The IRS released new Form 15620 to simplify and standardize elections under section 83(b) on November 7, 2024. This new form makes the process more accessible for taxpayers who previously had to send a letter to the IRS in accordance with Rev. Proc. 2012-29. While this new form does not change any of the requirements…
The U.S. Treasury released final regulations for Section 367(d) on October 9, 2024, providing guidance on the treatment of previously expatriated intangible property where the transfer was subject to Section 367(d) and subsequently repatriated back to the United States. The final regulations apply to IP repatriations occurring on or after October 10, 2024. The Section…
Learn how Withum’s CRM and ERP Consulting Services Team worked with a chemical manufacturer to optimize its operations by implementing Oracle NetSuite and utilizing add-on products to enhance efficiency. Executive Summary A chemical manufacturer sought to optimize its operations by implementing Oracle NetSuite. Withum’s ERP team worked with the client to maximize NetSuite’s capabilities, utilizing…
Learn how a non-profit organization in New York City, which has provided essential services throughout the pandemic, leveraged its existing investment in Microsoft 365 to create a customized vaccine and testing tracker application. Download a PDF of this case study Executive Summary An established non-profit with over 100 years of service to NYC requested support…
The IRS recently released Memorandum 202436010 (dated July 31, 2024), denying the application of Section 245A of the Internal Revenue Code to dividends received by a Controlled Foreign Corporation (“CFC”). Section 245A, introduced by the Tax Cuts and Jobs Act of 2017, allows a domestic corporation, which is a U.S. Shareholder of a distributing foreign…
Understanding when audited financial statements of a retirement plan are required to be attached to a Form 5500 is an important part of demonstrating fiduciary responsibility over the plan and preventing unnecessary fines for an invalid filing of the 5500. A plan is required to have an audit attached to the Form 5500 when they…
Withum is proud to share that the Los Angeles Business Journal has recognized Chester Ventura, Audit Partner, and Lilit Nersisyan, Audit Principal, on its Top 100 Accountants list for 2024. Chester is a partner in Withum’s Los Angeles office and has over 20 years of experience providing attestation services for privately held companies. He serves…
Warehouse and inventory management is at the heart of business operations across industries like distribution, manufacturing, retail and healthcare. Yet, many businesses still rely on manual processes that are prone to errors, inefficiencies and operational delays. Automated inventory management solutions can help address these issues, as inaccurate stock counts and shipping delays can directly impact…
In the ever-evolving landscape of technology, generative artificial intelligence (GenAI) is seen as a game changer for enterprises. Generative AI for business is changing enterprise operations, from streamlining processes to boosting productivity and transforming everyday workflows. According to a McKinsey Global Survey, 65% of respondents reported that their organizations are regularly using GenAI, nearly double the percentage…
Every organization needs to onboard new hires, so any organization can significantly benefit from streamlining its onboarding procedures. As remote work has become common in recent years, HR and IT departments everywhere are navigating new challenges in effectively managing employee onboarding. Teams that are often understaffed lack the skilled resources to manually keep up with…