Articles Tagged - Tax

2018 New Jersey Tax Amnesty Program

By Wiss, Posted in Tax

Starting on November 15, 2018 and ending January 15, 2019, the State of New Jersey will hold a 60-day tax amnesty program aimed towards taxpayers who have delinquent taxes owed to the state.  This will provide taxpayers an opportunity to file past tax returns and/or pay outstanding taxes due to the state, including a one-half reduction of the interest due as of November 1, 2018. The amnesty program only applies to outstanding filings and payments due for tax returns which were due on or after February... read more.

Hardship Withdrawal Rule Changes from the New Tax Code

By Wiss, Posted in Tax

By Laura Zindel, CPA Details of the Trump Administration’s Tax Cuts and Jobs Act are so complex that it is easier for businesses to discuss the details and ramifications in smaller pieces. One specific section of the Tax Cuts and Jobs Act involves changes to rules affecting hardship withdrawals from your employees’ benefit plan account, most commonly 401(k) and 403(b) plans. The definition of a hardship withdrawal hasn’t changed. If a plan permits, a hardship is an early withdrawal of fu... read more.

Treasury Publishes Proposed Regulations on 20% QBI Deduction

By Wiss, Posted in Tax

On August 8 the U.S. Treasury and Internal Revenue Service (IRS) released highly anticipated proposed regulations providing rules and clarification regarding the 20% Qualified Business Income (QBI) deduction.  Concurrently, the IRS also released a FAQ listing, which walks through the basics of the QBI deduction and Notice 2018-64, which provides guidance on ways in which taxpayers can compute “W-2 wages” with regard to the QBI deduction limitation.  The regulations attempt to clarify c... read more.

Toss Your Paper Receipts for a Better Digital Solution

By Wiss, Posted in General Business

Is your wallet stuffed with business receipts that you just don’t have time to organize? Do you dread preparing expense reports? Does your bookkeeper spend an inordinate amount of time chasing down those tiny pieces of paper and explanations from salespeople in far-flung regions? How often do your employees feel cheated out of reimbursement because they lost proof of valid expenditures? In other words, is your business still being held hostage to the dreaded paper receipt? It needn’t be. Not wh... read more.

Governor Murphy Signs State Budget

By Wiss, Posted in Tax

On July 1, 2018, Governor Murphy signed New Jersey's 2019 budget. Here are a few highlights of which you should be aware.  Main highlights: Increased income tax rate, effective for the 2018 tax year, to 10.75% for individual taxpayers whose incomes are at or above $5M A temporary corporate business tax surcharge of 2.5% for 2018 & 2019 and 1.5% for 2020 & 2021 Effective for the 2018 tax year, an increase in the state property tax deduction cap from $10,000 to $15,000 There will be no inc... read more.

ALERT: Supreme Court Expands States Ability To Collect Sales Tax

By Wiss, Posted in Tax

The Supreme Court cleared the way Thursday for state and local governments to collect new sales taxes from online retailers and others with substantial sales into a state. The ruling in the South Dakota v. Wayfair case opens the door for states to require out-of-state online retailers and other remote sellers to collect sales tax from their customers, overturning a prior court decision that states have fought for years and that the court upheld in 1992's Quill case. In 1992, the court r... read more.

Finding Tax Advantages in Opportunity Zones

By Wiss, Posted in Real Estate

By Michael Kroll, CPA and Larry DiPasquale, CPA, MST The Tax Cuts and Jobs Acts has been a popular topic this year where the focus has been mainly on tax cuts. However, there is a lot more to the new tax law than just tax cuts.  There are new provisions providing significant tax benefits for investments in so-called Opportunity Zones and below are the details you need to know. Distressed Area Investment The idea behind the Opportunity Zones program is to create tax incentives for investments ta... read more.

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

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

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.