Articles Tagged - Tax

New Jersey & New York Attempt Work-around on the SALT Deduction Limitation

By Wiss, Posted in State & Local Tax Services

New Jersey Governor Phil Murphy signed legislation this past Friday (May 4, 2018) which attempts to work-around the state and local tax deduction limitation imposed by the Tax Cuts and Jobs Act, which was enacted in December of 2017.  Under that federal legislation, the aggregate state and local tax deduction (which includes state income, property and sales tax) an individual taxpayer may claim is limited to $10,000 per year.  New York already has their version of a work-around on the books, as Go... read more.

Potential 15% Increase in NJ Angel Investor Tax Credit Program

By Wiss, Posted in Tax Services

By Bill Beiermeister, CPA and Ryan Silva, CPA, CFE, CVA In January 2013, Governor Chris Christie signed legislation creating an angel investor tax credit program to spur job creation and growth in New Jersey's current and next generation of high-skill, high-wage emerging technology industries. Under the current program New Jersey offers a 10% investor tax credit for an individual that invests in a New Jersey emerging technology company up to a maximum of $500,000 for the tax year for each qualified invest... read more.

How Manhattan's Commercial Rent Tax (CRT) Changes Might Benefit Your Bottom Line

By Wiss, Posted in Tax Services

By Kerri Nelan If you rent commercial space for a company located in designated sections of Manhattan, you might soon qualify for significant tax relief. Your business could save thousands of dollars annually as a result of upcoming changes to New York City’s Commercial Rent Tax, or CRT.   First, a little background.  Manhattan’s CRT   The CRT is currently paid by commercial tenants renting space below 96th Street and above Murray Street in M... read more.

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.

Tax Reform Manifesto for the Real Estate Industry - Part 3

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 Part 1. 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 plan... 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.

IRS ISSUES NEW UPDATED WITHHOLDING TABLES

By Wiss, Posted in Tax Services

One of the most often heard Congressional talking points for the Tax Cuts and Jobs Act (TCJA) was that millions of workers would see an increase in their take home paychecks. To this end, on Thursday, the IRS issued new wage withholding guidelines. The guidelines are needed so employers can calculate how much tax to withhold from employees’ pay. Employees should begin seeing changes in their paychecks by February 15th (or sooner) since it normally takes about a month to update systems. Employers shou... read more.

Upcoming Changes to New Jersey and New York Taxes

By Wiss, Posted in State & Local Tax Services

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 t... read more.