NJ Archives - Wiss & Company, LLP

Do You Qualify for the New Jersey PILOT Program?

Written on October 26, 2020. Posted in Real Estate.

By Alexander J. Narcise and Michael Kroll Under New Jersey’s Payment In Lieu of Taxes (“PILOT”) program (N.J.S.A. 40A:20-1), many distressed areas of the state are seeing a resurgence. The PILOT program allows municipalities to exempt developers from full property taxes for a set period of time when making improvements to existing buildings or creating new projects in areas in need of redevelopment, aiming to encourage commercial, residential, and industrial development. Developers...

New Jersey Employers Subject To New Paid Sick Leave law

Written on September 25, 2018. Posted in Human Resources.

New Jersey employers will soon be faced with new requirements to provide paid sick leave to all employees. Signed into law by Governor Murphy earlier this year, the new requirements will take effect on October 29th. As stated in an earlier blog, this mandate applies to businesses of all sizes and requires employers to provide up to 40 hours of paid sick leave to employees, including part-time, temporary and seasonal employees. Businesses that do not currently offer paid sick leave...

Governor Murphy Signs State Budget

Written on July 2, 2018. Posted in Tax.

On July 1, 2018, Governor Murphy signed New Jersey’s 2019 budget. Here are a few highlights of which you should be aware. Main highlights: Increased income tax rate, effective for the 2018 tax year, to 10.75% for individual taxpayers whose incomes are at or above $5M A temporary corporate business tax surcharge of 2.5% for 2018 & 2019 and 1.5% for 2020 & 2021 Effective for the 2018 tax year, an increase in the state property tax deduction cap from $10,000 to $15,000 There...

Finding Tax Advantages in Opportunity Zones

Written on June 19, 2018. Posted in Real Estate.

By Michael Kroll, CPA The Tax Cuts and Jobs Acts has been a popular topic this year where the focus has been mainly on tax cuts. However, there is a lot more to the new tax law than just tax cuts. There are new provisions providing significant tax benefits for investments in so-called Opportunity Zones and below are the details you need to know. Distressed Area Investment The idea behind the Opportunity Zones program is to create tax incentives for investments targeted at some...

Governor Murphy Signs Statewide Paid Sick and Safe Leave Bill

Written on May 2, 2018. Posted in Human Resources.

Governor Murphy has signed a Paid Sick Leave Law, which will now require New Jersey employers of all sizes to provide up to 40 hours of paid sick leave to employees each year. Several municipalities already have existing ordinances requiring similar leave, however this new act will preempt those individual ordinances and provide a uniform benefit requirement statewide. The new law will take effect 180 days from the date signed, and will cover employers of all sizes. Businesses...

12 Days of Giving – Day 10: Alstede Farms

Written on December 23, 2016. Posted in Wiss Gives Back.

Alstede Farms is highlighted in Day 10 of the #12DaysofGiving Celebration. Wiss is proud to celebrate this local farm based out of Chester, NJ that produces a huge variety of their own local fruits, vegetables and flowers using only sustainable and USDA certified organic production methods. Today, more than 90 years after Hermann S. Alstede, Sr. immigrated to the United States from Germany, the Alstede Family maintains Hermann’s legacy of “rugged individualism” and the immigrant...

With the Gas Tax Bill Comes the Elimination of the NJ Estate Tax

Written on October 14, 2016. Posted in Estate and Business Succession Planning.

By Ruth Raftery The much discussed bill raising the New Jersey gas tax by 23 cents per gallon was signed by Governor Christie on Friday October 14th. Although not as widely publicized, the new law provides for another major change – the complete elimination of the New Jersey state estate tax. Up to now, and for the remainder of 2016, New Jersey has the lowest estate tax exemption in the country, subjecting estates worth more than $675,000 to estate tax at the time of death. By way...

How to Take Advantage of the Grow NJ Tax Credit

Written on June 26, 2016. Posted in State & Local Tax Services.

By Bill Beiermeister The only bad thing about tax credits is the possibility of missing out on one. To make sure that doesn’t happen to your business, here is some background on the Grow New Jersey tax incentive and how it could affect your company. Per-employee credits add up The Grow New Jersey Assistance Program is offered through the state’s Economic Development Authority (EDA) to encourage businesses in technology, manufacturing, warehousing, research and development and other...

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