Our recent webinar, "Beyond Borders: Decoding the Investment Climate in the US and Mexico,", jointly presented by Prager Metis and Guerrero Santana was a resounding success!. This event was a resounding success, providing valuable insights into the dynamic investment landscape spanning the United States and Mexico. For those who missed it or need to revisit key points, we're pleased to announce that a recording is now available. This comprehensive discussion offers invaluable insights for investors, business leaders, and policymakers.
Discover key cybersecurity essentials. Learn how to safeguard your organization against prevalent threats like phishing, impersonation scams, and malware. Read the insights from Gurjit Singh, CIO at Prager Metis.
Section 1446(f): A Critical Update for Foreign Investors in Partnerships Our latest article delves into the significant implications of Section 1446(f) on foreign investors involved in partnership interest sales. This comprehensive overview covers the 10% withholding tax requirements, explores exceptions for both non-publicly and publicly traded partnerships, and outlines crucial filing obligations for foreign individuals with U.S. business interests.
The key to successful Client Accounting Services (CAS) lies not just in number-crunching, but in leveraging cutting-edge technology to deliver an unparalleled client experience.
Social media influencers are disrupting the entertainment industry, but with various income streams come complex tax implications. Learn about the UK tax requirements for influencers and how to avoid financial pitfalls.
Are you expanding your Italian business into the lucrative U.S. market? Read Andrea Fantozzi's latest article, "Decoding US Market Opportunities for Italian Businesses: Profits and Growth."
Ricky Nagano, Managing Partner of our Torrance office and Japanese Global Services Leader, was recently featured in GGI with his article "Navigating the US market: Opportunities and strategies for Japanese businesses."
Whenever an employer offers benefits to an employee or a director, either for free or at a reduced cost, they're referred to as benefits in kind. His Majesty's Revenue and Customs (HMRC) mandates that employers declare benefits by the end of the tax year through the P11D form.
The UK's tax authority, HMRC, has unveiled a series of proposed changes aimed at improving the quality and scope of data collected from taxpayers. These modifications seek to streamline tax administration, bolster compliance, and provide better insights into the labour market for policymaking purposes.
When it comes to doing your taxes, you're not alone if your organisation forgets one crucial deadline: registering your employment related securities (ERS).
Employers use ERS schemes to award or gift shares of a company to their employees. If you've been awarded any such shares or share options during the last tax yea’s (6 April 2023 through to 5 April 2024), you have until 6 July 2024 to submit your ERS return.
The window to maximize your estate planning strategies is closing. With potential changes to estate and gift tax exemptions in 2026, now is the time to act.
As an employer offering taxable benefits to your employees, you are required by HM Revenue and Customs (HMRC) to submit and report these benefits. This is done using the P11D and P11D(b) forms. If you missed the 6 July 2024 deadline you could face fines, penalties, and interest. Your reputation with HMRC as the employer will also be affected.
When non-US investors sell real estate property, they may face tax withholding requirements by the United States Internal Revenue Service (IRS). This case study highlights actions that can potentially reduce tax withholding on proceeds when selling US real estate held through a US limited liability company (LLC).
Commencing on January 1, 2024, the federal Corporate Transparency Act (CT) may require many domestic and foreign entities with less than $5,000,000 of annual gross receipts and fewer than 20 employees to file an informational statement with the federal Financial Crimes Enforcement Network (FinCEN).
As the year draws to a close, taking proactive steps in your financial planning can significantly impact your tax liability. This checklist provides a guide to key strategies that individuals can consider before the end of the year to potentially decrease their income tax. By strategically managing income, deductions, and investments, you can optimize your tax situation and position yourself for a more tax-efficient financial future.
The IRS announced and released Notice 2023-74 today which provides a further transition period for the requirement placed on third party payors by the American Rescue Plan Act (ARP) of 2021.
A 529 plan is a tax-advantaged savings account designed to be used for a beneficiary’s educational expenses. This beneficiary can be a child, another family member, or even yourself.
Listen to the latest insights from Susan Hoffnagle from our Royalties group, where she explains what recording artists should consider when creating new music. Contact Susan at royalties@pragermetis.com and learn more about our royalty services. https://youtube.com/shorts/5j4fZWPZiSg?feature=share
Increasingly, the Small Business Administration has been sending PPP loan borrowers “Final SBA Loan Review Decision” letters. Borrowers only have 30 days from the date they receive this letter to file an appeal with the SBA.
Are you considering American expansion for your Italian business? There are plenty of appealing reasons for Italian companies to expand into the U.S., one of them being the tremendous opportunity for growth and profitability in one of the largest, most diverse consumer markets in the world.
Host Glenn L. Friedman, CPA, CGMA, CEO of Prager Metis gives listeners a glimpse Inside the C-Suite! Each episode, Glenn and his guests discuss timely topics related to the human elements of running a business.
In this episode, Christopher Zellman, Principle at Prager Metis, discusses the key responsibilities of a CFO and shares his experiences working with businesses to achieve their growth objectives.
Prager Metis's CFO Advisory Services and Client Accounting Services (CAS) work in harmony to provide valuable financial insight. Learn more to unlock your organization's full potential.
Elevate Your Financial Strategy and Decision-Making: Building on the Synergy between CFO Advisory Services and Client Accounting ServicesNaura Hill2023-10-10T09:25:34-04:00
Are your touring costs eating into your profit margins? Learn the key considerations in budget planning and tax strategies while working with experts to help maximize your touring budget and increase your profit margins. Read the latest insights from Thomas Smith, Entertainment Industry Leader now.
Recently Nicole Steel, Talent Acquisition and HR Manager of Prager Metis was featured on the Internship Show podcast, where she spoke out about our internship program and what makes Prager Metis unique.
Listen to insights from Chris Hovious from our PM Royalty Department where he explains the top 3 tips recording artists must do before releasing any music.
Client Accounting Services (CAS) allow businesses to outsource accounting functions to a third-party firm, preventing issues like, late payments, compliance problems, and poor cash flow.
Read David's latest insight where he describes his journey to success, the relationships that have helped him along the way, and the key factors that have helped him get there.
Are you looking to achieve success and financial security? Read the latest insight from Craig Michaelson, COO of Prager Metis, where he shares his journey and success in the accounting industry.
Read the latest insight from Marc Specht, Partner at Perigon Wealth Management, an affiliate of Prager Metis. Early in Marc's career, he encountered many situations that most people would view as obstacles, but he saw them as opportunities.
On April 3, the United States Tax Court issued a ruling that holds that the Internal Revenue Service does not have authority to assess penalties for failure to file Form 5471. Click here to read more.
Listen to “Your Tax Filing Questions Answered”, a HerMoney Podcast with Jean Chatzky, to hear Robbin Caruso’s address questions such as “Do stimulus checks count as taxable income?”
Robbin Caruso discusses changes in the tax code this year, common mistakes she sees people make, and strategies for a stress-free tax season in “Essential Tax Tips for 2023”.
Don't miss reading Glenn L. Friedman's most recent article, "6 Keys to Career Growth and Success for Young Accounting Professionals". Through Glenn's insights and observations, this article discusses different ways to achieve your goals and strive for a successful career through hard work and passion.
Most nonprofits operate under a tight budget with a lean staff so they can maximize the amount of funds and resources allocated to their mission. The goal is to reduce general and administrative costs to make a bigger difference in the community they serve.
Glenn L. Friedman's most recent article, "Hard Work, Communication, and Passion Are Essential to Closing the Skills Gap in Accounting" gives valuable insight into obstacles the accounting industry has faced and what you need to know to change them.
The 65-Day Rule: Section 663(b) of the U.S. tax code allows fiduciaries of estates and complex trusts to elect into what is informally known as the “65-day election.”
A medida que el Metaverso evoluciona, también lo hacen la Contabilidad Distribuida (DLT), Blockchain, los NFTs y los Smart Contracts, los cuales impulsan la exposición del comercio de bienes y servicios en el Metaverso y promueven su integración en la economía del mundo “real”.
As the Metaverse evolves, distributed ledgers such as blockchain technology, NFTs, and Smart Contracts drive the explosion of trade of goods and services in the Metaverse and drive integration into the real-world economy.
Si su empresa está considerando establecer operaciones en los EE. UU. o en otro país, el equipo de CFO Advisory Services de Prager Metis puede ayudarlo a evitar errores comunes y maximizar los beneficios de la expansión internacional.
Growing your social media presence and reach is now more critical than ever to a professional services firm. Your most crucial conduits of this are your own team members. I understand this is a lot easier said than done. However, you can implement several processes and communications to encourage team members to participate.
If your company is considering setting up operations in the U.S. or another country, the Prager Metis CFO Advisory Services team can help you avoid common pitfalls and maximize the benefits of international expansion.
On August 24, 2022, the IRS announced (Notice 2022-36) that it will not impose late filing penalties for specific types of individual and business tax returns for taxable years 2019 and 2020 in an effort to alleviate its processing backlog and provide additional support to those affected by COVID-19.
Should I convert my Traditional IRA to a Roth IRA? ROTH IRA Conversions – This question has consistently been in the top ten list of questions from our clients. Find out the best course of action for you today!
Instead of approaching a bad economy in a state of panic, take advantage of this opportunity to assess your current financial situation and strengthen your position.
As virtual currency transactions rise, so does the enforcement of virtual reporting requirements. When reporting cryptocurrency on your tax return, a good rule of thumb is that you must report it on your tax return if a taxable event occurs.
Empire State Development (ESD), the chief economic development agency in New York State, along with Governor Kathy Hochul,, recently announced a new initiative to provide aid to those impacted by COVID-19 pandemic.
The employee retention tax credit (ERC) was enacted as part of the CARES Act and allows for a refundable tax credit against the employer’s share of Social Security employment taxes. This credit may allow for significant tax refund opportunities for eligible taxpayers.
What is the value of my business? What’s the right sale price? What data do I need to present to justify that price? From a buyer’s perspective, what’s the right acquisition price? Is the company as financially sound as it appears?
When the telephone was the primary mode of business communication, people would expect a call back in a day or two, depending on the nature of the call. When email became the dominant form of communication, that window to respond shortened to 24 hours at most.
Not-for-Profit Focus: We believe both preparers and auditors would benefit from more discussion regarding areas where generally accepted accounting principles offer acceptable choices that may not be well understood by current financial management.
On April 9, 2022, New York passed tax legislation (A9009-C S8009-C) that made significant changes to the NYS Pass-Through Entity Tax (“NY PTET”) and established a NYC Pass-Through Entity Tax (“NYC PTET”).
Please join Sarah A. Fields, EA of Prager Metis, for this informative Zoominar with the Gloucester County Legal Education Association, where she will present “IRS Tax Controversy Case Management Rules and Tools: Winning Strategies for Playing Chess with the IRS” on May 4th, 4:00 pm.
Over the past few years, digital currency has earned the reputation for being the easiest and most efficient way to move money across international borders. Experts say the ability to accelerate the flow of money at a reduced cost, along with the fear of surveillance and the impact of war on the local currency are the primary reasons why Ukrainian government officials recently began requesting donations in cryptocurrency.
With the digital economy, investors no longer have to move talent to the U.S. They’re on the hunt for the best talent and most innovative technology, regardless of where they are. Of course, a key factor to keep in mind is when obtaining funding and initiating operations in a new market that requires an analysis of the tax obligations that will result.
El metaverso se refiere a un mundo virtual altamente inmersivo donde las personas puedrán reunirse para socializar, jugar, trabajar y comerciar con bienes y servicios virtuales (y no virtuales). Algunos lo llaman un universo paralelo, poblado por avatares y toda forma de elementos digitales (en forma de NFTs) que se encuentran en nuestro mundo diario.
What if you owe money to the IRS? What happens if you get audited? What things are deductible? Click here to hear E. Martin Davidoff, Partner-in-Charge of the Prager Metis Tax Controversy Group, answer these and other questions in this “Can Do! Essential Business Lessons”
Alison Gadoua, Prager Metis Tax Controversy Specialist, discusses “Selling Your Home Without Satisfying an IRS Tax Lien”, providing insight on how to obtain a lien discharge, how to appeal a discharge denial, and what to do if you need help.
Ya sea que esté iniciando un nuevo negocio, mudándose a una nueva ubicación, expandiéndose a nuevos mercados, considerando adquisiciones o ingresando al mercado de los EE.UU. desde otro país, el asociarse con el equipo de CFO Advisory para los servicios de selección de sitios, le permitirá tomar decisiones informadas y seguras. Leer el artículo "5 factores a considerar al elegir la ubicación adecuada para su negocio" por Robert O. Mayer, CPA para obtener más información.
The metaverse refers to an immersive virtual world where individuals can socialize, play, work, and trade in virtual (and non-virtual) goods and services. Many questions come to mind as we all begin to navigate this virtual space. Will global tax authorities be able to assert tax authority over transactions occurring in a virtual arena that lacks the type of provincial, state, and national boundaries that provide the framework for real-world tax administration?
We recently received a question from a client regarding who should participate in executive sessions of the board. While we answered based on our experiences with the boards of many different organizations, the question prompted our own deeper dive into some of the available literature on board (and board committee) executive sessions. That research drove our decision to share some thoughts on executive sessions in this issue of Not-for-Profit Focus.
Whether you’re starting a new business, moving to a new location, expanding to new markets, considering acquisitions, or entering the U.S. from another country, partnering with the CFO Advisory team for site selection services will allow you to make educated, confident decisions. Read the article "5 Factors to Consider When Choosing the Right Location for Your Business" by Robert O. Mayer, CPA to find out more.
Los fundadores de una Startup SaaS experimentaban lo que llamamos “Remordimiento del Fundador”. Ellos mismos se encargaban de todo el trabajo operativo, financiero y de cumplimiento, incluidos los informes financieros para Accionistas e Inversionistas. Su principal problema era la falta de un plan viable para administrar el negocio.
The Founders of a SaaS startup were experiencing what we call “Founder’s remorse.” They were handling all operational, finance, and compliance work themselves, including financial reporting to the Board and Investors. The major underlying issue was that they never had a viable plan for managing this side of the business.
Existen múltiples razones por las cuales los inversionistas latinoamericanos, tanto familias como empresas, buscan invertir en los EE. UU. Estados Unidos ofrece el mercado de consumo más grande y el gasto doméstico más alto del mundo, lo que representa más de una cuarta parte del consumo doméstico mundial.
Until recently, most leaders would probably say that the people who comprise their organization are the ones who show up to work and collect a paycheck.
That couldn’t be farther from the truth. After all, where would your team be without the families and support systems behind them?
There are plenty of reasons why Latin American investors, both families, and companies, seek to invest in the US. The US offers the largest consumer market and the highest household spending in the world, accounting for more than one-quarter of global household consumption.
E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, was recently featured in Bloomberg Tax. His article, "Tax Tip: Make Estimated and Other Tax Payments Electronically", addresses the importance of making Federal electronic payments electronically.
When an Italian Company was having difficulty with a U.S.-based auditing firm, a Partner and Director of the Italian Group in the International Department of Prager Metis CPAs, Andrea Fantozzi, referred the Company to Prager Metis - CFO Advisory Services. We were retained by the Italian Company, and immediately got to work assisting the CFO and Controller by providing documentation that would satisfy the auditors and required by the Company to move forward with its planned public offering.
There is a decades-long misconception in many U.S. entrepreneurial spaces about Latin American markets: “There is not enough wealth in Latin America for people in the region to buy products and services.” In other words, if you are part of a U.S. company trying to compete globally, Latin American markets are not economically relevant, so you should focus your expansion efforts on a different region. I’ve heard this many times over the years.
How Latin America Can Help U.S. Companies Compete in the Digital Economy Written By: Ricardo Aramburo Williams Latin America Global Services Leaderzoobi2022-04-27T16:27:42-04:00
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar on December 2, 2021. Sponsored by the AAA-CPA, this study group will exchange ideas for a roundtable discussion of tax practice before the IRS.
Ladidas Lumpkins CPA, JD, LL.M., Partner-in-Charge of Private Wealth Services, will be speaking at this year’s "Shenkman Fall Webinar Series,” hosted by Shenkman Private Client Group of Oppenheimer & Co. Inc. Join Ladidas as she discusses "The State-Based Right of Publicity: An Overview of Estate Tax and Valuation Issues". Topics include: What is the right of publicity, what state law applies, is the right transferable, and how is it valued?
“Shenkman Fall Webinar Series” – Webinar # 4: “The State-Based Right of Publicity: An Overview of Estate Tax and Valuation Issues”zoobi2022-03-03T10:49:24-05:00
Planificación Fiscal Internacional para la Industria de Medios de Comunicación y Entretenimiento
La digitalización de la industria de medios de comunicación y entretenimiento ha transformado la mayoría de los aspectos de su cadena de suministro global, desde la creación y adquisición de contenido, hasta el procesamiento, edición y distribución global. Además de modificar drásticamente las limitaciones de distancia, tiempo y costos de transacción, la cadena de suministro digitalizada brinda la oportunidad de aumentar la eficiencia fiscal. Sin embargo, esta eficiencia fiscal no se obtiene automáticamente; se requiere una planificación proactiva.
Our CFO Advisory experts were introduced to a company, which will remain anonymous, because the company needed financial statement services so it could present a picture of its entire operation to a potential acquiring company. The deeper our team analyzed the company’s financial and tax history, the more apparent it became that the company was in need of a broader scope of services.
SERVICIOS EMPRENDEDORES | SMADAR RINAT | 25 DE OCTUBRE DE 2021
Existen muchas razones por las que casi cualquier empresa fuera de los Estados Unidos quisiera ingresar al mercado estadounidense. Por ejemplo, EE. UU. tiene un sistema legal predecible y transparente. Además, que el gobierno de los EE. UU. acepta inversión extranjera directa. Y para atraer inversión extranjera, muchos estados y gobiernos locales de EE. UU. ofrecen incentivos y apoyan iniciativas innovadoras y de colaboración.
Pero, dicho lo anterior, expandirse al mercado estadounidense puede resultar complicado.
There are many reasons why just about any company outside the United States would want to enter the U.S. market. For example, the U.S. has a predictable and transparent legal system. In addition, the U.S. government welcomes foreign direct investment. And to attract overseas investors, many U.S. states and local governments offer incentives and support innovative and collaborative initiatives.
Every accounting firm goes through a lifecycle in which partners approach the end of their careers and emerging leaders take on their responsibilities and relationships. When properly managed, this can create a win-win-win situation. The partner can retire with peace of mind, rising professional advances in his or her career, and the organization benefits from a seamless transition in leadership without compromising the level of service delivered to the customer.
On behalf of Lewis Brisbois, Prager Metis, and Bank of America Merrill Lynch, we invite you to a unique conversation to discuss topics that are top of mind with many of our successful clients. You will hear tested successful strategies that have been adopted to the current economy to:
While many of us have tried to grab some vacation time this summer, two of the leading voices focused on the NFP sector issued important reports. BoardSource released its June 2021 Leading with Intent: BoardSource Index of Nonprofit Board Practices, and Independent Sector issued Trust in Civil Society: Understanding the factors driving trust in nonprofits and philanthropy. A brief discussion on each of these reports, including excerpted key findings, follows but we encourage you to access the full reports to identify the data most relevant to your organizations.
Host Glenn L. Friedman, CPA, CGMA, CEO of Prager Metis gives listeners a glimpse Inside the C-Suite! Each episode, Glenn and his guests discuss timely topics related to the human elements of running a business and
The OSCPA Not-for-Profit Knowledge Networks offer a great opportunity to explore important not-for-profit topics in informal discussions with experts and peers – and to obtain valuable CPE.
Please join Prager Metis' Lori A. Roth, CPA/ABV, CFF, Co-Managing Partner at the 7th Annual Women Business Leaders Forum hosted by New Jersey Business & Industry Association (NJBIA) on September 24th, 12:30 PM – 1:30 PM, where she will be discussing "Building a Relationship With Your Money".
Please join Prager Metis for a webinar on Wednesday, September 29 at 10 am ET/4 pm CT, "Doing business in the US, Current relationship between Italy and US companies" with Andrea Fantozzi, Partner, and Italian Global Services Leader. Topics being discussed are: geopolitical perspectives, tax updates, and opportunities, and the legal framework of foreign companies investing in the US. Register Today!
La empresa de manufactura extranjera desea vender productos terminados en los EE.UU. y necesita ayuda para determinar las opciones adecuadas de comercialización y distribución en EE. UU.
Los clientes no residentes, incluidos individuos, fideicomisos y empresas, generalmente se encuentran exentos del impuesto sobre las ganancias de capital en EE. UU. por la venta de activos de capital de EE. UU., incluidas las inversiones en valores y las acciones corporativas de EE.UU. Sin embargo, las inversiones en participaciones inmobiliarias estadounidenses pueden estar sujetas a 3 tipos de impuestos en EE.UU.
One could argue that the concept of work-life balance originated way back in 1817 when Welsh manufacturer and labor activist Robert Owen suggested dividing the day into three equal parts – eight hours of work, eight hours of recreation, and eight hours of rest. Of course, there wasn’t much balance before the Industrial Revolution as people worked an average of 65 hours per week. Farmers lived at the farm. Shop owners lived above the shop. Most of the modern barriers between work and life didn’t exist.
Tax related identity theft is an issue that began several years ago and has been steadily increasing as each year passes. We see this most often when electronically filed tax returns are rejected by the IRS with the most common reason for the rejections being due to previously filed fraudulent returns. Fraudsters can file tax returns using a taxpayer’s (or dependent’s) social security number in order to generate fraudulent refunds without the taxpayer’s knowledge.
New York State announced the launch of the $35 million Restaurant Return to Work Credit Program on July 29, 2021. This credit can provide up to $50,000 ($5,000 per new worker hired between April 1, 2021 and December 31, 2021) to qualified restaurants in New York State and City. Also, On July 22nd New York State announced the launch of a two-year $100 million state tax credit program for qualified production companies that are principally engaged in the production of musical or theatrical productions located in New York City.
Many companies assume the tax professional processing their returns will convert their financials to tax basis. This can be a costly assumption in terms of both tax savings on a yearly basis and ongoing financial reporting efficiency. The Italian Service Group of Prager Metis recently assisted a US subsidiary of an Italy-based organization with the conversion of their books from cash to accrual basis.
Client with a U.S. entertainment company needed assistance with cross-border acquisition planning of foreign entertainment group with several operating companies that owned valuable intellectual property rights and were involved in sales and licensing.
Prior to 2017 Tax Reform, U.S. tax law provided that a U.S. person (including a domestic corporation) could not be attributed ownership of stock from a foreign person for purposes of determining if a foreign corporation was a more than 50 percent owned CFC.
INTERNATIONAL TAX – Structuring to Avoid CFC Status Arising from Downward Attribution of Foreign Corporation Stock OwnershipNaura Hill2022-05-11T16:27:31-04:00
Tax Efficient Investment in US Residential or Commercial Property for Nonresident Individuals and Businesses Nonresident clients, including individuals, trusts and corporations, are generally exempt from U. S. capital gains tax on the sale of US capital assets, including investment securities and U.
INTERNATIONAL TAX – Tax Efficient Investment in US Residential or Commercial Property for Nonresident Individuals and BusinessesNaura Hill2021-08-20T11:21:10-04:00
Cross Border Tax Planning for Ownership and Exploitation of Music Copyrights The decentralization of media production across the globe and the increased use of digital and online distribution creates an environment where media that has up to now been produced and owned in the US can now be produced, owned, and exploited from lower-tax foreign jurisdictions. Added to this, the emergence of “remote working” as a viable mode of conducting business operations means it is no longer necessary to be physically present in a given location in order to effectively carry out business activities.
Structuring Sales into the US from a Foreign Country Foreign manufacturing company desires to sell finished products in the US and required assistance in determining appropriate options for US marketing and distribution. Potential cross-border structuring options included:
Ladidas Lumpkins, Partner-In-Charge of Private Wealth Services joins a discussion with Barry Werbin, Counsel in Herrick’s Intellectual Property Group, and R. Andrew Shore, Partner in Herrick’s Trusts & Estates department, on post-mortem rights of publicity – estate taxation and valuation issues. Click here
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this Federal Tax Practice Study Group on August 3, 2021.
Since the audience for this article comprises accountants, let’s start with a number: 35%. What is that? It is the percentage of organizations in the United States that have “a formalized succession planning process.” Meaning just a little over one-third of U.S. businesses are prepared for....
The term “Three-Martini Lunch” was coined in the U.S. during the 1960’s and 1970’s when NYC executives would gather and claim that these libations made them more creative.
If the pandemic has given us one positive, it’s perspective. Frankly, the business and the work are just the business and the work. The health and well-being of real people – physical, mental, and emotional – are far more important.
Don't miss E. Martin Davidoff, Partner-in-Charge, National Tax Controversy, and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar on June 17, 2021. Sponsored by the AAA-CPA,
Prager Metis Partners, E. Martin Davidoff and Robbin Caruso, will be speaking at the AAA-CPA Annual Meeting taking place June 23-26. E. Martin Davidoff will present “IRS Offers in Compromise: A Case Study” during the Thursday morning session.
A team member recently told me about their battle with dieting and cookies. Like many of us, the time spent in quarantine this past year was not kind to their waistline, and they resolved to get back into shape by steering clear of snacks.
The recently passed Budget Act was designed to benefit owners of eligible pass-through entities. This article highlights the key provisions of the Budget Act, workarounds enacted by other states, and general pass-through legislation considerations.
“Did you hear Michael is leaving? That’s a huge loss! You can’t replace someone like that. Somebody screwed up big time. What do we do now?” This is a fairly common emotional reaction in the lunchroom when a top performer leaves
More than a year ago, the nation and many states required businesses to shut their doors to employees and customers due to a growing national emergency. People began to work from their home or other property,
It is not often that articles about accounting contain hyperbole, but some recent reports on PPP loans have included what might be called overly zealous warnings that nonprofits taking advantage of this stimulus opportunity
On March 31, 2021, President Biden unveiled the “Made in America Tax Plan” as part of the $2 trillion infrastructure “American Jobs Plan”. The American Jobs Plan is an ambitious infrastructure plan primarily targeting roadways, bridges
2020 created disruption in ways that were inconceivable before the pandemic. And probably more so for healthcare entities than any other industry. As our hospitals and healthcare providers have focused on caring for us,
As anyone in the healthcare field knows, the demands of the pandemic stretched and strained their resources, both human and financial, at unprecedented levels. To meet the task of caring for those afflicted by COVID-19,
After an in-person interview, we learned a new hire had a family member with COVID-19. As a result, the skeleton crew that had been working in that Prager Metis office had to go back to working remotely.
The following information highlights the key tax relief provisions included in the American Rescue Plan Act of 2021 (“TARPA 2021”) enacted into law on March 11, 2021. The relief includes many provisions to help both individuals and business
The personal allowance is currently £12,500. Budget 2018 announced that the allowance would remain at the same level until 2020/21 and the statutory provision to increase the allowance annually by CPI was to be overridden.
Land and buildings transaction taxes are devolved to Scotland (Land and Buildings Transaction Tax) and Wales (Land Transaction Tax). Stamp Duty Land Tax (SDLT) applies to transactions in England and Nort
The Chancellor Rishi Sunak presented his second Budget on Wednesday 3 March 2021. In his speech he stated his Budget 'meets the moment with a three-part plan to protect the jobs and livelihoods of the British people'.
The current JRS allows an employer to place an employee on furlough and apply for a grant to cover wage costs for the time an employee is on furlough. The employer:
No changes to the current rates of CGT have been announced at Budget 2021. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter.
In 2020, the government introduced a number of government-guaranteed coronavirus loan schemes. In December 2020 the Chancellor extended, until the end of March 2021, access to the Bounce Back Loan Scheme,
As an extension of his presentation at the 2020 GWSCPA Nonprofit Symposium, Louis Mezzina will offer examples and a critique of various not-for-profit financial statements and disclosures during this on-line session.
Filing taxes for small businesses might be a little different this year. Join Prager Metis Partner Robbin Caruso and other panelists on March 2, 2021 to learn more about how the pandemic, PPP Loans and revenue losses could impact your fili
The following information highlights the key tax issues associated with the Consolidated Appropriations Act, H.R. 133 law changes providing extensions and modifications to the employee retention credit.
Join NJBIA and Prager Metis Partners Robbin Caruso and Edward Rigby for this webinar on February 17 to hear about the latest updates on COVID-19 relief measures, PPP loans, and tax law changes affecting both individuals and businesses.
The Consolidated Appropriation Act of 2021 signed into law on December 27, 2020 includes a $15 billion grant program that will be administered by the U.S. Small Business Administration (the “SBA”) to provide financial aid to struggling live
To help you better understand the opportunity to add advisory to more traditional outsourced accounting and client accounting services, Vic.ai Academy has invited five expert panelists from a broad cross-section of firms for
Sponsored by ADP, this webinar will take participants on a hands-on journey through the entire IRS Offer in Compromise process. Presenters will be E. Martin Davidoff, Partner-in-Charge, National Controversy and Sarah Fields,
This article summarizes the key highlights of the CARES Act modifications and recent IRS regulations associated with the interest expense limitation rules under IRC Section 163(j).
Join E. Martin Davidoff, Partner-in-Charge, National Tax Controversy and Alison Gadoua, Tax Controversy Specialist, as they facilitate this special study group webinar with IRS Commissioner Charles Rettig on January 26th.
About 2,500 years ago, the Greek philosopher Heraclitus said, “Change is the only constant in life.” He famously asserted that “life is flux,” Panta Rhei in Greek, which means all things change.
However, as it turns out, not-for-profits (NFPs) didn’t have to change everything; COVID-19 took care of that for them. The emergence of a global pandemic gives even more urgency to that original headline.
According to the 21st annual Forbes Top Charities list, which ranks the largest U.S. charities based on private donations received, “The 100 largest charities pulled in $51.5 billion in donations,” which “represents 12% of all charitable co
Top executives at nonprofits that rely on donations, and their CFOs, know that in terms of funding and expenditures, accounting for a nonprofit is a bit of a catch-22. That is, a nonprofit must expend money on its programs – the reason it e
As a result of Covid-19, many businesses are entertaining the sale of their company or considering the purchase of another business which may be on the market. Determination of market value involves gathering and analyzing a good deal of
The COVID-19 pandemic has adversely affected many businesses and their ability to function. Office closures and staff reductions can hamper a business’s ability to have immediate access to up-to-date financial information which is essentia
One of the most important roles a CFO plays relative to a business’s success, is in establishing and maintaining a good relationship with a banker. This relationship is vital and should provide the company with access to short term loans
One of the biggest challenges that causes leaders to struggle is the inability or unwillingness to delegate. In many cases, leaders think they can only succeed by delegating to someone who can replicate their performance.
Our CFO Advisory Services Team is often asked, “What can we do about the high costs of employee health insurance and benefit plans?”, and our response is, “have you looked into a PEO?”
The outcome of the November 2020 election will likely prompt wealthy individuals and families to identify, assess and mitigate potential legal and tax risks when it comes to their personal tax and estate planning. Join Prager Metis and McC
Own one or more foreign subsidiaries? Learn more about cross-border tax planning options from our team of experts. Last week, Fernando R. Lopez presented to fellow GGI Members where he provided an update on 2020 Regulatory Developments
Very often the Chief Financial Officer of a business spends a good deal of time functioning as a Controller: performing month-end closings, comparative financials, overseeing books and records, etc. While the day to day financial function
Don’t miss Karen H. Kerby as she joins the NYSSCPA’s Alternative Investment Fund Conference for a live webcast on November 19th. Karen will moderate a panel of industry experts and discuss financial reporting matters in the midst and afterm
One of the most obvious consequences of the COVID-19 pandemic has been the large reduction in revenue for businesses. Restructuring and reducing staff may have been necessary steps to surviving and keeping the doors open.
Foreign companies and startups looking to expand into the U.S. market must consider a number of factors, including entity structuring and taxation issues. Join experts from Prager Metis,
As business owners, CEOs or CFOs, it is extremely vital to maintain a professional and protected credit profile while securing your assets.The world of credit is vast and growing more than ever,
Marnette Myers from our Washington D.C. Metro office will be joining the Greater McLean Chamber of Commerce for a timely review of tax planning issues and opportunities for 2020. Marnette will address potential federal changes,
“We want to earn the trust and respect of every American.” It may surprise some to know that those words came from Congressional testimony given in the past month by IRS Commissioner Charles P. Rettig. But Rettig, himself a seasoned tax
When a non-public business has multiple owners, they need to make sure that they have executed Buy/Sell Agreements with each of them. This agreement sets the value of the business and will be used in any event that results in a change in ow
Register today! Join Peter Goodrich and Brian Goldblatt of Prager Metis and Herbert P. Moore, Jr., David J. Sorin, and Matthew E. Uretsky of McCarter & English on Thursday, October 29th at 2 pm ET/ 11 am PT. They will discuss
The Association of Certified Fraud Examiners (ACFE) released the “Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse”, covering cases investigated by certified fraud examiners around the globe.
Amidst the worldwide COVID-19 crisis, many US citizens who have worked abroad and paid into pension trusts may have missed a significant change made by the US Internal Revenue Service (IRS) on 02 March 2020.
Register Today! Edward P. Rigby joins the Estate Planning Council of Central New Jersey for a webinar on Thursday, October 22, at 6 pm EST. Edward will discuss the key issues in determining loan forgiveness.
The rubber band theory has been applied to many areas of business and life, from investing and leadership to personality traits and dating. I’ve been thinking about the rubber band theory as it relates to the changes we’ve experienced
Every drama needs a bad guy, a villain. And few events in recent history have produced more drama than the COVID-19 crisis, certainly from a human standpoint given the death toll, not to mention what many have called the “politicizing”
Join FBAA and Stuart H. Mayer, Managing Partner – New York, NY Office of Prager Metis, for a webinar discussion on Wednesday, September 30th at 11 am ET. He will discuss Fashion's Rebound, the Importance of Having the Right Accounting
Since COVID-19 arrived, the SEC Office of Compliance, Inspections and Examinations (OCIE) has remained operational nationwide including an outreach to SEC registrants to assess the impact of the virus. From these efforts, OCIE has concluded
Did you miss the LIBN's State of the Not-For-Profit Industry virtual conference? Watch Moderator Brian D. Sacskstein and a panel of industry experts discuss the achievements, challenges and the future of the not-for-profit sector
On September 1, 2020 the IRS and the Department of the Treasury released final regulations for Section 59A – the base erosion and anti-abuse tax (BEAT), providing additional guidance on its application.
Are In-House Research Expenses Paid from Paycheck Protection Program (PPP) Loan Proceeds (That Qualify For Loan Forgiveness) Eligible for the IRC Section 41 Research Tax Credit
Are In-House Research Expenses Paid from Paycheck Protection Program (PPP) Loan Proceeds (That Qualify For Loan Forgiveness) Eligible for the IRC Section 41 Research Tax Creditzoobi2020-10-21T14:12:42-04:00
During an interview with Bill Gates and Warren Buffett a few years ago, Gates was asked what he has learned from his fellow billionaire. Gates discussed the time Buffett showed him his paper appointment book, which was mostly empty.
When everyone began working from home because of the COVID-19 pandemic, many businesses saw firsthand how difficult it is to function effectively each day without access to reliable accounting and financial services and expertise.
Accessing Cash from CFC or non-CFC Foreign Subsidiary. If you have liquidity needs and own one or more foreign subsidiaries, it may be possible to access cash held by the CFC in a tax-efficient manner.
In Stephen Covey’s book, 7 Habits of Highly Effective People, this is habit number two. The idea is that the activities of an individual or organization should be driven by the end goal. What are you trying to
Recently, the rating agency Fitch said the coronavirus pandemic has significantly weakened India’s growth outlook for this year and exposed the challenges associated with a high public-debt burden. Matching Moody’s view, it has downgraded
The coronavirus pandemic has created a massive shift in the daily operations of all nonprofit organizations globally. If your mission is not directly related to the pandemic relief it may be challenging to convince your donors that your
Join Partners Robert O. Mayer and Edward P. Rigby on Tuesday, July 21st, at 12:00 pm ET as they discuss the highlights of the PPP Flexibility Act, including the extension of the covered period, reduction in payroll requirements,
Does your estate have significant art holdings? Join Gabe M. Wolosky and the Estate Council of New York as they address the IRS requirements for estates with significant art holdings, and tax deduction for the charitable donation of artwork
As I share my thoughts month after month about the importance of the human element in business, I feel compelled to remember my former partner and, more importantly, my friend, Jay Spitz, who was taken from us far too soon.
The Association of Certified Fraud Examiners (ACFE) recently released the Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse. This report, the 11th since the first edition was published in 1996, has become the primary
Please join us as NJ CEOs discuss hurdles their industries may be facing as the economy reopens, and the silver linings that can be found as everyone adjusts and adapts to the new normal that awaits them.
Prager Metis’ CEO Glenn Friedman joins an expert panel for this webinar hosted by The NYBB Group on Tuesday, June 24th at 12 PM ET. Industry experts will discuss the benefits of acquisitions, including increased revenues and bottom-line
Join Partners Robbin E. Caruso and Edward P. Rigby on Friday, June 26th at 11:30 AM as they discuss the highlights of the PPP Flexibility Act, including the extension of the covered period, reduction in payroll requirements, and basic rules
The State of New York recently announced that Medicaid payments would be reduced 1.5 percent across the board. This applies not only to future services, but to all non-exempt services dating back to April 2, 2020.
"One of the technologies Vice President Al Gore is pushing is the information superhighway, which will link everyone at home or office to everything else – movies and television shows, shopping services,
A friend who received his stimulus payment as an actual check in the mail, knew I was working on this article and suggested I take a look at what the IRS sent him. Examining the official looking envelope.
Register Today! Join Santander and Prager Metis’ Partner’s Robert O. Mayer and Edward P. Rigby for a webinar on Monday, May 18 at 3pm ET/ 12pm PT for a Q&A session on PPP Loan Forgiveness.
Join us for a webinar on Tuesday, May 19 at 11 am ET. Karen Kerby from Prager Metis CPAs, Wayne Davis from Tannenbaum Helpern Syracuse & Hirschtritt LLP, Barbara Ann Bernard from Wincrest Capital, will discuss operational,
Cryptocurrency is the future.” In the article by The Chain Bullet, Peter Goodrich, Tax Manager, discusses how the future of cryptocurrency is much closer than we think thanks to some big events
In the business world, different groups of people are assigned labels. You have owners, shareholders, executives, partners, management, and employees. You have strategic business partners, vendors, and customers.
Join Us for a webinar on Tuesday, May 5 at 2pm ET/11am PT with Partners who specialize in Tax Controversy, E. Martin Davidoff, CPA, Esq. and Robbin Caruso, CPA, CGMA.
Please join us on Monday, April 20, 2020 at 2pm ET/11am PT. Peter Goodrich of Prager Metis CPAs and Seth H. Ostrow of Meister Seelig & Fein LLP will discuss how cryptocurrency has moved from the fringes to the mainstream
Please join us on Monday, April 20, 2020 at 2pm ET/11am PT. Peter Goodrich of Prager Metis CPAs and Seth H. Ostrow of Meister Seelig & Fein LLP will discuss how cryptocurrency has moved from the fringes to the mainstream
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Apr 14, 2020
Please join us on Monday, April 20, 2020 at 2pm ET/11am PT. Peter Goodrich of Prager Metis CPAs and Seth H. Ostrow of Meister Seelig & Fein LLP will discuss how cryptocurrency has moved from the fringes to the mainstream
Join us Tuesday April 14th at 9am ET for ‘A Business Owner’s Guide to Loans’. Hosted by NJBIA, this webinar’s presenters include Robbin Caruso, Edward Rigby, and Al Titone, SBA District Director of New Jersey,
Over the past few years, the Cayman Islands legislature has introduced many amendments and regulatory changes to try and align with global compliance standards.
There is no sugarcoating the fact that the coronavirus pandemic is affecting everyone in our country. Businesses that require face-to-face interaction with customers, from restaurants to dentists to theatre companies, are being shut down.
Iconic American humorist Will Rogers once said, “The only difference between death and taxes is that death doesn’t get any worse every time Congress meets.”
Younger generations value flexibility in the workplace. The prospect of going to an office each day from 9 to 5 or later and doing the exact same things day after day isn’t exactly appealing.
Over the past several years, the concept of digital transformation has become a top business priority. As adoption of artificial intelligence (AI), cloud-based systems, the Internet of Things, and other advanced technologies continues to expand, organizations are weaving these tools into every business process and, in many cases, changing how they operate to optimize productivity, efficiency, and the customer experience. More and more organizations are investing heavily in technology-driven initiatives, as they should.
One of the core responsibilities of any business leader is to motivate the team. They must keep team members engaged and give them reasons to feel good about their employer. Today, it’s no secret that more team members, especially from younger generations, want to work for a company that is dedicated to more than just themselves.
In this era of Congressional contentiousness, any legislation that comes out of those chambers with bipartisan support deserves note. Such is the case with the SECURE Act, an acronym for “Setting Every Community Up for Retirement Enhancement,” which was passed last July by a near-unanimous vote in the House of Representatives. But the SECURE Act also warrants a note of caution for those heavily invested in IRAs and/or 401(k) plans because it truly is a “game-changer,” and not for the better, when it comes to the distribution and taxation of withdrawals from inherited plans.
In the world we live in today, the only way to avoid becoming a victim of malware and/ or identity theft is to disconnect yourself and your workstation from the internet. Unfortunately in today’s business environment, that is not an option. Read the latest article by CIO, Gurjit Singh, entitled ‘Technology and Taxes: The Accountant’s Responsibility,’ to learn more about how you can take steps to secure both your own and client’s information and take a more vigilant approach in the exponentially evolving world of technology and information-transfer.
When asked recently if he knew how algorithms worked, a friend replied, “I don’t need to know how something works. I just need to know it works.” Of course, algorithms “work” for us every single day.
