Nicole DeRosa Archives - Wiss & Company, LLP

Is Your Company Effectively Managing Tax Risk?

Written on July 27, 2022. Posted in Tax.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager IS YOUR COMPANY EFFECTIVELY MANAGING TAX RISK? The concept of “tax risk” is an increasingly important and regular topic of discussion across organizations, and for good reason. Businesses that operate across state lines or internationally can in certain cases trigger tax liabilities in jurisdictions where they do not have a physical presence. In addition, many countries are adopting policies which require greater transparency in tax...

What Does Biden’s Executive Order Mean for Crypto Reporting?

Written on March 10, 2022. Posted in State & Local Tax Services, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager To further add to the “Crypto Crackdown,” yesterday, President Joe Biden signed the “Executive Order on Ensuring Responsible Development of Digital Assets” which set out his administration’s strategy to explore greater regulatory oversight of the digital asset market and prioritize the assessment of a Central Bank Digital Currency. The devil is most certainly in the details; however, this is the most wide-reaching effort...

Build Back Better Act: the Legislative Lull That Won’t Budge

Written on February 17, 2022. Posted in State & Local Tax Services, Tax, Tax Alerts.

Last year was another busy legislative year with new administration taking office and tax laws being passed left and right. The American Rescue Plan was enacted back in March; the Infrastructure Investment and Jobs Act (IIJA) was signed into law in November and last, but certainly not least we come to the Build Back Better Act (BBBA) which was the last piece of major legislation the Biden administration sought to enact in 2021. In the face of opposition by some moderate Democratic...

Significant Change to the Treatment of R&E Expenditures Now In Effect

Written on January 27, 2022. Posted in State & Local Tax Services, Tax, Tax Alerts.

As 2022 kicks off and tax legislation continues to be stalled in Congress, the amendment to Internal Revenue Code (IRC) Section 174 originally introduced by the 2017 tax reform legislation, the Tax Cuts and Jobs Act (TCJA), is now in effect. TCJA’s amendment to Section 174 requires U.S.-based and non-U.S-based research and experimental (R&E) expenditures to be capitalized and amortized over a period of five or 15 years, respectively, for amounts paid in tax years starting after...

2021 Year-End Tax Planning for Businesses

Written on December 20, 2021. Posted in Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since then, various versions of tax and spending measures have been negotiated and...

2021 Year-End Tax Planning for Individuals

Written on December 14, 2021. Posted in State & Local Tax Services, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under legislation enacted during the past year. The information...

Nicole DeRosa on Leadership, Opening Doors, and Getting Out of Your Comfort Zone

Written on December 9, 2021. Posted in Tax, Wiss Gets Personal.

Nicole DeRosa, Senior Tax Manager at Wiss, sits down with Wiss Marketing to share her story. Could you tell us a little bit about your background? Personally, I have always gravitated toward math and science so I knew it was likely that I’d end up doing something in that general arena. In my junior year in high school, I took an accounting class and knew at that point that I wanted to be an Accountant. Unusual, I know because back then, the stigma of ‘an accountant’ was so “un-cool”...

Tax Breaks for Casualty Losses

Written on September 3, 2021. Posted in Financial Planning, General Business, Small Business.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Hurricane Ida has wreaked havoc since it made landfall in Louisiana just this past week and has since caused massive destruction for all things in its path as it traveled up the coast. Between widespread power outages, flooding, fires, and more, the last thing on people’s minds (as it should be) is the tax implications of suffering a casualty loss but it’s important to know that (believe it or not) you could be eligible for...

More NIL, More Taxes

Written on August 2, 2021. Posted in General Business, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Up until recently, you probably thought of “little” or (literally) “zero” when the word nil was used in a sentence. Over the past couple of months, however, the definition of this word has evolved into something much more meaningful. The term “NIL” is an acronym that stands for “name, image, and likeness” and is now the center of attention for college sports. So why all the hype? On July 1st, various state laws coupled with...

Winning a Gold Medal Can Be Taxing

Written on July 26, 2021. Posted in Tax.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager The price tag on victory is not cheap, at least for some. When an athlete wins a medal at the Olympics, that medal comes with significant prize money in addition to the value of the medal itself. Prize money awarded varies by medal type: $37,500 for a gold medal, $22,500 for a silver medal, and $15,000 for a bronze medal. Medals and prize money won by a team are split evenly amongst the team members. The term “gross income”...

The IRS Does it Again – Another Retroactive 2020 Tax Change

Written on April 12, 2021. Posted in American Rescue Plan, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager First the unemployment compensation exclusion…now this. With less than a week until the original tax filing deadline, the IRS announced the suspension of the requirement to repay excess advance payments of the 2020 Premium Tax Credit (“PTC”) which was a provision rolled out with the American Rescue Plan Act of 2021 (“ARPA”). Unfortunately, being that the unemployment compensation exclusion was at the forefront of the ARPA,...

Got Unemployment Compensation? Don’t Rush to File or Amend Just Yet!

Written on March 15, 2021. Posted in American Rescue Plan, Financial Planning, State & Local Tax Services, Tax, Unemployment.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Last week, the $1.9 trillion American Rescue Plan Act of 2021 signed into law by President Biden included a very welcome retroactive tax provision for unemployed workers. The bill provides that up to the first $10,200 of unemployment compensation benefits, paid to you in 2020, can now be excluded from taxable income, provided household income is under $150,000. Although a very welcomed provision for the unemployed, there...

$1.9 Trillion American Rescue Plan Released – Perhaps the 3rd Time is a Charm!

Written on March 2, 2021. Posted in Financial Planning, Stimulus Package, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager The much anticipated $1.9 trillion American Rescue Plan was released by lawmakers last week and passed by House by a near party-line vote of 219-212 early Saturday morning. The third stimulus package is now on its way to the Senate, which is expected to pass in hopes to meet a mid-March deadline, albeit with some potential changes. Once signed into law by President Biden, this 592-page stimulus package will offer a wide range of...

Show me the money…again! Congress agrees to $900B Emergency Coronavirus Relief Act of 2020

Written on December 21, 2020. Posted in General Business, State & Local Tax Services, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager, and Travis Miskowitz, Manager, CFO Advisory Congressional leaders are close to finalizing the next round of stimulus, referred to as the Emergency Coronavirus Relief Act of 2020 providing for $900 billion in government funds aimed at supporting small businesses and the ailing economy. The coronavirus relief bill is expected to pass with bi-partisan support, and the President is expected to sign the bill into law quickly. The relief...

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