taxbenefits Archives - Wiss & Company, LLP

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Hardship Withdrawal Rule Changes from the New Tax Code

Written on October 23, 2018. Posted in Tax.

By Laura Zindel, CPA Details of the Trump Administration’s Tax Cuts and Jobs Act are so complex that it is easier for businesses to discuss the details and ramifications in smaller pieces. One specific section of the Tax Cuts and Jobs Act involves changes to rules affecting hardship withdrawals from your employees’ benefit plan account, most commonly 401(k) and 403(b) plans. The definition of a hardship withdrawal hasn’t changed. If a plan permits, a hardship is an early withdrawal...

New Jersey ERG Program can Prove Lucrative for Qualifying Redevelopment Projects

Written on August 2, 2016. Posted in Real Estate.

By Alex Narcise and Darin Valentine Updated 7/30/2019. Residential and commercial developers are constantly in need of funding and many qualifying New Jersey developers have taken advantage of a program offered by the New Jersey Economic Development Authority (NJEDA). If you’re considering undertaking a redevelopment project in a qualifying economic and redevelopment, and grant incentive area in New Jersey, a program offered by the NJEDA could generate a significant amount of cash...

How the Permanent QSBS Capital Gains Exclusion Benefits Investors

Written on May 24, 2016. Posted in Tax.

By Kevin Kerrigan The relatively unknown Qualified Small Business Stock (QSBS) capital gains exclusion was permanently extended in December 2015, giving many investors and entrepreneurs much reason to celebrate. While the QSBS tax break has been around since early 2009, the 2015 permanent extension incentivizes small business investors to look more closely at the QSBS. Here are some of the advantages, conditions and drawbacks of QSBS. Overview of the QSBS The QSBS tax incentive was...

The 45L Energy Efficient Home Tax Credit and How to Take Advantage it

Written on September 15, 2015. Posted in Real Estate.

When and why residential real estate developers should consider it By Alexander Narcise The Federal Section 45L Energy Efficient Home Tax Credit is relatively new and little known, but those who take advantage of it can reap substantial benefits. Here are two examples of 45L tax outcomes: After due diligence, a housing developer in Connecticut received a tax credit of $2,000 for each of its 144 units. A 296-unit development in New Jersey is in the process of receiving a $592,000...

A Cost Segregation Study May Save you Thousands on your Commercial Real Estate

Written on August 18, 2015. Posted in Real Estate.

By James Jenco If you own virtually any kind of new construction or existing commercial real estate — housing, retail, industrial, institutional, health care, etc. — you may be able to realize tax and cash flow benefits that can come from conducting a cost segregation study. As an owner, you are already taking advantage of depreciation for tax purposes. For instance, if you own a $10 million building, you can depreciate that asset and take an annual federal tax deduction of that...

Are you Taking Advantage of IC-DISC Tax Benefits for Exporting?

Written on August 6, 2015. Posted in Tax Alerts.

By Chris Colyer If you are an exporter, IC-DISC is worth taking notice of — especially under current economic conditions resulting from a strong U.S. Dollar. The acronym stands for Interest Charge – Domestic International Sales Corporation, and small- to medium-size American exporting companies can take advantage of this tax classification to their advantage. The dollar’s strength is not an advantage for sellers of U.S. goods. In fact, it’s just the opposite — an economic reality...