Articles Tagged - Deductions

Impact of the New Tax Law on Engineering Firms

By Wiss, Posted in Engineering

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... read more.

QBI and Guaranteed Payments

By Wiss, Posted in Accounting and Auditing

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... read more.

Tax Reform Manifesto for the Real Estate Industry - Part 2

By Wiss, Posted in Real Estate

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 planning oppor... read more.

TAX REFORM MANIFESTO FOR THE REAL ESTATE INDUSTRY

By Wiss, Posted in Real Estate

This posting is a part of a 3-part series. The full article will be available in the coming 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 opportunitie... read more.

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.