The rules around required minimum distributions (RMDs) from an IRA account have changed over the past few years, with the most recent change occurring in July 2023, when the IRS issued final regulations. Prior to these final regulations and the SECURE Act 2.0, individuals had to begin taking distributions at age 72. As of 2023,…
The California wildfires that broke out on January 7, 2025, have caused tremendous devastation to individuals and businesses alike. More than 29 people have died, and the wildfires have damaged more than 40,000 acres of land in and around Los Angeles. The fires have destroyed more than 12,000 homes and businesses and more than 180,000…
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the Massachusetts Life Sciences Center (MLSC) announced the end of its Angel Investor Tax Credit program, which was repealed by Chapter 238 of the Acts of 2024 on November 20, 2024, effective for the tax year beginning on or after January 1, 2024.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…