The House of Representatives recently passed “The One, Big, Beautiful Bill,” which addresses expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and implements broader changes to U.S. tax policy. The bill includes a much-anticipated provision for businesses: the temporary reinstatement of immediate expensing of domestic research and experimental (R&E) expenditures under section…
As businesses grow and evolve, so do their operational challenges. Fragmented systems, manual processes and limited visibility can stall progress and increase costs. That’s why many organizations are making the switch to Microsoft Dynamics 365 Business Central ERP – a flexible, cloud-based ERP software built to support modern business needs and long-term growth. Often referred…
While not explicitly required under Department of Labor (DOL) fiduciary regulations, conducting annual evaluations of third-party service providers is widely considered a best practice for plan sponsors of self-insured health plans. Regular, structured reviews are a practical and effective way to demonstrate ongoing fiduciary oversight, satisfy ERISA’s duty of prudence, and ensure that plan assets…
The buzz around Artificial Intelligence (AI) is everywhere. It promises unprecedented efficiency, enhanced customer experiences, deeper insights and potentially new revenue streams. However, navigating the path to a successful AI business strategy can feel overwhelming. We’ve seen firsthand that while the potential is immense, the reality often falls short of expectations. Most online content about…
On May 10, 2025, Rowan University presented its highest alumni distinction, the Most Distinguished Alumnus Award, to Chris DeMayo, Chief Operating Officer, partner and board member at Withum. This award recognizes his exceptional professional achievements and dedicated service to the institution. The honor was presented during Rowan University’s main commencement ceremony, celebrating Chris’s significant professional…
In a global trade environment shaped by unpredictable tariffs, disrupted supply chains and intensifying customs enforcement, importers face mounting pressure to protect margins and maintain compliance. Whether you’re dealing with Section 301 tariffs on Chinese goods or country-specific duty schemes, the cost to bring inventory in to the United States can vary significantly depending on…
One significant advantage used in estate planning is portability. Under U.S. federal estate tax law, portability allows for the transfer to a surviving spouse of any unused portion of a deceased spouse’s federal estate tax exclusion. Prior to the introduction of portability in 2010, any unused estate tax exclusion was forfeited upon the death of…
On May 22, 2025, the House of Representatives adopted The One Big Beautiful Bill by a vote of 215-214.While the bill could face additional adjustments in the Senate before heading to the president’s desk, it provides the framework for 2025 tax reform. Here’s a breakdown of key provisions and their potential impact across various industries,…
Withum is proud to announce that the San Francisco Business Times has named Harman Dhanda, CPA, to its quarterly Next Generation in Accounting List. Harman, a Tax Manager with over five years of experience, specializes in tax leadership within the Firm’s sports tech industry and digital assets sector. He has spearheaded innovative tax initiatives, mentored…
A mega backdoor Roth is a special strategy for saving additional tax-free retirement dollars every year. It allows individuals to contribute funds towards a Roth individual retirement account (IRA) and/or Roth 401(k) even when they are ineligible to contribute due to their income. Although this strategy can be complex, it could allow the individual to…