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Tag: Eliezer Gross

Wiss Helps You Run Your Business With an Eye on the Future

Written on . Posted in Real Estate, State & Local Tax Services, Tax.

By Eliezer Gross, CPA Wiss is a full‐service accounting firm that provides more than annual tax compliance or updates on the latest tax law changes. Our clients frequently seek guidance during every stage of their business: startup, growth phase, succession planning, and exit. Here’s how Wiss has solved some of the challenges our clients face in the real estate industry. The Challenge: Real Estate Acquisition Clients in the growth stage of their business who make real estate acquisitions...

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The Business Interest Expense Limitation under IRC Section 163(j): What You Need to Know for the 2020 Tax Year

Written on . Posted in Financial Planning, General Business, State & Local Tax Services, Tax, Tax Alerts.

By Jennifer Beceiro, Tax Manager & Eliezer Gross, Real Estate Tax Director The Tax Cuts and Jobs Act (TCJA) amended IRC Section 163(j) that limited the deductibility of business interest expense for taxable years beginning after December 31, 2017. Business interest expense is limited to the sum of the Taxpayer’s business interest income, floor plan financing interest, and 30% of Adjusted Taxable Income (ATI). There are two situations that Taxpayers may not be subject to the 163(j)...

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