In the ever-evolving landscape of technology, AI has emerged as a powerful tool, helping employees win back minutes, if not hours, in their workdays, and holding immense yet-to-be-realized potential for transforming industries. A current edge in AI at work is that it often encompasses the combined knowledge of multiple professionals, surpassing what a single human…
The Michigan Senate passed legislation in March 2024 expanding the state’s Research and Development (R&D) Tax Credit from the past credit that offered a mere 1.9% credit on qualifying expenses incurred in Michigan. This new legislation has been expanded to provide up to 15% of the qualifying expenses, making it a far more advantageous program…
There’s a common misconception regarding how to assess the value of companies heavily reliant on an intangible asset for its revenue stream. It’s often assumed that the value of such assets should be added to the overall enterprise value. This would mean separately valuing the intangible asset and then combining it with the business’s going…
New Jersey implemented a new law that requires employers with 25 or more employees to implement a retirement plan. Employees must participate in (i) the state-sponsored plan called RetireReady NJ; or (ii) their employer’s qualified retirement plan. Penalties apply for non-compliance. Who It Applies To “Employee” is someone 18 years or older, resides in New…
When considering the transition from QuickBooks to NetSuite, it’s important to understand that both are powerful accounting software systems, but they serve different business needs and scales. QuickBooks is an accounting software designed to help small businesses and individuals. NetSuite, on the other hand, is a much larger ERP (Enterprise Resource Planning) system that can…
Faced with California’s $45 billion budget deficit, Sacramento lawmakers continue to grapple with how to cure the shortfall. It comes as no surprise that in late June, the state’s Lt. Gov. Eleni Kounalakis, in her role as acting governor, and Gov. Gavin Newsom signed Senate Bills 167 and 175. The bills’ passage resulted in suspending…
The Inflation Reduction Act of 2022 has granted manufacturing, distribution and logistics companies new credit opportunities for maximizing the utilization of clean energy. Let’s discuss the extension and modification of Section 48, “Clean Energy Investment Tax Credit,” the new Section 45X, “Advanced Manufacturing PTC” and the monetizing of the Federal Income Tax Credit and Statutory…
Withum is proud to share that Michael Ritchie, Senior Manager, was recognized by The M&A Advisor on their 15th Annual Emerging Leaders list. Michael is a Senior Manager on Withum’s Transaction Advisory Services Team. He has over 15 years of experience and specializes in transaction advisory on both the buy and sell sides, M&A strategy,…
Withum is proud to share that for the second consecutive year the Los Angeles Business Journal has named Kim Ravenell as a finalist for their Mentor of the Year award as part of their annual Women’s Symposium. Kim is a Tax Partner in Withum’s Los Angeles office with over 25 years of experience providing tax…