Your Full-Service Accounting + Business Growth Advisory Partner

Tag: taxreform

Hardship Withdrawal Rule Changes from the New Tax Code

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...

Continue reading

Finding Tax Advantages in Opportunity Zones

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...

Continue reading

Impact of the New Tax Law on Engineering Firms

The “Tax Cuts and Jobs Act” signed by President Trump on December 22, 2017, contains numerous provisions that impact business that specialize in providing professional services in the field of engineering.  Below is a summary of some of the key provisions: Corporate and Non-corporate:  Limits on the Deduction of Business Interest – IRC Sec. 163(j) Generally, for tax years beginning after Dec. 31, 2017, every business, regardless of its form, will be subject to a...

Continue reading

QBI and Guaranteed Payments

While there is much to say about the complexity and application of the new Qualified Business Income (“QBI”) deduction provided under the recently enacted Tax Cuts and Jobs Act, I am going to focus on a narrow aspect of these rules that could have a significant impact on partners and partnerships. Under the new QBI deduction provisions, effective after January 1, 2018, an owner of a sole proprietorship, S corporation or partnership is entitled to a deduction equal to 20% of the “qualified...

Continue reading

Tax Reform Manifesto for the Real Estate Industry – Part 2

This posting is a part of a 3-part series. The full article will be available in the coming weeks. Click here to read previous post. By Alexander J. Narcise, CPA and contributions from the entire Wiss and Company LLP 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 The Internal Revenue Code has historically provided many...

Continue reading

TAX REFORM MANIFESTO FOR THE REAL ESTATE INDUSTRY

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...

Continue reading

Upcoming Changes to New Jersey and New York Taxes

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...

Continue reading


Copyright 2019, Wiss & Company, LLP Accountants & Consultants. All rights reserved.