Washington Gov. Bob Ferguson recently signed several pieces of legislation enacting significant tax hikes to both the state’s Business and Occupation and the Sales and Use taxes. House Bill 2081, Senate Bill 5814 and Senate Bill 5794 aim to fill a large gap in the state’s budget. Sales and Use Tax Effective October 1, 2025,…
The Research and Development (R&D) Tax Credit is a tax incentive that can be applied as a dollar-for-dollar offset against a company’s tax liability if they are engaging in activities related to the design and development of a product, process, formula, invention, software, or technique within the United States. A company can claim both the…
Are you looking to expand your business into the United States market and are unsure of what resources you’ll need to keep your business and its finances in order? From determining the appropriate entity to ensuring you have the appropriate service providers and banking systems, researching your options will allow for a smoother transition across…
As a business owner or managing member, navigating the complexities of tax obligations is inevitable. Questions such as “How much tax do I have to pay?” and “Are there ways to reduce tax liability?” are common. Here, we explore some effective strategies to reduce taxable income. Management Fee Waivers Management companies typically earn a percentage…
On July 4, 2025, President Donald Trump signed the One Big Beautiful Bill Act (OBBBA) into law after the House approved the Senate-revised bill with a vote of 218-214. The bill includes a variety of tax items that will impact auto dealer business taxes, personal income taxes and estate and gift taxation. This article will…
California’s Assembly Bill 1052 (AB 1052) introduces a sweeping regulatory framework for digital assets, but for many crypto holders, the most immediate concern is how the law treats dormant custodial accounts. If you’re a California resident holding crypto on a centralized exchange, this law could directly affect your access to those assets. Withum’s Digital Currency and Blockchain…
Microsoft 365 Copilot continues to evolve at a rapid pace, and the Copilot updates rolling out during July 2025 are a testament to that momentum. For those already using Copilot in their daily workflows, this month’s enhancements aren’t just incremental—they’re strategic. These updates aren’t just about adding features, they’re about refining the way Copilot integrates…
As important as it is for a company to have its financials in order, the same can be said when it comes to taxes. When contemplating the sale of a business, a seller should consider the value that a Tax Factbook can bring. What Is a Tax Factbook? It’s a comprehensive report that summarizes the…
Buried deep in the legislative sprawl of the One Big Beautiful Bill Act (OBBBA) is a change so subtle that most eyes would glide right over it. Section 70602 alters just a few words of existing law, replacing “under regulations prescribed by the Secretary” with “except as otherwise provided.” To most, this change is immaterial;…
The state of California’s position regarding the ability for residents to claim an Other State Tax Credit (OSTC) for the New York Metropolitan Commuter Transportation Mobility Tax (MCTMT) has changed following a decision by the Office of Tax Appeals for the State of California in February 2024. As ruled in the Matter of the Appeal…