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Month: January 2020

Elective Business Alternative Income Tax for Pass-Through Entities to Address Federal Limitation on State and Local Deduction

On January 13, 2020, Governor Phil Murphy signed into law Senate Bill 3246 establishing the business alternative income tax, an elective New Jersey business tax for pass-through entities. A corresponding refundable state gross income tax credit is allowed for the owners of the pass-through entities to offset personal or corporate income tax liability.  The pass-through entity tax applies to tax years beginning on or after January 1, 2020.  The intent of the new legislation is to...

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Rising to the Challenge: How Wiss Responded to Historic Tax Legislation

An interview with Michael LaMotta, Partner-in-Charge, Tax Services at Wiss & Co. LLP On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. It presented the most significant changes to the tax code in over thirty years, and its effects were wide-ranging. Everyone from individual taxpayers and business owners to accountants and financial advisers had to learn the ropes. Now, two years after the bill was passed, many are still playing catch-up. “When the tax reform...

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Nonprofit News Special Update: Parking Tax Repealed and Single Rate Excise Tax for Private Foundations

by Linda Curro The government funding legislation passed by Congress in December 2019 includes the repeal of the Internal Revenue Code § 512(a)(7), commonly referred to as the “Parking Tax.” The legislation was signed by the President on December 20th, 2019. The original provision, enacted as part of the 2017 Tax Cuts and Jobs Acts, required tax-exempt organizations to include in unrelated business income the amounts they pay or incur on qualified transportation fringe benefits. ...

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Employee Perspective: Stephanie Hughes on Financial Strategies for the Second Generation

by Stephanie Hughes All employees have financial concerns, but for those who are also parents, these concerns can be especially overwhelming. From childcare to higher education, financial worries can spill over into other areas of life, including work. While this type of stress can adversely affect the health and well-being of individuals and their families, it can also hinder employees’ happiness, engagement, and productivity at their jobs. Therefore, it’s in employers’ best interest...

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