taxes Archives - Wiss & Company, LLC

Finding Tax Advantages in Opportunity Zones

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

By Michael Kroll, CPA and Larry DiPasquale, CPA, MST 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...

TAX REFORM MANIFESTO FOR THE REAL ESTATE INDUSTRY

Written on January 18, 2018. Posted in Real Estate.

This posting is a part of a 3-part series. The full article will be available in thecoming weeks. By Alexander J. Narcise, CPA, with contributions from the entire Wiss Real Estate Team: Michael Kroll, CPA Larry DiPasquale, CPA Steve Warholak, CPA Michael Bodrato, CPA Kyle Pennacchia, CPA James Jenco, CPA Ken Trainor, CPA Phil London, CPA Chris Gati, CPA Charlie Komack, CPA My take on this whole thing: The Internal Revenue Code has historically provided many planning opportunities...

Upcoming Changes to New Jersey and New York Taxes

Written on December 19, 2017. Posted in State & Local Tax Services.

By Evan Gernant With tax reform legislation nearing enactment in Washington it’s easy to keep one’s focus on those headlines. There are, however, important changes in New Jersey and New York tax that have already been signed into law and will impact local taxpayers. Below is a summary of the more significant changes you will see affecting New Jersey and New York State taxpayers in 2018 and beyond. New Jersey The sales & use tax rate will continue decrease slightly. A two-phase...

IRS Serves Up Savings With the 45(B) Tax Credit

Written on December 11, 2017. Posted in Food & Beverage.

By James Jenco If you own a food and beverage establishment, you might be overpaying the IRS in payroll taxes. That could be the case if you’re not taking advantage of IRC 45(B). This rather little-known federal tax deduction could save you hundreds or even thousands of dollars a year, depending on the size of your tip-eligible workforce. Here’s how it works. Taxing Issues As you probably know, it’s your responsibility to pay the employer withholding tax on the FICA and Medicare...

New Extended Form 8938 Filing Requirements

Written on September 19, 2017. Posted in International Tax Services.

By: Mary Vasilescu For tax years starting after December 31, 2015, the Internal Revenue Service (IRS) has expanded the criteria for reporting Specified Foreign Financial Assets, or SFFAs. SFFA’s for this purpose are foreign financial accounts maintained at a foreign financial institution and other foreign financial assets held for investment purposes. Enacted in 2010 as a section of FATCA or the “Foreign Account Tax Compliance Act”, Section 6038D of the Internal Revenue Code requires...

End-of-Year Tax Planning: How to Lessen Year-End Stress

Written on August 22, 2017. Posted in Tax.

By Laura Melville We are more than halfway through 2017 – and that means the fourth quarter is already on the horizon. When those final three months of this year arrive, it’s time for your business to focus on planning for 2018 in earnest. Unfortunately, many businesses wait to begin year-end planning until then, as well. Your team will already have its hands full preparing budgets and mapping out your company’s strategies for the following year, and an end-of-year tax preparation-planning...

Utilizing Job Costing to Help Manage the Bottom Line

Written on August 15, 2017. Posted in Construction.

By: Wiss Employee Is your bottom line understated simply because you don’t have the necessary documentation or lack the accounting insight to allocate job costs to contracts? Or are you paying too much in taxes because you have an overly aggressive cost allocation strategy? If you are in either situation, the lack of a sound job costing strategy is costing you money. In the construction industry, there are three main types of costs: direct costs, indirect costs, and general and administrative...

Launching A Business: What to Consider When Beginning Your Startup

Written on June 13, 2017. Posted in Early Stage.

By Wiss Associate The first step toward launching your own business is having an idea. But even if you have an idea for a business, you may have no idea about the legal and tax obligations that await you should you put that idea into practice. Here are several things to keep in mind before getting your startup off the ground. Separate yourself from the business Running your business through your personal bank account might seem easy and convenient, but unless you keep your business...

Does Your Business Qualify for Lucrative R&D Tax Credits?

Written on March 23, 2017. Posted in State & Local Tax Services.

By Wiss Associate “My company’s not in the business of research and development, so how could we qualify for R&D tax credits?” If that’s what runs through your head when you think of this particular credit, it’s understandable – especially if you don’t have any scientists or many engineers on staff. Or a dedicated research and development department. The truth is, you could earn lucrative federal, state and local tax credits with work that you don’t even think of in conventional...

Meals and Entertainment: How to Classify Business Expenses for Tax Purposes

Written on February 28, 2017. Posted in Tax.

By Louann Cassano Whether it’s drinks with a client or dinner during a work trip, meals and entertainment are generally tax-deductible business expenses. However, the size of the allowable write-off depends on the circumstances of the expenditure, including the purpose of the meal or entertainment, who the recipient is and where the expense takes place. If you don’t understand the IRS rules that govern these deductions, you may be tempted to lump all meals and entertainment into...

Tag: taxes