SBIC REGULATORY CAPITAL I recently had a SBIC (small business investment company) come to us to perform their audit. They are trying to transfer the SBIC license to a newly formed entity and raise capital in a private placement. One of the documents they were required to file asked for regulatory capital. The purpose for…
An Attitude of Gratitude From Around the World Happy Thanksgiving! We tend to think of this Holiday as truly American — the Canadians celebrate Thanksgiving in October, the US in November and Mexico celebrates in December. But throughout the world, all can have an “attitude of gratitude” and saying “Thank You” in a host country…
Withum forms Storm Sandy Task Force, Post-Storm Recovery Plan Every business in New Jersey and the Greater New York area has likely been affected bySuperstorm Sandyat some degree – at minimum with power outages; and sadly, some with complete devastation. In response, WithumSmith+Brown formed the Storm Sandy Task Force, whose mission is to help with…
A Trip to Jinan, China In Shandong province, I had the opportunity to visit the provincial town of Jinan — a town of 8 million. Jinan is known for its springs — underwater aquifers feed 72 named artesian karst springs at a public park in the middle of downtown Jinan called Baotu Quan Gong Yuan. …
Special Relief: PTO Leave-Based Donation Programs For Victims of Hurricane Sandy On November 6, 2012, the Internal Revenue Service (“IRS”) issued Notice 2012-69 and News Release 2012-88 which both address various tax issues associated with employees electing to donate their vacation, sick or personal leave time to certain organizations to assist the victims of Hurricane…
Disaster Relief Payments to Employees As a follow up to our recent tax tip, with the issuance of Internal Revenue Service (“IRS”) News Release 2012-84, the IRS has designated Hurricane Sandy as a qualified disaster under Internal Revenue Code (“IRC”) §139(c)(3) for federal tax purposes and has alerted Taxpayers that qualified disaster relief payments made…
Extended Tax Filing Deadlines For Victims of Hurricane Sandy With the issuance of News Release 2012-83, the Internal Revenue Service (“IRS”) has extended certain tax filings and payment due dates for individual and business taxpayers in many New Jersey, New York and Connecticut counties designated as disaster areas as a result of Hurricane Sandy. As…
Of course you trust your employees. Trust is essential in order for day-to-day operations to properly function. However, even if you feel that you have every reason to completely trust your staff, you still need internal controls. Especially in a difficult economy, if a need exists and the opportunity arises, even the most unlikely perpetrator…
The Next Warren Buffett I have been traveling the past couple of weeks performing peer reviews, visiting prospective clients, and now I am at our firm’s retreat to strategize our future. Trying to write a blog that is educational and purposeful can sometimes be a tedious time-consuming task, especially when I am trying to be…
World Trade – What’s Happening in China? When I was in Beijing in early September, the European Union announced a trade investigation against China for selling Solar Panels for less than the cost of manufacture. While the EU continues to seek to determine if in fact China “dumped” solar panels, the news reports (on the…