Appropriate accounting practices are crucial for real estate entities – not only to manage daily operations, but also to ensure tax readiness and compliance. The foundation of effective real estate accounting lies in properly setting up accounting records which can significantly influence tax filings and optimize the financial management of your entities. 3 Best Practices…
On February 3, 2025, the Georgia Senate introduced a bill that would exempt Name, Image, and Likeness (NIL) compensation received by college athletes from state income tax. The bill, sponsored by Senators Brandon Beach, Greg Dolezal, Ben Watson, Carden Summers, and Frank Ginn, aims to relieve college-athletes in the state of Georgia from the 5.39%…
In a significant policy shift, the Massachusetts Life Sciences Center (MLSC) announced the end of its Angel Investor Tax Credit program, which was repealed by Chapter 238 of the Acts of 2024 on November 20, 2024, effective for the tax year beginning on or after January 1, 2024. The Angel Investor Tax Credit program ran…
Download a PDF of this case study. Executive Summary A Software-as-a-Service (SaaS) provider sought to enhance its data security and compliance posture to provide a competitive advantage for prospects, and meet their client’s demands and their own regulatory requirements. By implementing SOC 2 reporting, the company aimed to demonstrate its commitment to security, availability, and…
In mergers and acquisitions (M&A), the promise of synergies – additional value generated by combining two companies – is often the driving force behind deals. Synergies can manifest as cost savings, revenue enhancements, or strategic advantages, and can seem obvious but realizing them is far from automatic. In part one of this series, we’ll explore…
The Treasury Department and the IRS issued Final Regulations under Internal Revenue Code (IRC) Section 3405(e), effective October 21, 2024, addressing income tax withholding on certain periodic payments and nonperiodic distributions from employer deferred compensation plans, individual retirement plans, and commercial annuities that are not eligible rollover distributions. These regulations specifically focus on the payor’s…
Seventeen states plus Washington, D.C. levy death taxes (i.e., estate and/or inheritance taxes). States may impose death taxes on an individual’s entire estate if their domicile is in the state at the time of death. For example, the New York estate tax will apply to the entire estate of a New York domiciliary who passes…
Withum is excited to announce that Jonathan Schnatz, CPA, CFF, most recently a Senior Special Agent of the Internal Revenue Service (IRS) Criminal Investigation (CI) Division, has joined the firm as a Principal of Withum’s Forensics, Investigations and White-Collar Criminal Defense Team. During his 25 years as a federal agent, Jonathan received multiple awards from…
Owning a car dealership can present a golden opportunity to reduce your tax liabilities. One such opportunity is cost segregation, allowing dealerships to speed up depreciation deductions, which can lead to significant tax savings early on. In this article, we’ll break down cost segregation, explain how it works, and show why it’s crucial for improving…
Withum is proud to share that the South Florida Business Journal has honored Russell Goldberg, Partner in Charge of Withum’s Boca Raton Office, as a 2025 Power Leader in the Professional Services category. The 2025 Power Leaders list celebrates 250 leading executives across the tri-county region’s major sectors who have helped grow the region’s diverse…