Cryptocurrency Cost Basis 101: A Beginner’s Guide to Crypto Tax… forum

On September 29, 2026, the New York Supreme Court, Richmond County, ruled against the New York City Department of Finance (DOF) over how it rolled out the new pied-à-terre surcharge. In O’Brien v. City of New York , the court: Ordered DOF to take down a “Supplemental Roll” listing more than 900,000 properties. Cancelled the surcharge notices DOF had mailed. Required DOF to make individualized primary-residence determinations using the tax data it already has. Eliminated DOF’s “exemption” process because it unconstitutionally shifted the burden of proof onto homeowners. The City filed an appeal the same day and says the appeal automatically puts the ruling on hold. DOF continues to list October 6, 2026, as the deadline for exemption applications. The surcharge law itself remains in effect. NYC Pied-à-Terre Surcharge Court Ruling: Key Takeaways While the ruling invalidates key aspects of the DOF’s notice process, the pied-à-terre surcharge remains in effect and requires attention from affected property owners. Keep the deadline. If you received a notice or an updated letter, plan to respond by the date in the letter, currently October 6. The tax still applies. The case challenged how DOF administered the surcharge, not the statute. Be careful what you send DOF. DOF has taken the position that tax returns owners submit to it are not covered by tax-secrecy protections. Entity- and trust-held properties face the most scrutiny. The constitutional holding is the most exposed on appe

Recognizing Withum as a Top Workplace Great Place To Work® and Fortune magazine have selected Withum for the 2026 Fortune Best Workplaces in Consulting & Professional Services List. The recognition reflects the Firm’s commitment to creating an exceptional team member experience and being an employer of choice within the professional services industry. Withum ranks number 23 in the large company category. Earning a spot on the list means that the Firm is one of the best companies to work for in the country. The Best Workplaces in Consulting & Professional Services award is based on an analysis of survey responses from over 125,000 employees at Great Place To Work Certified companies in the consulting and professional services industry. This designation underscores the Firm’s dedication to cultivating an environment where professionals can advance their careers, collaborate across disciplines, embrace innovation and entrepreneurial thinking and continuously expand their skills. Through comprehensive benefits, recognition programs and professional development opportunities, the Firm invests in helping its people succeed personally and professionally. Beyond the workplace, Withum encourages its people to engage in their communities, support causes that matter to them and build meaningful connections. Through initiatives such as Withum Week of Caring, the Firm’s annual volunteer program that brings colleagues together in support of charitable organizations, as well as Team Member

Key Takeaways The IRS has resumed accepting group exemption applications under new requirements that affect healthcare and other nonprofit organizations. Central organizations must address updated application, affiliation, control and annual reporting requirements. Existing group exemption holders should review the new guidance and transition requirements before the Jan. 22, 2027, compliance deadline. On January 20, 2026, the Internal Revenue Service (IRS) resumed accepting new applications for group exemption ruling requests by issuing Revenue Procedure (Rev. Proc.) 2026-8. This new guidance ends the moratorium on new applications for group exemption rulings that began in 2020 and introduces new requirements and guidance for applying for and maintaining a group exemption letter. Healthcare and other not-for-profit organizations considering a group exemption, as well as those already operating under an existing group ruling, should review the new requirements carefully to ensure compliance. Understanding Group Exemption Rulings A group exemption ruling allows for a central organization and subordinate organizations to obtain federal income tax exemption under one group exemption letter held by the central organization and extended to its subordinates. A group exemption ruling replaces separate IRS determination letters for each entity joining the group exemption letter. Moreover, a group exemption ruling allows the group of subordinates to file one consolidated Form 990 rathe

Key Takeaways Marketplace facilitator laws may create local tax obligations that are separate from state-level sales tax requirements. Home-rule jurisdictions, local registrations and transaction-sourcing rules can create compliance risks for marketplace facilitators. Maintaining separate state and local compliance maps can help platforms identify filing, collection and allocation obligations. A marketplace facilitator is generally a platform that connects third-party sellers with buyers and administers the transaction itself, from listing the goods or services through processing the customer’s payment. Although well-known marketplace facilitators include Amazon, Wayfair and Airbnb, the statutory definition extends well beyond the largest platforms, and many small marketplaces qualify as facilitators as well. While a growing number of states have enacted marketplace facilitator legislation, the rules vary considerably from state to state. Most facilitator statutes on the state level do not automatically extend to the cities, counties, boroughs, special districts and home-rule jurisdictions that administer tax under independent authority. Platforms will generally research the state-level taxes applicable to them. However, local obligations, by contrast, are often not examined at all. The jurisdictions discussed below illustrate how local-level exposure can be missed. Chicago: Personal Property Lease Transaction Tax Chicago imposes a Personal Property Lease Transaction Tax that

Key Takeaways Aerospace companies considering an IPO often begin preparing years before a public-market transaction is pursued. Financial reporting, tax, internal controls, systems and governance are common areas that require attention before an aerospace IPO or de-SPAC transaction. An IPO readiness assessment can help identify potential gaps and prioritize remediation efforts before transaction timelines become more demanding. For aerospace companies considering access to the public markets, IPO readiness often begins years before a registration statement is filed. When SpaceX listed on Nasdaq in June, raising roughly $75 billion in the largest initial public offering on record , it did more than mint a headline. It gave public market investors a reference point for evaluating the aerospace industry, which had traditionally been treated as a specialty allocation. That reference point is now shaping how the broader aerospace sector is evaluated, but public-company readiness can’t be built overnight. For executive teams, the relevant lesson is less about any single listing than about timing. Public offering windows in aerospace have historically opened and closed in response to national defense budget cycles, program milestones and broader market sentiment, none of which a management team controls. For many aerospace companies, preparing for an IPO begins years before a transaction is contemplated and may require investments in financial reporting, tax, controls, systems and g

Reporting window: September 14 – September 28, 2026 (trailing 14 days) What Actually Matters This Cycle A workaround is not a patch: ShinyHunters is going around firewall rules that organizations used in place of Oracle’s PeopleSoft fix. Your HR, recruiting, and records systems are now front-line targets, because they hold exactly the data extortion crews want. Dwell time is the hidden cost: the Pentagon breach ran for about nine months before anyone noticed. Executive Snapshot This cycle in one line: Attackers are going straight at the systems that hold people data, from HR and recruiting platforms to court records and a Pentagon personnel server, and many of the worst exposures trace back to workarounds and patches that were never fully put in place. Overall risk this cycle: ELEVATED Actively exploited flaws span Oracle PeopleSoft, SharePoint, routers, web platforms and network switches; four fresh incidents show attackers targeting people data; and several of the worst exposures trace back to fixes that were never fully applied. Emergent Cyber Threats New and evolving attack methods to be aware of and steps to reduce your exposure. ShinyHunters Bypasses Application Firewall Rules and Resumes Mass Exploitation Google’s Mandiant and Threat Intelligence Group reported on September 25 that ShinyHunters has resumed widespread attacks on Oracle PeopleSoft servers through CVE-2026-35273, a flaw that allows unauthenticated remote code execution. The group first exploited it as a z

Key Takeaways Proposed regulations would allow certain entities that inadvertently self-certified as Qualified Opportunity Funds to revoke that election, but only if no qualifying investment was ever made in the entity. The proposed revocation process would require the Commissioner’s consent and would not be available until Treasury and the IRS finalize the regulations and issue procedural guidance. An entity that revokes its QOF election under the proposed rules would permanently lose the ability to self-certify as a QOF using that EIN. Filing a Form 8996 by mistake has, until now, followed an entity indefinitely. Proposed regulations issued on September 11, 2026, would let an entity that inadvertently elected to self-certify as a Qualified Opportunity Fund revoke that election, but only where no qualifying investment in the entity was ever made. Outside that single fact pattern, the election stays irrevocable. The relief is real for the taxpayers it reaches, and it is narrow. Revocation takes the Commissioner’s consent, and an entity that revokes can never self-certify as a QOF again. Neither can anyone else using that entity’s taxpayer identification number. How We Got Here: The Stakeholder Comments Stakeholders asked Treasury and the IRS for a way out of an election they never meant to make. The comments described a recurring fact pattern: entities, often a qualified opportunity zone business, that self-certified by mistakenly filing Form 8996, where no owner held a quali

Key Takeaways The proposed Stop Corporate Takeovers of Physicians Act of 2026 could significantly restrict the ownership, control and financial arrangements used in MSO/friendly-PC structures. If enacted, the bill could affect consolidated tax filings, intercompany transactions, management fees, entity choice, rollover equity and qualified small business stock considerations. MSOs, physician practices and investors should evaluate existing structures because the proposed rules would apply to current arrangements one year after enactment without grandfathering. A proposed federal bill targets the management services organization (MSO)/friendly professional corporation (PC) structure that underpins much of physician practice investment. H.R. 10444, the Stop Corporate Takeovers of Physicians Act of 2026 , was introduced on September 16, 2026, by Rep. Val Hoyle (D-OR) and 10 cosponsors. It was referred to the House Energy and Commerce and Ways and Means Committees. How the MSO/Friendly-PC Structure Works Many states follow the corporate practice of medicine (CPOM) doctrine, which bars non-physicians from owning medical practices. The MSO/PC model works around that. Physicians own the PC, which employs clinicians and bills payers. The MSO with a health system or a digital health platform provides all of the non-clinical services: staff, technology, billing, real estate and capital. The MSO’s economics comes through a management services agreement (MSA). The MSO’s control usually c

Recognized for Tax Leadership Withum is proud to share that Sara Palovick has been named a 2026 NJBIZ Leading Woman in Business. The recognition honors women who have made a significant impact on business throughout New Jersey through professional achievement, leadership and community involvement. As a tax partner, Sara serves clients across the real estate industry, specializing in partnership and individual taxation. She advises closely held and institutional real estate businesses on tax compliance, strategic planning and succession, helping clients navigate tax matters while supporting long-term growth and continuity. Sara is a recognized thought leader on real estate taxation, sharing insights on topics affecting real estate professionals, investors and property owners. Through articles, training and industry discussions, she helps clients and colleagues stay informed on evolving tax regulations and planning opportunities. Sara serves as the operations lead for the Firm’s real estate sector, helping drive operational strategy, enhance collaboration across teams and support the industry’s continued growth. She is dedicated to giving back to her community through her involvement with Greater Middlesex & Morris Habitat for Humanity and through volunteer and fundraising efforts supporting organizations focused on preventing, treating and raising awareness of tick-borne diseases. NJBIZ Leading Women in Business The NJBIZ Leading Women in Business program recognizes accomplish

For finance and tax leaders, filing the income tax return should not be separated from financial reporting or treated as the end-of-year tax analysis. Income tax provisions are often prepared under tight year-end close timelines, while tax returns are completed later, when additional information becomes available and estimates can be refined to actual amounts. That timing difference creates an opportunity to evaluate the provision process before the next reporting cycle begins. A return-to-provision, or RTP, analysis compares the filed tax return with the income tax provision recorded in the financial statements and explains the differences. The process is relevant across the company’s filing footprint, including federal, state and local and foreign jurisdictions, as applicable. For executives, accountants and tax preparers, the RTP analysis provides visibility into reporting risk and process quality during the financial close process. It can identify computational errors, missing adjustments, inaccurate estimates and documentation gaps that may need to be addressed during the next financial reporting cycle. Key takeaway: The RTP is not simply about forcing the provision and return to match and updating balances. It is about identifying what was estimated, what changed and what the year-end and quarter-end close processes should improve upon. Why RTP Should Be on Management’s Radar The income tax provision reflects management’s best estimate of the company’s current and defer