Typically, when performing a business valuation for SBA 7(a) purposes, the prospective buyer is seeking to purchase both the business and its underlying real estate from the seller. In these instances, it is important to ensure the relationship between the company and the real estate is addressed correctly. Otherwise, the business valuation may provide an…
On August 9, 2024, the IRS announced relief from certain tax filing and payment deadlines for individuals and businesses in all of South Carolina, most of Florida and North Carolina, and part of Georgia that were affected by Hurricane Debby. The relief provided in IR-2024-205 postpones various tax filing and payment deadlines that occurred beginning…
Enterprise Resource Planning (ERP) systems are the backbone of modern businesses. But with the rapid evolution of technology, the need to future-proof ERP systems has become paramount and necessary. The adage kicking the can down the road will only worsen the situation. Whether you are planning to implement an ERP software or seeking to optimize…
Tax season can be stressful, especially for crypto investors. The complexity of tracking cryptocurrency transactions, calculating gains and losses, and staying compliant with ever-evolving regulations can be difficult. However, with a bit of preparation, you can make tax season with your digital assets a breeze. 6 Essential Tips to Stay Ahead of the Curve Following…
We will explore what happened with the Los Angeles Dodgers’ superstar pitcher, how common situations like this are, how the fraud occurred, and how to prevent it from happening in the future. What Happened? According to a federal indictment and a guilty plea, Ippei Mizuhara, Shohei Ohtani’s interpreter, unlawfully transferred more than $16 million from…
While business leaders and accountants would like to believe that federal tax reform will be the priority issue for congressional leaders after the November elections, tax reform may need to be placed to the side until the U.S. debt ceiling and immigration policies are addressed. This would result in a level of uncertainty regarding federal…
Download a PDF of this case study Executive Summary The Labor Union had several turnovers within their accounting department, causing them to fall into trusteeship due to their financial mismanagement. Withum’s Outsourced Accounting Systems and Services (OASYS) team intervened, rectifying the accounting records and paying overdue bills, transitioning their accounting system to a cloud-based platform…
Everyone wants to know why it is taking so long for the IRS to pay their claims for the employee retention credit (ERC) and what they can do about it. There are steps that businesses can take today, but let’s first review why the IRS is slow-paying these claims. The IRS has an estimated 1,400,000…
Withum is proud to share that Fatema Raza, Partner, was recognized for her outstanding career path, professional success and dedication to her community. Fatema is a Partner with more than 14 years of public accounting experience, providing assurance services to various clients in the public and private sectors. She advises clients on audit processes, internal…
NetSuite’s 2024.2 release, scheduled for rollout between August 16 and October 26, 2024, brings significant improvements across various areas of the platform. This latest release introduces a comprehensive set of new features to give organizations visibility into workforce costs, boosting bill capture accuracy and increasing bank connectivity. Key Enhancements These improvements, among others, demonstrate NetSuite’s…