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The rebirth of the SPAC market has created a fast lane to public markets for many technology companies, particularly in the energy and cleantech space. But before your company merges with a SPAC, audit readiness is critical. This is where many delays and surprises occur in the process, and where proactive planning can save both…
The IRS recently released Notice 2023-2 providing their initial guidance regarding the application of the excise tax on the repurchase of corporate stock. The notice provides interim guidance which taxpayers may rely on when applying the excise tax until final regulations are issued. The excise tax, §4501, was enacted as part of the Inflation Reduction Act…
The intention of Senate Finance Committee Chair Ron Wyden was clear in advocating for the excise tax on stock repurchases: to stop “mega-corporations” from using stock buybacks to “juice” their stock prices and reward their executives and wealthiest investors through massive stock buybacks. However, the legislation as it exists today may cast a larger net…
In recent years, there has been a substantial increase in the number of companies that go public through a merger with a special purpose acquisition company (“SPAC”). A SPAC is also known as a blank check company and exists only to merge with another company. In a SPAC transaction, the private company becomes publicly traded…
Share Withum, leading audit, accounting and advisory firm, is proud to announce that NJBIZ named Jay Shepulski, Partner and SPAC Team Leader, among the 2021 Leaders in Finance. With over 20 years of public accounting experience specializing in leading complex audit engagements, Jay leads Withum’s SPAC practice to be the number one auditor of record…
Share Following a substantial lead in Q3, Audit Analytics and Renaissance Capital named Withum as the top auditor for Special Purpose Acquisition Companies (SPAC) IPOs in all of 2020. Withum, leading tax, audit and advisory firm, is the auditor of record on approximately 140 SPAC IPO’s and over $40 billion in IPO proceeds in 2020….
