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Revenue Recognition

10/09/15 Revenue Recognition is a very hot topic in business today. The need for contracts with case-specific enforceability provisions has taken on increased importance. Christopher E. Hartmann, Esq. spoke before The Presidents Forum on contract pitfalls. Identifying performance obligations, collectability provisions, implied warranties, indemnity rights and reciprocal rights to terminate are contract provisions that Hartmann believes should be well crafted in every contract. “One size does not fit all.”  Companies should regularly review their customer and vendor contracts; otherwise they risk being at a competitive disadvantage in the future.

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Global Summit

10/01/15 Last week, at Withum Smith & Brown’s 2015 Global Summit in NYC, we heard Arnold Chr. Stange, an international tax and legal partner with HLB Stückmann in Germany talk about the driver of the German Export Market (2nd largest in the world). The driving force is not the large international companies but the SME’s. Those Small and Medium Enterprises with sales ranging between EUR 20 and 200M, are generally family owned, which means management and majority shareholder are the same. These same size companies in the US are not actively exporting but sell primarily in North America. Perhaps this is an area for growth that American SME’s should consider. And looking at the SME’s success in Germany is a good place to start.

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Global Summit

9/24/15 Today, I was at Withum Smith & Brown’s 2015 Global Summit in NYC. A great opportunity to hear more about doing business globally. A recurring message was the complexity of global business and the necessity of planning, especially for tax issues. Of course, risk management was actively discussed and some creative ways to mitigate risk. Another point is that talent now moves freely between jurisdictions which creates opportunities and challenges. Overall, an impressive Summit.

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