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Tag: Nicole DeRosa

2021 Year-End Tax Planning for Businesses

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...

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2021 Year-End Tax Planning for Individuals

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...

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

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”...

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Tax Breaks for Casualty Losses

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...

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More NIL, More Taxes

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...

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Winning a Gold Medal Can Be Taxing

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”...

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The IRS Does it Again – Another Retroactive 2020 Tax Change

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,...

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

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...

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

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...

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

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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