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Tag: Tax

R&D Tax Credits for the Healthcare Industry

Capitalizing on evolving patient care through past, present, and future innovation. R&D is likely to be a continued priority for the healthcare industry, as organizations in the space work to address the emerging needs of the aging population, respond to trends in telehealth and value-based care and fend off competition from new entrants, like Amazon, which has signaled that healthcare is a key priority for growth. If your organization has worked to develop a new or improved...

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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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Exempt Organizations and Sales Tax

By Eitan Balloul, CPA, Tax Manager – Exempt Organizations & Fred Komarow, Tax Manager- SALT Many Tax-Exempt organizations are required to pay or to collect sales tax on certain transactions. Sales tax is governed and applied at the state and local level, which means that each state has its own rules and compliance requirements that will apply to an organization operating within a particular jurisdiction. Collecting and reporting sales tax is a requirement when selling tangible...

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New Reporting Requirements for NY Tax-Exempt Organizations

By Eitan Balloul, Tax Manager, Not-for-Profit Effective January 1, 2021, many Exempt organizations that file Form NY CHAR500 with the Attorney General must file the same information with the New York Department of State (“DOS”).  There are 3 different potential reports for filing with the Department of State:  1. Annual Financial Disclosure Reports – Under Executive Law Section 172-b (1), (2) & (9)  Charitable organizations that receive more than $250,000 in gross...

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The Pass through Entity Tax (PTET) Now Applies to New York State – Here’s What You Need to Know.

Featuring Phil London, Partner Emeritus Legislative changes in the New York State budget have created the highest combined local tax rate in the country for some New York City residents. At the same time, a Pass Through Entity Tax (PTET) was enacted in New York State. Below, Philip London, member of the New York State Society of CPAs, and the New York, Multistate and Local Taxation committee, provides insight on the new law. Tell us about your involvement in the passing...

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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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IRS OK’s SALT Cap Workarounds

By Azra Khan On Monday, the IRS announced that it will be issuing proposed regulations allowing partnerships and S corporations to deduct state and local income taxes in full.  Under the Tax Cuts and Jobs Act, individual taxpayers are currently limited to a state tax deduction of $10,000, annually (otherwise known as the “SALT cap”). Some states, including New Jersey, Connecticut and several others have enacted a so-called “workaround” of the SALT Cap, either mandating or allowing...

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What Federal Tax Policy Changes Can We Expect? Clues From the Campaign Trail

By Michael LaMotta By this time next week, the U.S. presidential election will be in the rearview mirror, and we’ll all have more questions than we have answers. One of those big questions will be: What is the new president-elect’s vision for the tax code? Neither of the candidates has laid out a formal, detailed plan for this, although they have left clues about some aspects of tax policy along the campaign trail. Tax policy is an underappreciated element of federal policy; considering...

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Do You Qualify for the New Jersey PILOT Program?

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...

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IRS Backlog Causing Incorrect Late Payment Notices

By Mike Bodrato The Internal Revenue Service, in its most recent update on IRS Coronavirus Tax Relief webpage, has posted information regarding the handling of incorrect late payment notices.  The IRS notes that they continue to process returns and issue refunds and are working hard to get through its correspondence backlog. However, the IRS states that it is experiencing delays in processing returns, due to limited staffing. The backlog of correspondence includes checks that have...

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