A brief history of retirement plans in the U.S. shows the first private pension plan was introduced in 1875 by American Express. This only covered a select few of the U.S. population. In 1937, the U.S. government passed the Social Security Act, providing even more coverage to the general population. However, social security was intended…
When thinking about AI risks and trustworthiness, particularly within business applications like Oracle NetSuite, three key areas come into focus: compliance, data privacy and security. NetSuite AI offers advanced AI-driven features to streamline business processes – but how can businesses ensure that these systems are reliable, safe and compliant with regulations? It seems almost impossible…
John Wanamaker once said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” And while this appears true for most dealerships, he made one mistake in what he said – MORE than half of the marketing spend is wasted, and you CAN determine which is which. Auto…
A recent case reported in the Automotive News discussed when a parts manager pleaded guilty to ordering parts from the OEM, not stocking them into the dealer’s DMS, and selling them personally on Facebook. Between the parts cost and the FedEx account being used to ship these ‘sales,’ the dealership lost $575,000 in less than…
Our data demonstrates heightened concern over cybersecurity threats, and with good reason—92% have observed ongoing cyberattacks, and 38% report that these threats are escalating. Alarmingly though, while most businesses are conducting some form of cybersecurity training, for many this isn’t happening frequently enough. It’s crucial that training becomes a monthly practice, particularly as email exploitation…
In a letter to the French scientist Jean-Baptiste Leroy in 1789, Benjamin Franklin wrote, “Our new Constitution is now established and has an appearance that promises permanency, but in this world, nothing can be said to be certain, except death and taxes.” The Constitution indeed has changed over the years through amendments and judicial interpretations….
This article is the first of two providing a tax policy comparison of Kamala Harris and Donald Trump, which aims to provide an unbiased and balanced perspective. We strive to present factual information and avoid any partisan bias. Our goal is to inform readers by highlighting the key aspects of each policy, allowing them to…
Withum is proud to share that New Jersey business publication ROI-NJ has named Pat Walsh to their 2024 Top Champions of the C-Suite list. Pat Walsh, Managing Partner and CEO, was recognized for his commitment to leading an inclusive and diverse workplace and continuing to support the Firm’s rich culture. Having taken over the helm…
Are you aware of the potentially severe implications of failing to report your foreign bank and financial accounts to the U.S. Department of Treasury? Regulations mandate that U.S. persons with foreign bank and financial accounts exceeding $10,000 in aggregate value must file the FinCEN Report 114, or FBAR, annually. U.S. taxpayers must be aware of…