Withum is proud to share that Fatema Raza, Partner, has been named on NJBIZ’s 2024 Leading Women in Business List in the Traditional category. Previously known as the NJBIZ Best Fifty Women in Business, this program recognizes women who have made a significant impact on business in New Jersey. In addition to being an active…
Effective July 2019, the AICPA Auditing Standards Board issued the Statement on Auditing Standards (SAS) No. 136, Forming an Opinion on Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The SAS works on enhancing the reporting requirements for the audit and changes the form and content of the auditor’s report, therefore upgrading the…
In today’s rapidly evolving digital landscape, organizations are constantly seeking innovative solutions to streamline operations, enhance productivity and drive growth. As a consultant for Withum, a Microsoft Partner, I have witnessed firsthand the transformative power of Microsoft Copilot for business and Copilot Studio chatbots in achieving these goals. By leveraging Microsoft Fabric to organize and…
Qualified plans remain one of the last, legitimate mechanisms for closely-held business owners to generate deductions. Some plans allow closely-held business owners to deduct more than a 401k or traditional pension plan may allow. What Are the Potential Benefits? Who Are the Ideal Candidates? What Are the Key Considerations? What Are the Next Steps? If…
The M&A market can be affected by a multitude of factors including political, economic, and social elements. Election cycles have historically impacted M&A activity and the current presidential election is no different. Prior to an election, there is always uncertainty as to the outcome and the potential effects of new policies. The M&A market is…
By now, you’re probably acquainted with Microsoft’s AI assistant, Copilot, and some of you may have started implementing it within your organization. While Copilot for business is an exceptional resource that is evolving rapidly, there are still limitations to what it can achieve. Copilot was developed to optimize your Microsoft 365 (M365) tenant, offering smooth…
Navigating the complexity of real estate valuations in the hospitality industry is crucial for business owners, investors, and stakeholders. Real estate valuations play a pivotal role in the hospitality industry for various reasons, including estate planning, sales and marketing purposes, litigation, and cost segregation. For many family-owned hospitality businesses, estate planning and succession are critical….
On August 28, 2024, the Financial Crimes Enforcement Network (FinCEN) issued a final rule aimed at combating illicit finance and addressing national security threats in the investment adviser sector. Key Elements of the AML/CFT Rule Expansion of the “Financial Institution” Definition Investment advisers, including both registered and exempt reporting advisers, are now classified as financial…
It is common for business owners and employers to reimburse employees for out-of-pocket expenses incurred when performing their job functions. However, not all expenses are reimbursed. Prior to the Tax Cuts and Jobs Act of 2017 (“TCJA”), unreimbursed out-of-pocket expenses paid by employees were treated as a miscellaneous itemized deduction on an employee’s personal tax…
After many years of proposed legislation and revisions, the Biden Administration passed the Fair Labor Standards Act (FLSA), effective July 1, 2024. This new regulation increases the minimum salary amount that employers must pay to be considered for exemption from the overtime pay requirements. The FLSA adjusted the threshold for overtime pay to be applicable…