Insights
Foreign Earned Income Exclusions and Deductions
Foreign Earned Income Exclusions and Deductions Thomas Girone, CPA Senior Manager WithumSmith+Brown Red Bank, NJ Generally, United States citizens and resident aliens are taxed in the U.S. on their world-wide income. However, there are exceptions to this rule. A portion of your foreign earned income can be excluded from taxation in the U.S.,…
Schedule M, Noncash Contributions and Gifts-in-Kind Valuations
Schedule M, Noncash Contributions and Gifts-in-Kind Valuations July 2, 2014 Federal Form 990, Schedule M, Noncash Contributions, is used by tax-exempt organizations that are required to report noncash contributions received during the year. If a tax-exempt organization receives more than $25,000 of noncash contributions or receives contributions of art, historical treasures or qualified conservation contributions…
WithumSmith+Brown Promotes Three to Partner
WithumSmith+Brown Promotes Three to Partner WithumSmith+Brown remains committed to growing its corporate leadership team, promoting three senior managers to partner level, effective July 1, 2014. This year’s advancing class includes: Christopher DeMayo, CPA, MBA licensed in New Jersey and New York, Justin O’Horo, CPA, and Certified Information Technology Professional (CITP), and Brian T. Lovett, CPA,…
Advise – Not Impose
Advise – Not Impose Max Bialystock: So you’re an accountant, eh? Leo Bloom: Yes sir Max Bialystock: Then account for yourself! Do you believe in God? Do you believe in gold?… From The Producers by Mel Brooks So, I just had my second heated discussion (in three weeks) with another advisor about a mutual client….
Withum in the Grand Cayman Islands
Withum in the Grand Cayman Islands WithumSmith+Brown (Cayman) Ltd. (“Withum Cayman”) was established to provide the clients of WithumSmith+Brown, PC with a seamless U.S. and Cayman audit process. Through this local office, we are able to provide the CIMA required audit sign-off as well as other local services with the same level of premium customer…
Effective Not-for-Profit Governance Policies
Effective Not-for-Profit Governance Policies Strong and effective not-for-profit governance policies are crucial for tax-exempt organizations to be successful. Effective governance can provide protection from regulatory intrusion and assist in creating the public’s trust in an organization. Often times this may lead to a greater willingness for public support and services. In contrast, governance deficiencies can…
Deferral of Offshore Fund Performance Fees – New Developments
Deferral of Offshore Fund Performance Fees – New Developments The IRS has recently issued a ruling confirming that offshore funds can, in certain circumstances, defer incentive fees payable to U.S. asset managers. Revenue Ruling 2014-18, released by the IRS on June 10, 2014, (the “Ruling”) opens a deferred compensation pathway that has been closed since…
Why Are ESOPs so Unique?
An ESOP is a unique form of a defined contribution plan. An ESOP has the ability to borrow money and to make plan investments in qualified employer securities. ESOPs are used by companies for a variety of reasons. The most common private company application is to facilitate a transfer of ownership of the Company to…
Don’t Forget What Got You Here
Don’t Forget What Got You Here “Whatever you do Do it good Whatever you do, do, do, Lord, lord Do it good” Lyrics from Express Yourself – Charles Wright & the Watts 103rd Street Rhythm Band So, I recently completed a two-part blog on Disruptive Technologies entitled “For Mature Companies Only” with some pointers on…