TaxServices Archives - Wiss & Company, LLP

IRS Disaster Relief: Relief for Taxpayers Affected by Hurricanes Harvey & Irma

Written on September 20, 2017. Posted in Tax.

By: Evan Gernant The IRS has published various notices granting tax relief to “affected taxpayers” of hurricanes Harvey, impacting Texas beginning August 25, 2017, and Irma, impacting Puerto Rico, the U.S. Virgin Islands, Florida and Georgia just a few weeks later. Affected taxpayers are defined as: Individuals whose principal residence is located in a covered disaster area; Businesses whose principal place of business is located in a covered disaster area; Any relief worker affiliated...

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...

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...

10K Plus in Your Foreign Account? File an FBAR to Avoid a Tax Penalty

Written on February 1, 2017. Posted in Tax.

If you maintain a foreign financial account, which could be a bank account, a mutual fund, a brokerage account, or any other sort of account, that contains a collective value of $10,000, you may be requested by the Bank Secrecy Act to report your account annually to the Department of Treasury through electronic filing. The Report of Foreign Bank and Financial Accounts, FBAR, is a form that must be recorded directly with the office of Financial Crimes Enforcement Network, or FinCEN. Those...

If You’re Self-Employed, You May Qualify for Insurance Deductions

Written on January 27, 2017. Posted in Tax.

By Wiss Associate For myriad professionals, becoming an entrepreneur can be a dream come true. Fortunately, health insurance deductions can make maintaining that dream much easier. The Self-Employed Health Insurance Tax Deduction within the Affordable Care Act can assist in lowering your adjust gross income by your payment quantity in premiums on dental, medical, and qualified long-term care insurance for you and your loved ones. For self-employers unable to access a partner’s insurance...

No Health Coverage? Be Prepared to Pay a Hefty Price

Written on January 25, 2017. Posted in Tax.

As of now, Obamacare’s individual mandate requests that you purchase health insurance. If you can afford the coverage and refuse to acquire it, a big fee could be headed your way. For the tax year of 2016, the Individual Shared Responsibility fine skyrocketed to 2.5 percent of an individual’s complete household adjusted gross income. However, for the new year and beyond, the amount will stay at 2.5 but the flat fee will be regulated for inflation. For each month you do not have coverage,...

Using Tax Certiorari to Challenge New York City Tax Assessments

Written on February 24, 2016. Posted in Tax.

By Wiss Associate Do you feel that your latest New York City real estate tax assessment was unjustified? If so, you have a strong tool for challenging unfair assessments: a Tax Certiorari. The Certiorari is a classification of challenges that property owners can make before the city’s Tax Commission as the aggrieved party in an assessment. Parties can include real estate developers, landlords and individuals with a financial or other specified interest in the property. There are...

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