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

By Wiss, Posted in Tax Services

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 one category.... read more.

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

By Wiss, Posted in Tax Services

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 who complete this... read more.

No Health Coverage? Be Prepared to Pay a Hefty Price

By Wiss, Posted in Tax Services

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, you, yo... read more.

No Phishing! Watch Out for Fake IRS Calls

By Wiss, Posted in Tax Services

Have you received a vague phone call from a person claiming to be the IRS, demanding that you cough up money to pay taxes without providing any tangible information? These callers can be relentless and may have ordinary names, persuasive IRS badge numbers, and transform your caller ID to display the words “IRS” across it, as if the actual organization is calling you. Before you panic, this is a scam called phishing, where frauds posing as the IRS make unsolicited communication to people through... read more.

Trump & Republican Tax Proposal

By Wiss, Posted in Tax Services

By Evan Gernant With Donald Trump set to move into the United States Presidency in January of 2017 and Republicans retaining control of both houses of Congress, the chances of us seeing significant tax legislation in the near term are likely. During his campaign, president-elect Trump put forward various proposals for substantial changes to the United States tax code. Furthermore, in June of 2016, House Republicans issued their “blueprint” for tax reform. Many of the Trump and House tax proposa... read more.

How to Make 2016 Your Most Organized Tax Year Ever

By Wiss, Posted in Tax Services

By Paul Ursich So you and your company survived another tax deadline. Congratulations. Now, while the memory is still fresh, is the ideal time to conduct a post-mortem of your current process to identify shortcomings and strategies that will help you boost efficiency and accuracy next year. Here are a few suggestions you can use to kick-start your new processes. Review withholding allowances Large tax refunds seem like a good thing when you get them, but it means the government has been using your funds... read more.

State Nonresident Withholding Taxes: What you and Your Stakeholders Need to Know

By Wiss, Posted in Tax Services

By Mark Feldstein  No one likes to receive a bill for taxes, penalties and interest from a state where they’ve never lived — especially without a clear understanding of why they are receiving it. But if your company has stakeholders who aren’t domiciled in the states your business operates in, your company may be required to pay nonresident taxes on their behalf. If you’re not aware of nonresident withholding taxes and how they work, you could end up with confused, angry share... read more.

These Cost Recovery Provisions Have Yet to be Renewed

By Wiss, Posted in Tax Services

By Craig Jackson It’s that time of year again, when business owners and accounting firms try to predict which federal depreciation provisions Congress will renew for 2016 — and which will not make the cut. Several depreciation provisions expired at the end of 2014, potentially impacting taxpayers who are accustomed to these accelerated depreciation provisions.  The uncertainty surrounding which provisions will renew has made the tax planning process challenging and unpredictable. To help... read more.

Exploring Charitable Gifting Options

By Wiss, Posted in Tax Services

By Kevin Kerrigan Americans donated nearly $260 billion to charitable causes last year, according to Giving USA Foundation. The impressive figure demonstrates the value that U.S. residents, businesses and nonprofits place on charitable giving, but it is an ongoing challenge for top earners to find effective gifting strategies that maximize the tax benefit of their charitable donations. Here are two gifting strategies worth exploring when making large donations.  Donor-advised funds A donor-advised... read more.

New York Sales Tax and Cloud Computing: What you Need to Know

By Wiss, Posted in Tax Services

By Phil London  One of my guiding principles for giving clients strategic tax advice is don’t make a move simply to minimize the tax impact without making sure that your decision makes sense from all other business perspectives. For example, an opinion issued by the New York State Department of Taxation and Finance has businesses considering the tax ramifications of moving operational software to the cloud. The cloud The cloud includes servers, programs and computing services that work off you... read more.