals By: Jessica Offer, CPA, Manager – WithumSmith+Brown, PC After almost two years since FINRA’s proposed Funding Portal rules were first released amendments have arrived! The amendments take into consideration the seven comment letters that were received back when the proposal was first issued and expressed the following concerns: Initial cost…
When a governmental award is issued to a not-for-profit, it may contain a cost-sharing or matching provision. This represents that portion of the award that will not be reimbursed by the governmental agency but must be borne by the recipient organization in order to meet the project or program objectives. This cost sharing component may…
Equity Sharing; Spread the Wealth and Spoil the Child? Dark Helmet: “. . . See there’s two sides to every Schwartz.” – Dialogue from Space Balls – a Mel Brooks film As is the norm in my dealings with startups and emerging growth companies, the recent past has been filled with dozens of discussions about…
NYC Businesses Required to Offer Commuter Benefit to Qualified Employees The Department of Consumer Affairs (DCA) has recently issued a publication detailing the requirements of the New York City Commuter Benefit Laws. Included as part of the 2015-2016 budget signed into law by Mayor Bill de Blasio was a provision requiring businesses operating in New…
TIGTA’s FATCA Audit Report Includes Improvement Measures for IRS The Treasury Inspector General for Tax Administration (“TIGTA”) has completed an audit of the IRS’s progress in implementing the Foreign Account Tax Compliance Act (“FATCA”). On October 13, 2015, TIGTA released its audit report indicating that while the IRS has made progress in implementing FATCA, it…
What You Need to Know About Bonus Depreciation and Section 179 On September 17, 2015, The Committee on Ways and Means approved H.R. 2510, a bill to reinstate and permanently extend the 50 percent additional first-year depreciation deduction, commonly referred to as “Bonus Depreciation,” under Internal Revenue Code (IRC) Section 168(k). Bonus depreciation was first…
What is Quality of Earnings? Dr. Richard Thorndike : What is the rate of patient recovery? Dr. Charles Montague: Rate of patient recovery? I’ll have that for you in a moment (taps on his calculator) Dr. Charles Montague: Once in a blue moon – dialogue from High Anxiety by Mel Brooks In the world of…