Both the House and Senate bills include provisions for Permanent Renewal and Enhancement of Opportunity Zones (“OZ 2.0”). In these proposals, congressional leaders do not merely adjust the Opportunity Zone (“OZ”) program but reimagine it, offering a sweeping overhaul designed to revitalize the original program. Both chambers would sunset the existing OZ program and introduce…
Running a successful construction company is a challenge even when you have a well-trained and qualified management team. For those companies that are not fortunate enough to have properly trained accounting personnel, looming financial landmines may not reveal themselves until after the damage has been done. Reliable, timely and relevant financial information is crucial to…
In the world of estate planning, irrevocable trusts are seen as rigid, unchangeable instruments – hence the term “irrevocable.” Once created, their terms were typically set in stone. However, thanks to evolving legal frameworks, a process known as trust decanting is offering trustees and beneficiaries a powerful tool to adapt these trusts to changing circumstances. What Is…
In lower-interest-rate environments, interest tracing becomes increasingly relevant for individuals and businesses. Interest tracing is a tax principle used to determine the deductibility of interest expenses based on the use of borrowed funds. Below is a brief overview of how it works and its implications. Interest expense can be either deductible or non-deductible for tax…
In today’s dynamic business environment, automation is pivotal for enhancing efficiency and reducing manual workloads. Microsoft Power Automate, a key component of the Microsoft Power Platform, empowers organizations to automate workflows seamlessly. However, to harness its full potential with Power Automate cloud flows, it’s essential to adhere to best practices that ensure scalability, maintainability and…
In May, the House passed “The One, Big, Beautiful Bill,” which contains broad provisions impacting many areas of taxation, including tax-exempt organizations. On June 17, 2025, the Senate Finance Committee released its version of the sweeping tax package. Both versions include broad tax reforms that impact tax-exempt organizations, but there are significant differences in key…
The year 2025 marks the shift of cryptocurrencies from speculative instruments into essential components of personal wealth management and global economic plans. Family offices now acknowledge the strategic importance of digital assets alongside emerging economies as they drive a major transformation in worldwide financial systems. Family Offices Embrace Digital Assets Family offices now devote resources…
Learn how Withum conducted a fair market value compensation review to improve retention and recruitment for health system’s gastroenterology providers. Download a PDF of this case study. Executive Summary Withum was engaged by the CFO of an approximately 1,000-bed regional hospital to provide insight and assistance with its gastroenterology physicians. Withum’s work efforts focused on…
The Senate Finance Committee released its markup of the One Big Beautiful Bill last Tuesday, June 17, 2025, with the expectation that the Senate will vote on the bill sometime this week. Three provisions that will have a direct impact on pass-through entity owners, including limitations on the deductibility of state pass-through entity tax payments…
The IRS recently announced a significant policy change affecting taxpayers with foreign trusts, gifts and bequests. The IRS will no longer impose automatic penalties for late filing of Form 3520 and Form 3520-A. To qualify for this, a reasonable cause statement must be attached to these filings. Historically, late filers faced steep penalties, often without…