How could a company like Coca-Cola underpay its taxes by $2.7 billion, resulting in a total impact of $6 billion after interest is imposed? What gave rise to this transfer pricing income adjustment and astonishing tax bill? Of course, these are all hypothetical since none of us are privy to the full details, but our…
Your information security is only as strong as the effectiveness of the cybersecurity training you provide to your employees. Your employees are a major access point for cyber attackers. You are always a potential target – no matter how small or large your organization is. Increased remote work has increased your business’ risk of business…
July 22, 2024, marked the end of the Drug Enforcement Administration’s (DEA public comment period regarding the proposed rescheduling of cannabis from a Schedule I to a Schedule III substance under the Controlled Substances Act (CSA). The cannabis industry is hyper-focused on the process as it has significant implications for the U.S. cannabis industry. Approximately…
While it has only been a month since Vice President Harris was supported by President Biden as the Democratic presidential nominee, many business leaders are eagerly waiting to learn the tax policies that the Harris campaign will present. While Vice President Harris unveiled her economic plans last Friday for the first time, many questions remain…
Beneficial ownership information (BOI) reporting began on January 1, 2024. We previously wrote about the essentials of BOI reporting, and this article provides an update on where it stands now and what affected individuals and businesses should do to ensure compliance. There are many court cases winding through the Federal court system and one District…
The Government Accounting Standards Board (GASB) recently issued Statement Number 102, Certain Risk Disclosures (“GASB 102”). GASB 102 requires state and local governments to disclose material concentrations and constraints in the notes of the financial statements. GASB 102 is effective for years beginning after June 15, 2024, and earlier application is permitted. The purpose of…
Withum is proud to share that Inside The Valley has named Steve Martini and Chris Passmore on their Top 200 List for 2024. Steve Martini is a Tax Partner at Withum with over 30 years of experience focusing on business consulting and management advisory services. He is a dedicated philanthropist, having served on the Los…
The IRS announced on August 15, 2024, the establishment of a second voluntary disclosure program (VDP) relating to erroneous ERC claims. See Announcement 2024-30. The IRS released the original VDP in December 2023, which expired on March 22, 2024. See Announcement 2024-3. More than 2,600 taxpayers applied to the first VDP, which allowed participants to…
The2024 ACFE Report to the Nationsrepresents the 13th edition of the most extensive global study on occupational fraud. Drawing from1,921 real cases of occupational fraudacross138 countries and territories, this comprehensive report delves into the intricate web of costs, schemes, victims, and perpetrators associated with fraud. Let’s explore how the pandemic influenced fraud trends and what…
Net working capital (NWC) plays a critical role in executing M&A transactions, as it influences the closing purchase price and the transition of operations from seller to buyer. NWC represents the difference between a company’s current assets (e.g., cash, accounts receivable, and inventory) and its current liabilities (e.g., accounts payable, accrued expenses, and short-term debt)….