IRS Archives - Wiss & Company, LLP

Additional Tax Filing Relief from the IRS

Written on April 10, 2020. Posted in Tax, Tax Alerts.

By Michael Bodrato The IRS released yesterday additional tax return filing and payment relief in Notice 2020-23, which applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, including individuals, trusts, estates, corporations, and other non-corporate tax filers. In addition, Notice 2020-23 provides that this period of time will be disregarded by the IRS in calculating any interest, penalty, or additions to tax...

Here’s Why Your Tax Refund Might Not Be What it Once Was

Written on March 6, 2019. Posted in Tax.

Updated 7/30/2019. This 2018 U.S. federal tax filing season, the good news might actually be the smaller refunds seen by many Americans. However, you might be understandably hard to convince if you, your employees or family members fall into this category. At this point in the tax return season, many are dismayed to find their refunds are smaller than expected. Or non-existent, in the case of those shocked to find that they owe more. Spoiler alert: the culprit is most likely to be...

2019 Maximum Limitations for Retirement Plans

Written on December 11, 2018. Posted in Employee Benefit Plan Audits.

The IRS has announced that the amounts employees can contribute to retirement plans will increase in 2019. Following is a table detailing some of those increases: – Source – Notice 2018-83 (https://www.irs.gov/pub/irs-drop/n-18-83.pdf) Provided by Wiss’ Employee Benefit Plan Group Craig R. Erickson – Partner Cindy Sandomenico – Director Laura Zindel – Manager Craig Erickson is the Partner-in-Charge of our Employee Benefit Plan Group where...

The New Partnership Audit Rules Effective January 1, 2018

Written on February 20, 2018. Posted in Tax Alerts.

By Mike Bodrato, CPA, JD As part of the Bipartisan Budget Agreement of 2015, Congress made significant changes in the procedures used by the IRS to conduct partnership audits (including LLCs treated as partnerships) and their partners. Proposed regulations were issued on January 19, 2017, but prior to being released were withdrawn by executive order. New proposed regulations were issued on June 14, 2017. The new partnership audit rules repeal the current regime under the Tax Equity...

Tax Reform Manifesto for the Real Estate Industry – Part 2

Written on January 29, 2018. Posted in Uncategorized.

This posting is a part of a 3-part series. The full article will be available in the coming weeks. Click here to read previous post. By Alexander J. Narcise, CPA and contributions from the entire Wiss and Company LLP Real Estate Team: Michael Kroll, CPA Larry DiPasquale, CPA Steve Warholak, CPA Michael Bodrato, CPA Kyle Pennacchia, CPA James Jenco, CPA Ken Trainor, CPA Phil London, CPA Chris Gati, CPA Charlie Komack, CPA The Internal Revenue Code has historically provided many...

IRS ISSUES NEW UPDATED WITHHOLDING TABLES

Written on January 16, 2018. Posted in Tax.

One of the most often heard Congressional talking points for the Tax Cuts and Jobs Act (TCJA) was that millions of workers would see an increase in their take home paychecks. To this end, on Thursday, the IRS issued new wage withholding guidelines. The guidelines are needed so employers can calculate how much tax to withhold from employees’ pay. Employees should begin seeing changes in their paychecks by February 15th (or sooner) since it normally takes about a month to update systems....

IRS Serves Up Savings With the 45(B) Tax Credit

Written on December 11, 2017. Posted in Food & Beverage.

By James Jenco If you own a food and beverage establishment, you might be overpaying the IRS in payroll taxes. That could be the case if you’re not taking advantage of IRC 45(B). This rather little-known federal tax deduction could save you hundreds or even thousands of dollars a year, depending on the size of your tip-eligible workforce. Here’s how it works. Taxing Issues As you probably know, it’s your responsibility to pay the employer withholding tax on the FICA and Medicare...

IRS Disaster Relief: Relief for Taxpayers Affected by Hurricanes Harvey & Irma

Written on September 20, 2017. Posted in Tax.

By: Evan Gernant The IRS has published various notices granting tax relief to “affected taxpayers” of hurricanes Harvey, impacting Texas beginning August 25, 2017, and Irma, impacting Puerto Rico, the U.S. Virgin Islands, Florida and Georgia just a few weeks later. Affected taxpayers are defined as: Individuals whose principal residence is located in a covered disaster area; Businesses whose principal place of business is located in a covered disaster area; Any relief worker affiliated...

New Extended Form 8938 Filing Requirements

Written on September 19, 2017. Posted in International Tax Services.

By: Mary Vasilescu For tax years starting after December 31, 2015, the Internal Revenue Service (IRS) has expanded the criteria for reporting Specified Foreign Financial Assets, or SFFAs. SFFA’s for this purpose are foreign financial accounts maintained at a foreign financial institution and other foreign financial assets held for investment purposes. Enacted in 2010 as a section of FATCA or the “Foreign Account Tax Compliance Act”, Section 6038D of the Internal Revenue Code requires...

Employment Tax Filings for Nonprofits: How to Ensure Compliance with IRS Rules

Written on July 25, 2017. Posted in Not For Profit.

By Linda Curro Nonprofit organizations frequently form organically, in response to a need in the community. The people who establish and run them are usually concerned citizens and activists, passionate about the cause, but often less knowledgeable about the operational and financial aspects of running a nonprofit organization. However, it is critical for nonprofit leaders to understand business and finance, particularly when it comes to employment tax compliance. Failure to properly...

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