Who’s the Tax Collector? I have always been under the impression that there is one, and only one, federal tax collector – the Internal Revenue Service (IRS). The IRS is the federal agency tasked with assessing and collecting the country’s federal tax revenue. In fact, Congress enacted a law (Section 7401 of the Internal Revenue…
Taxcode Nano: The On-going Discussion of Tax Reform and Simplification GUEST BLOGGER Matthew Walsh WithumSmith+Brown Princeton, NJ In what seems to be one of the most prevalent campaign pitches in each election of recent memory, the reformation of the U.S. tax code has once again begun (continued) in Washington. In the most recent…
It makes sense that you’d be looking at ethics and the law when looking for a forensic accountant to perform a fraud investigation – as those who perpetrate fraud clearly lack ethics and are breaking the law. But understanding these concepts in depth becomes more difficult, especially in the somewhat nebulous and individual realm of…
INVESTMENT COMPANY ACCORDING TO GAAP Last week the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No 2013 – 08 – Amendments to the Scope, Measurement and Disclosure Requirements contained in Topic 946 – Financial Services – Investment Companies. I know, blogs are typically meant to be more light in nature and not…
Criminal Results of IRS Offshore Push Prove Lenient GUEST BLOGGER Matthew Walsh WithumSmith+Brown Princeton, NJ Starting in 2009, the U.S. government began an outward push to punish those taxpayers who hold foreign bank accounts and have previously neglected to report them on the informational Foreign Bank Account Report. While multiple amnesty programs have…
TAX REFORM AND THE EFFECT ON THE ASSET MANAGEMENT INDUSTRY Change is in the air. Every day I open the paper (OK – I read online, so I open my iPad), I see another story related to the prospect of “tax reform”. Nobody knows what exactly will be reformed or when any such legislation may…
Unrelated Business Income Internal Revenue Code §512(b) 2nd in a Series This tax tip is the second in a series of tax tips on unrelated business income (“UBI”) and addresses certain types of income as modifications that may be excluded from a tax-exempt organization’s calculation of UBI as addressed in the provisions of Internal Revenue…
By Lewis D. Bivona, Jr., CPA, AFE, Partner, Practice Leader For examiners that are new to risk-based examinations, volatility of transactions for each line item of the annual report blank can be looked at in the perspective of overall inherent risk from 1 to 4 (1 is low risk, 4 is high risk). HERE ARE…
Former NJ Inspector General joins WithumSmith+Brown, CPAs WithumSmith+Brown is pleased to announce the addition of Mary Jane Cooper, Esq., as a Principal of the firm. Based in the Princeton, NJ office, Ms. Cooper is joining on as a member of the firm’s Litigation, Valuation and Insolvency Services group, having over 30 years of experience in…
Unrelated Business Income 1st in a Series Organizations that are recognized as tax-exempt under Internal Revenue Code (“IRC”) §501(c)(3) are generally exempt from Federal income tax unless they participate in certain activities that generate unrelated business income (“UBI”). Tax-exempt organizations need to be aware of any activity in which it is engaging to ensure whether…