TCJA Archives - Wiss & Company, LLP

Tag: TCJA

Significant Change to the Treatment of R&E Expenditures Now In Effect

Written on January 27, 2022. Posted in State & Local Tax Services, Tax, Tax Alerts.

As 2022 kicks off and tax legislation continues to be stalled in Congress, the amendment to Internal Revenue Code (IRC) Section 174 originally introduced by the 2017 tax reform legislation, the Tax Cuts and Jobs Act (TCJA), is now in effect. TCJA’s amendment to Section 174 requires U.S.-based and non-U.S-based research and experimental (R&E) expenditures to be capitalized and amortized over a period of five or 15 years, respectively, for amounts paid in tax years starting after...

2021 Year-End Tax Planning for Businesses

Written on December 20, 2021. Posted in Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since then, various versions of tax and spending measures have been negotiated and...

2021 Year-End Tax Planning for Individuals

Written on December 14, 2021. Posted in State & Local Tax Services, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under legislation enacted during the past year. The information...

The Business Interest Expense Limitation under IRC Section 163(j): What You Need to Know for the 2020 Tax Year

Written on January 28, 2021. Posted in Financial Planning, General Business, State & Local Tax Services, Tax, Tax Alerts.

By Jennifer Beceiro, Tax Manager & Eliezer Gross, Real Estate Tax Director The Tax Cuts and Jobs Act (TCJA) amended IRC Section 163(j) that limited the deductibility of business interest expense for taxable years beginning after December 31, 2017. Business interest expense is limited to the sum of the Taxpayer’s business interest income, floor plan financing interest, and 30% of Adjusted Taxable Income (ATI). There are two situations that Taxpayers may not be subject to the 163(j)...

Anticipating COVID-19 Impact on Commercial Real Estate

Written on March 30, 2020. Posted in General Business, Real Estate.

By Russell L. Faye With the global pandemic caused by the COVID-19, the commercial office market has felt an immediate impact. For commercial real estate professionals, please consider the following as you navigate through these challenging times: Be prepared for enhanced cleaning for an extended period. Government officials have suggested enhanced cleaning procedures and measures and building operators across the county have quickly implemented these enhanced measures. Consider...

Tag: TCJA

Significant Change to the Treatment of R&E Expenditures Now In Effect

2021 Year-End Tax Planning for Businesses

The Business Interest Expense Limitation under IRC Section 163(j): What You Need to Know for the 2020 Tax Year

Anticipating COVID-19 Impact on Commercial Real Estate

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