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...
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...
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.
The sales & use tax rate will continue decrease slightly. A two-phase...
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.
As you probably know, it’s your responsibility to pay the employer withholding tax on the FICA and Medicare...
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...
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...
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...
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...
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...
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...