Articles

Maximize Donations of Pharmaceutical Drugs

For pharmaceutical companies that aim to improve cash flow while serving the public good, Internal Revenue Code (IRC) 170(e)(3) provides...

Tim Torres
September 8, 2023

Deduction Rules for Accrued Liabilities: Chargebacks Edition

Chargebacks previously explained in our article titled, “What Are Chargebacks, and Why Are They Important?” are contracts between wholesale customers...

Tim Torres
September 8, 2023

Articles, Individual Tax, State and Local Tax

New Jersey Back-to-School Sales Tax Relief

The state-wide sales tax holiday is approaching from August 26 to September 4, 2023. This limited time offers a chance...

Grace Lee
August 10, 2023

Articles, Employee Benefit Plan Audits, WG Podcast

SECURE Act 2.0 and the Major Provisions Impacting Your Retirement Savings Plan

The SECURE Act 2.0 (Setting Every Community Up for Retirement Enhancement Act) (“Act 2.0”) became law on December 29, 2022,...

Valerie Thorpe
July 31, 2023

Articles, International Commerce Group, International Tax

NJ Corporate Tax Legislation Reforms Treatment of Foreign Income

In a new law aimed to make the State of New Jersey more tax-friendly for corporate taxpayers, Governor Murphy recently...

Robert Ewanis
July 19, 2023

Articles, Mergers & Acquisitions, Tax Services

Tax Implications of Selling Stock vs. Selling Assets

Business owners contemplating a sale of their business need to understand the different types of transaction structures and the related...

Jimmy Montgomery
July 18, 2023

Articles, Life Sciences & Pharma, Technology

New Jersey Continues to Promote Research & Development

The Federal tax law changes surrounding research and development (R&D) expenses (Internal Revenue Code Section 174), which became effective January...

Tim Torres
July 18, 2023

Articles, Business Tax, Tax Law Resources

Transparency in Action: The Corporate Transparency Act and its Impact on Businesses

The Corporate Transparency Act is a significant piece of legislation that aims to increase transparency and accountability among companies operating...

Tim Torres
July 12, 2023

Debt for U.S. GAAP but Revenue for Tax: Understand How This Can Happen

Recently we’ve encountered a unique situation highlighting the importance of analyzing the underlying agreements and transactions under the lens of...

Tim Torres
June 23, 2023

Articles, Life Sciences & Pharma, Technology, WG Podcast

New Jersey Programs Promoting Investments in Life Sciences and Technology Businesses

New Jersey Programs Promoting Investments in Life-Sciences and Technology Businesses The state of New Jersey has made its intention to attract...

Tim Torres
June 22, 2023

Articles, Life Sciences & Pharma, Technology, WG Podcast

Understanding the Federal Research and Development Tax Credits

Understanding the Federal Research and Development Tax Credits Innovation is an integral part of progress and breakthrough developments in many fields....

Tim Torres
June 22, 2023

New Convertible Debt Standard

New Convertible Debt Standard Convertible debt is a type of financial instrument that a company can issue to raise capital from...

Rob Starink
May 10, 2023

Articles, Business Tax, Individual Tax, Tax Services

Turbotax Filers May Soon Be Receiving Settlement Checks

TurboTax filers may soon be receiving settlement checks. While our clients rely on our firm to prepare their income tax returns,...

Justin Hughes
May 9, 2023

Articles, Business Tax, International Commerce Group, International Tax

Action Required for U.S. Business Entities with Foreign Ownership

Action Required for U.S. Business Entities with Foreign Ownership BEA BE-12 Survey Filing Required by May 31, 2023 Like the Olympics which...

Franchelly Diaz Colon
April 4, 2023

Tax Treatment of NFTs as Collectibles

Tax Treatment of NFTs as Collectibles Non-fungible tokens (NFTs) have been making headlines in recent years as a new form of...

Karolis Matulis
March 30, 2023

Articles, Business Tax, International Commerce Group, International Tax

The Flexible U.S. Tax Entity Classification Election System

U.S. Entity Taxation and Check-The-Box Election In the U.S. tax system, an entity can be thought of as either a flow-through...

Franchelly Diaz Colon
March 29, 2023

Expanding Your Cap Table? Watch out for Tax Trap 382.

Expanding Your Cap Table? Watch out for Tax Trap 382. There is a significant amount of money spent on research and...

Karen Artasanchez
March 27, 2023

Articles, International Commerce Group, Tax Services

United States Supreme Court Issues Significant Taxpayer Friendly Ruling on FBAR Penalties

US Supreme Court Issues Significant Taxpayer Friendly Ruling on FBAR Penalties The Financial Crimes Enforcement Network (FinCEN) Form 114, also known...

Robert Ewanis
March 1, 2023

Accounting & Assurance, Articles, Life Sciences & Pharma

License Fees and Revenue Recognition

License Fees and Revenue Recognition The out-licensing of technology and other intellectual property has continued to be a very lucrative source...

Chris Frederick
February 17, 2023

Articles, Mergers & Acquisitions, Tax Services

Why a Quality of Earnings Report Is a Great Investment

Contemplating selling your business? Why a quality of earnings report is a great investment. A quality of earnings report is a...

Rob Starink
February 1, 2023

Articles, Business Tax, Individual Tax, Tax Services

What You Need to Know About the NJ ANCHOR Program

What you need to know about the NJ ANCHOR Program The NJ ANCHOR (Affordable NJ Communities for Homeowners & Renters) Program...

Justin Hughes
January 31, 2023

Articles, Professional Practices, Tax Law Resources, Tax Services

Venmo Reporting Requirement Update

Venmo Reporting Requirement Update On Friday, December 23, 2022, the Internal Revenue Service “IRS” announced that they are postponing the $600...

Jenna McDonough
January 27, 2023

Articles, Closely Held Business, International Commerce Group, International Tax, Real Estate

K-2 and K-3 Reporting: Potential New Exceptions

The tax year 2021 brought us new and complex schedules for reporting pass-through foreign information. Schedules K-2 and K-3 were...

Nicholas Hodge
January 23, 2023

Articles, International Commerce Group, International Tax

U.S. Tax Obligations Related to Hiring Foreign Independent Contractors

Thanks to technology and the emerging global talent market, U.S. companies can work with people from different countries, cultures, perspectives,...

April Peng
January 14, 2023

international-commerce-group-freign-business-tax-FIRPTA

Articles, International Commerce Group, Real Estate

Overview of FIRPTA Withholding on the Disposition of U.S. Real Property

A foreign “person” disposing of an interest in U.S. real property may be subject to the Foreign Investment in Real...

April Peng
November 16, 2022

Articles, PILOT, Real Estate

Leases- What should I know now to save time and money later?

We are now in the 4th quarter and looking forward to the year end close process, it is important to...

Kerry Duda
November 7, 2022

Articles, Business Tax, Individual Tax, Tax Services

How to Treat Cancellation of Debt on Your New Jersey Income Tax Return

The New Jersey Division of Taxation recently referenced their position on how to treat certain loans, grants, and cancellation of...

Justin Hughes
November 1, 2022

Articles, International Commerce Group, International Tax, Tax Services

Have You Considered Moving to Puerto Rico?

Have you considered moving to Puerto Rico? Warm weather, beautiful beaches, and tax savings… this sounds perfect. So, what are the...

Franchelly Diaz Colon
October 28, 2022

Gift & Estate Tax: Amounts Updated for Inflation

Gift & Estate Tax: Amounts Updated for Inflation Now that the 2021 tax filing season is over and fall is in...

Robert Palentchar
October 26, 2022

Articles, Business Tax, Individual Tax, Tax Services

Certain Residents of Florida, North Carolina and South Carolina Receive Extra Time for IRS Penalty Abatement

Certain Residents of Florida, North Carolina and South Carolina Receive Extra Time for IRS Penalty Abatement The IRS issued Notice 2022-36...

Justin Hughes
October 21, 2022

Articles, Business Valuations

ASU 2021-07 – A Practical Expedient to Aid in the Valuation of Underlying Shares of Equity-Classified Share-Based Awards

ASU 2021-07-A Practical Expedient to Aid in the Valuation of Underlying Shares of Equity-Classified Share-Based Awards Stock compensation awards in nonpublic...

Luke Peck
October 15, 2022

Articles, Life Sciences & Pharma, Tax Services

The Impact of the New R&D Capitalization Rules on December 15, 2022 Estimated Tax Payments

As you may know, the Tax Cuts and Jobs Act (TCJA) that was passed at the end of 2017 contained...

Karen Artasanchez
October 6, 2022

Budgeting in Inflationary Times

Has your association seen an increase in costs in recent months? What are the best steps your community can take...

Carly Brancato
September 16, 2022

Articles, International Tax, Tax Services

U.S. to Terminate Tax Treaty with Hungary

The U.S. Treasury Department recently announced that it has provided a notice to Hungary to terminate the tax treaty which...

Deepika Iyer
September 8, 2022

Articles, Business Tax, Individual Tax, Tax Services

Action May Be Required: IRS Announces Penalty Relief

In an unexpected announcement on August 24, 2022 (Notice 2022-36), the Internal Revenue Service (IRS) issued broad penalty relief as...

WilkinGuttenplan
August 25, 2022

Articles, Estate and Trust, Individual Tax

Generation-Skipping Transfer – Another Transfer Tax?

The Generation-Skipping Transfer (GST) tax, in conjunction with the Gift and Estate Tax, is an additional tax imposed on transfers...

Alexander Pisani
August 10, 2022

Articles, PILOT, Real Estate, Tax Services

Financial Reporting for Payment in Lieu of Taxes Program

Real estate developers typically utilize the federal income tax basis of accounting to prepare their internally generated financial statements. Developers...

WilkinGuttenplan
July 7, 2022

Articles, International Commerce Group, International Tax, Tax Services

Tax Benefits While Working Outside of the U.S.

It is hard to estimate the number of Americans living abroad but globalization in general and the pandemic, in particular,...

Lina Ladekarl
June 17, 2022

IRS Increases Optional Standard Mileage Rate in Response to Steep Rise in Gasoline Prices

In response to rising gasoline prices, the IRS has announced an increase to the optional standard mileage rates for business,...

Shruti Gandhi
June 13, 2022

New York Budget Expands PTET Benefit; Extends Election Deadline

New York Governor Kathy Hochul recently passed several pieces of legislation in connection with the New York 2023 fiscal year...

Stephanie Holston
May 26, 2022

Articles, International Commerce Group, International Tax, Tax Services

The Basics of Transfer Pricing

What is transfer pricing? Broadly, transfer pricing is how profit is allocated among commonly controlled entities. For U.S. federal income tax...

Franchelly Diaz Colon
May 6, 2022

Articles, International Commerce Group, International Tax, Tax Services

Introduction of UAE Federal Corporate Income Tax

Long considered a “no tax” jurisdiction, on January 31, 2022, the Ministry of Finance announced that the United Arab Emirates...

Deepika Iyer
May 5, 2022

Significant Tax Changes Proposed in President's 2023 Budget

On March 28th, 2022, President Biden released his 2023 budget, which included several significant tax changes. The President’s budget is...

Bill McDevitt
March 28, 2022

Articles, Firm News & Announcements, In The News, Multimedia, News

Ed Guttenplan Featured in ROI NJ’s 2022 Influencer Power List Under Accounting

WilkinGuttenplan (WG) Managing Shareholder, Ed Guttenplan has been mentioned in ROI NJ’s 2022 Influencer Power List in accounting. Ed values...

WilkinGuttenplan
February 24, 2022

Did You Know “DSUE - The Best Ability is Portability”

Although football season is over, it’s never a bad time for a football reference. When it comes to a players’...

Alexander Pisani
February 24, 2022

Senate Bill Would Restore the Employee Retention Credit

Last week, a bipartisan group of senators introduced a bill that would retroactively reinstate the Employee Retention Credit (“ERC”) for...

Stephanie Holston
February 17, 2022

Articles, Business Tax, International Commerce Group, International Tax, Tax Services

Tax Alert: Sch K-2 and K-3 – IRS Provides Additional Transition Relief for Certain Partnerships and S corporations

On February 16th, 2022, the IRS updated its FAQs relating to Schedules K-2 and K-3. The objective of this update...

Robert Ewanis
February 17, 2022

Articles, Business Tax, Closely Held Business, State and Local Tax

New Jersey’s Urban Enterprise Zone Reform Bill

The Urban Enterprise Zone (UEZ) Reform Bill was signed into law recently after a re-evaluation requested by the New Jersey...

Jenna Sanfilippo
February 4, 2022

Articles, Estate and Trust, Individual Tax

Did You Know? "Federal Estate Tax and Gift Tax Exclusion"

Generally speaking, each individual taxpayer is allocated a dollar amount to give away during his or her lifetime and bequeath...

Brian Geissler
February 2, 2022

Articles, International Commerce Group, International Tax

The Implications of Failing to Report Foreign Assets to the IRS

Since 1970, U.S. residents and citizens who maintained bank accounts in foreign countries have been required to disclose these holdings...

Lina Ladekarl
January 31, 2022

Articles, Closely Held Business, Technology, Technology Services

Considerations of a Founder: Potential Sale

For a business founder, their business is likely their most valuable asset in terms of current value, future earnings, and...

Jimmy Montgomery
January 26, 2022

New Jersey Enacts Legislation to Fix its Business Alternative Income Tax (BAIT)

Earlier this week, Governor Murphy signed into law a bill designed to resolve a number of challenges with New Jersey’s...

Len Nitti
January 21, 2022

Articles, Technology, Technology Services

Tax, Infrastructure, Brokers and Cryptocurrency

Negotiations from within the halls of Congress regarding the Infrastructure Investment and Jobs Act (Infrastructure Bill or the Bill) have...

Karolis Matulis
January 18, 2022

2022 Changes to the Tax Treatment of Research and Development Costs

Companies engaged in research and development (R&D) activities in the United States have benefited from the ability to fully deduct...

WilkinGuttenplan
January 10, 2022

Year-End Gifting: The Holiday Spirit

At this very moment, the hustle and bustle to find the perfect gift for friends and family is in full...

Alexander Pisani
December 23, 2021

Articles, Individual Tax, Tax Services

2022 Mileage Rates Announced

With a new year comes new IRS mileage guidance. Recently released IRS Notice 2022-03 outlines the mileage rates effective 1/1/2022: Business...

Tim Torres
December 21, 2021

Articles, Business Tax

IRS Releases Guidance on Retroactive Repeal of Employee Retention Credit

The Infrastructure Investment and Jobs Act, signed into law in November 2021, retroactively removed the employee retention credit (“ERC”) for...

Stephanie Holston
December 13, 2021

Articles, International Commerce Group, International Tax

The Art of Receiving Foreign Gifts

One of the outcomes of globalization is dispersed families. Millions of American citizens and residents have close family members that...

Lina Ladekarl
December 8, 2021

Stock-Based Compensation? Great for Employees and Companies!

When thinking about how to attract and retain the best talent, compensation is always at the forefront of an employer’s...

Rob Starink
December 8, 2021

Accounting for Major Projects and Loans Made Simple

Has your association needed to replace a major common element earlier than anticipated? What if the actual expense to replace...

Jordan Burkhalter
December 6, 2021

Pitfalls of Using Convertible Notes During a Capital Raise

Convertible notes have recently become popularized by early-stage startups as an effective vehicle to raise capital from both a speed...

Tim Torres
November 17, 2021

New Jersey Enacts New Concrete Mandate for Real Estate Developers

On November 8, 2021, New Jersey Governor Phil Murphy signed legislation that requires builders to offer concrete products that utilize...

Jenna McDonough
November 15, 2021

Articles, Business Tax, State and Local Tax, Tax Services

Multistate Tax Commission Issues New Interpretation for Nexus Regarding E-Commerce Businesses

In 1959, the federal government enacted P.L. 86-272, which protects an out-of-state company from a state’s net income tax if...

Jenna Sanfilippo
October 28, 2021

Changes in Bonus Depreciation

Companies in the life sciences and pharmaceutical industry often have significant amounts invested in capital assets. The tax savings related...

Bridget Uribe
October 3, 2021

Articles, Life Sciences & Pharma, State and Local Tax

State Tax Nexus Issues for Pharmaceutical and Life Sciences Companies

“Nexus” is a Latin term that means connection. In terms of determining exposure to state and local taxes, states will...

Jenna McDonough
September 23, 2021

Articles, Estate and Trust, Tax Services

Use it or Lose it...Estate & Gift Tax Changes are Coming

The House Ways and Means Committee released its plan on how to pay for the $3.5 trillion Build Back Better...

WilkinGuttenplan
September 20, 2021

Changes to Qualified Small Business Stock on the Horizon?

As part of the ongoing discussions regarding proposed tax law changes, the recent proposal regarding the exclusion for the sale...

Lauren Landolfi
September 15, 2021

Articles, Culture, Firm News & Announcements, News

An Unlimited Work Options Policy: A “Better Way” to Approach the Future

This past year has felt like living in a snow globe. You know, the ones that look like an entire...

WilkinGuttenplan
August 31, 2021

New Jersey To End Temporary Work-From-Home Tax Rules

The New Jersey Division of Taxation (the Division) recently announced that it will be lifting the temporary nexus rules that...

Jenna Sanfilippo
August 31, 2021

Articles, Business Tax, COVID-19

Additional Guidance Issued Regarding the Employee Retention Credit

The Internal Revenue Service (IRS) has recently issued Notice 2021-49 which provides some answers to questions that have been raised...

Stephanie Holston
August 24, 2021

What are Chargebacks, and why are they important?

As part of the contracts with wholesale customers, a pharmaceutical company agrees to reimburse wholesalers for the difference between the gross sales price at...

WilkinGuttenplan
August 14, 2021

Cost Segregation as a Strategy to Reduce Your Tax Bill

A cost segregation study is a tax planning strategy that many real estate entities take advantage of to increase immediate...

Jenna McDonough
August 3, 2021

Capital Gain with No Tax Due?

The Benefits of Possible Qualified Small Business Stock Gain Exclusion Under Section 1202 A frequently encountered transaction on a personal tax...

Jimmy Montgomery
August 3, 2021

Articles, Healthcare Professionals & Practices, Life Sciences & Pharma

An Introduction to Drug Pricing Terms

We all know that the life sciences industry has a lingo of its own. The specialized terms are not limited...

Maria Mauricio
July 9, 2021

Biden Administration’s Proposed Tax Changes Could Affect Estates and Trusts

At the end of May, the Treasury released the Green Book (the fiscal year 2022 budget), which included an outline...

WilkinGuttenplan
July 7, 2021

Articles, Individual Tax, Real Estate

Can I Write-Off My Vacation Home?

With the kickoff of summer and traveling back on the radar, vacation house rentals are a hot topic. This article...

Jenna McDonough
July 6, 2021

Telecommuting Nexus for the Post-COVID Business World

Nexus is defined as a relationship or connection between two or more parties. Tax laws use the term “nexus” to...

Jenna Sanfilippo
June 30, 2021

What Can Be Learned from the Mylan Tax Court Decision

As a major generic pharmaceutical company, Mylan could be the first generic pharmaceutical company to bring a new generic drug product to...

Chris Frederick
June 29, 2021

Significant Tax Changes for New York Under 2022 Budget

The recently passed New York State 2022 fiscal budget legislation includes changes to corporate franchise tax, personal income tax, sales...

WilkinGuttenplan
June 24, 2021

Articles, COVID-19, Healthcare Professionals & Practices

HHS Provides Revised Reporting Requirements for Provider Relief Fund Payments

The U.S. Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), released the revised...

WilkinGuttenplan
June 17, 2021

Revenue Recognition for Pharmaceutical Companies: Gross to Net and ASC 606

The Financial Accounting Standards Board’s (“FASB”) revenue recognition standard titled Revenue from Contracts with Customers, commonly referred to as ASC 606,...

Maria Mauricio
June 8, 2021

Tax Planning Strategies for Export Companies

The current tax laws contain potential benefits available for US companies that export their goods. The interest-charge domestic international sales...

April Peng
May 15, 2021

Articles, Business Tax, COVID-19, Individual Tax, Tax Services

Tax Provisions of the American Rescue Plan

On Thursday, March 11, President Biden signed the American Rescue Plan Act of 2021 (“the Act”) into law. In addition...

Stephanie Holston
March 23, 2021

Articles, Business Tax, COVID-19

IRS Releases New Guidance on the Employee Retention Credit for PPP Loan Recipients

On March 1, the IRS issued Notice 2021-20 which provides guidance on how to treat wages that may be eligible...

Stephanie Holston
March 5, 2021

Pennsylvania Announces 90-Day Voluntary Compliance Program

The Pennsylvania Department of Revenue (DOR) recently announced a 90-day voluntary compliance program (the program). The program, which runs through...

Jenna Sanfilippo
March 3, 2021

FAQs for HOAs, Condos, and Co-Ops

Over the last 35+ years our clients have asked us numerous questions to help them navigate the financial complexities of...

WilkinGuttenplan
February 23, 2021

Did You Know? "Allocating Estimated Tax Payments to Beneficiaries"

Fiduciaries of trusts or final-year estates possess the ability to funnel estimated tax payments made at the trust or estate...

Alexander Pisani
February 22, 2021

Local States Issue Guidance for Taxation of PPP Loan Forgiveness

After the Federal government finally resolved the issue of the tax-deductibility of expenses paid using the proceeds of a forgiven...

Len Nitti
February 22, 2021

Articles, COVID-19, Real Estate

IRS Provides Additional Relief for Qualified Opportunity Funds

In response to the COVID-19 pandemic, the IRS published Notice 2021-10 which aims to provide relief for Qualified Opportunity Funds...

Jenna Sanfilippo
February 17, 2021

Articles, International Commerce Group, International Tax

Dual Citizenship –Twice as Good?

One, rather unexpected, consequence of the pandemic is the increased interest in dual citizenship. A recent article in The New...

Lina Ladekarl
February 15, 2021

Why Should Community Associations Allocate Money to the Replacement Fund Every Year?

If you’re wondering how and why to set aside appropriate funds for the replacement fund, it’s all about maintaining the...

Jordan Burkhalter
February 10, 2021

Articles, COVID-19, Real Estate, State and Local Tax, Tax Services

NJEDA Small Business Emergency Assistance Loan Program: Phase 2 Pre-Registration to Open Next Wednesday 2/10

The New Jersey Economic Development Authority (NJEDA) recently announced the second phase of its Small Business Emergency Assistance Loan Program,...

Meg Chesley
February 2, 2021

Articles, COVID-19, Real Estate, Tax Services

Increased Incentives and Relief for Low Income Housing Tax Credit Developers

On December 27, 2020, President Trump signed the COVID-Related Tax Relief Act of 2020. The Act provides incentives for affordable...

Kerry Duda
January 27, 2021

President Biden’s “Potential” Proposed Changes to Estate/Fiduciary Taxes

On January 20, 2021, Joseph Biden was officially sworn in as the 46th President of the United States. So what...

Brian Geissler
January 26, 2021

Articles, COVID-19, State and Local Tax, Tax Services

New York State Addresses Personal Income Tax Conformity with CARES Act

New York State recently released Frequently Asked Questions regarding its conformity with various tax provisions under the federal Coronavirus Aid,...

Jenna Sanfilippo
January 20, 2021

Articles, Closely Held Business, Technology, Technology Services

The Sun is About to Set on Research & Development Expensing

At the stroke of midnight on December 31, 2021, Internal Revenue Code Section 174, which has been a part of...

Tim Torres
January 19, 2021

The New Jersey Economic Recovery Act of 2020

On January 7, 2021, Governor Murphy signed the New Jersey Economic Recovery Act of 2020 (the “Act”) into law. The...

Jenna Sanfilippo
January 13, 2021

Articles, COVID-19, International Commerce Group, International Tax

Latest Paycheck Protection Program (PPP2) adds Restrictions to China and Hong Kong Affiliated Businesses

The Consolidated Appropriations Act of 2021 (“CAA”) that was passed into law contains important changes to the Paycheck Protection Program...

Darko Naumoski
January 12, 2021

Articles, International Commerce Group, International Tax

The Complexities of a Breakup – is it Easy for Green Card Holders to Leave the United States?

Renouncing a citizenship is a major decision with serious financial, social, and emotional consequences. For United States citizens, this decision...

Lina Ladekarl
December 21, 2020

Happy Holidays... to my Estate??

Most of us have found 2020 to be a year to think about what makes us most thankful. From the...

Maureen Jasper
December 15, 2020

Articles, COVID-19, International Commerce Group, International Tax

IRS revises Form 2555 due to COVID-19

The IRS recently released the 2020 version for Form 2555, Foreign Earned Income. This form is used by Americans living...

Robert Ewanis
December 7, 2020

Articles, COVID-19, State and Local Tax, Tax Services

New York Issues Guidance on COVID-19 Telecommuting

After months of not addressing the nonresident withholding requirements for COVID-19 telecommuting, New York recently broke its silence by posting...

Meg Chesley
December 1, 2020

Articles, International Commerce Group, International Tax, Tax Talks Blog

Death & FBAR Reporting Requirements – A Costly Lesson

A recent district court case* against the estate of a deceased taxpayer has ruled in favor of the IRS granting over...

Robert Ewanis
November 23, 2020

Articles, COVID-19

IRS Issues Guidance on Deductibility of Expenses Paid with PPP Loan Proceeds

In an update to our previously released alert on this topic, Wednesday evening the Internal Revenue Service (IRS) released Revenue...

Karen Artasanchez
November 20, 2020

Articles, International Commerce Group, International Tax

Offshore Tax Update: IRS Revises the Delinquent International Information Return Submission Procedures

In early November 2020, the IRS updated the terms of the Delinquent International Information Return Submission Procedures (Procedures). The Procedures...

April Peng
November 12, 2020

Articles, Business Tax, COVID-19

SBA to Require a 'Loan Necessity Form’ for PPP Loans Over $2 Million

The SBA has previously stated that PPP Loans over $2 million, including affiliates, would be under much more scrutiny. In...

Dan Fiorentino
November 11, 2020

Articles, International Commerce Group, International Tax

Go Ahead, Take the BAIT!

As part of the 2017 Tax Cuts and Jobs Act, the deduction for state and local taxes was severely limited....

Karen Artasanchez
November 10, 2020

IRS Enforcing IRC Section 965 Compliance

As part of tax reform initiatives in 2017, Section 965 of the Tax Cut and Jobs Act (TCJA) requires that...

WilkinGuttenplan
November 3, 2020

NJ BAIT – Year-end Tax Planning Considerations for Pass-Through Entities

While 2020 has been a year like no other, one thing that remains unchanged is the need for year-end tax...

Karen Artasanchez
October 30, 2020

Articles, COVID-19

Deducting PPP Expenses – Another Quandary Caused by Covid-19

As the end of what seems to be the longest year approaches, many business owners and their trusted advisors are...

Karen Artasanchez
October 30, 2020

Articles, International Commerce Group, International Tax

Brief 2019 FBAR Extension Announced

Holders of bank accounts outside the United States may be required to file FinCEN Form 114, Report of Foreign Bank...

Vinay Navani
October 22, 2020

Articles, COVID-19, Real Estate

Real Estate Matters - Tax Ramifications of a Foreclosure

As the pandemic continues to take its toll on most businesses, within the real estate industry, many property owners are...

Sefi Silverstein
September 2, 2020

Articles, International Commerce Group, International Tax, State and Local Tax

New Jersey Provides Tax Relief to S Corporations with Foreign Income

The Global Intangible Low Taxed Income (GILTI) tax regime was first introduced under the 2017 Tax Cuts and Jobs Act....

Robert Ewanis
August 20, 2020

Articles, International Commerce Group, International Tax

Treasury Issues Final Regulations For Gilti High-Tax Exclusion And Proposed Regulations For Subpart F High-Tax Exception

On July 23, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) published in the Federal...

WilkinGuttenplan
August 20, 2020

Articles, International Commerce Group, International Tax

IRS Announces Focus on Noncompliance for Individuals who are Shareholders of Foreign Corporations

The IRS recently announced a new area of focus under its issue-based audit strategy program focusing on Internal Revenue Code...

Lina Ladekarl
July 30, 2020

Articles, Community Associations, COVID-19

Unmasking Your Association’s Financial Situation

For the thousands of individuals across the country who live, work, and interact with community associations, the past few months...

Tara Baldwin
July 22, 2020

Articles, International Commerce Group, International Tax

The IRS is Focusing on Cross Border Transactions at a New Level of Detail

The Internal Revenue Service (IRS) is continuing to increase its focus on cross border transactions and their reporting requirements. While...

Robert Ewanis
July 17, 2020

Articles, COVID-19, Estate and Trust

To Gift or Not to Gift: Risk High = Valuations Low and Discounts High

During these unprecedented times, there are many things that run through our minds. For an estate planner, it’s thinking about...

Maureen Jasper
April 20, 2020

New Jersey Finally Announces Formal Tax Relief

The State Senate and Assembly have both passed a new tax relief bill today to finally grant New Jersey taxpayers...

Len Nitti
April 14, 2020

Seven Observations from the Final Opportunity Zone Regulations

When the IRS issued the final Qualified Opportunity Zone (QOZ) Tax Regulations, they finally provided taxpayers clarity on a number...

Len Nitti
March 2, 2020

Articles, International Commerce Group, International Tax

Are you a Foreign Corporation doing business in the U.S.? Be Safe: File Form 1120-F

Just as US corporations must file a US corporate tax return, so must a foreign corporation file a US corporate...

April Peng
February 26, 2020

Member with 50% Interest in a California LLC is "Doing Business" in California

The California Office of Tax Appeals (OTA) recently ruled that an out-of-state member that owned a 50% interest in a...

WilkinGuttenplan
February 24, 2020

Remote Sellers Assessed Sales Tax for Pre-Wayfair Periods

In the wake of the U.S. Supreme Court’s 2018 decision in Wayfair, every state that imposes a general sales tax...

WilkinGuttenplan
February 24, 2020

Articles, International Commerce Group, International Tax

New India Budget Provides Benefit for US Investors

Earlier this month, the Finance Minister of India proposed the 2020 budget to be effective from April 1, 2020. One...

Vinay Navani
February 24, 2020

Articles, State and Local Tax, Tax Law Resources, Tax Services

Is BAIT New Jersey’s Solution to the Infamous TCJA SALT Limitation

One of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA) was the severe limitation placed...

Karen Artasanchez
January 27, 2020

Articles, Not-for-Profit, Tax Services

Parking Tax Repeal and Private Foundation Update

The Tax Cuts & Jobs Act (TCJA) enacted in 2017 had categorized amounts paid or incurred to provide employees with...

Samantha Kittner
January 16, 2020

Reminder: Form 1099-Misc must be filed by January 31st

For the 2019 filing season, Form 1099-MISC which reports nonemployee compensation is due on January 31st. This deadline applies to...

Alan Burdge
January 16, 2020

Articles, Individual Tax, Tax Services

Immediate Actions Needed by Retirement Plans to Comply with the SECURE Act of 2019

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law. The SECURE Act...

WilkinGuttenplan
January 14, 2020

Articles, Individual Tax

Setting Every Community Up For Retirement Enhancement Act of 2019 (The SECURE Act)

On December 20, 2019, the SECURE Act was signed into law, which makes changes to certain retirement plans. The SECURE...

WilkinGuttenplan
January 14, 2020

Articles, Individual Tax

2020 Retirement Plan and Social Security Cost of Living Adjustments Announced

The Internal Revenue Service (IRS) recently released a number of cost-of-living adjustments affecting dollar limitations for pension plans and other...

WilkinGuttenplan
January 13, 2020

2020 Mileage Rates for Business, Medical, and Moving Announced

In December 2019, the IRS released the 2020 optional standard mileage rates to be used by taxpayers to compute deductible...

WilkinGuttenplan
January 6, 2020

Articles, Individual Tax, Tax Services, Tax Talks Blog

Year‐End Tax Savings For Businesses

It is hard to believe that 2019 is already coming to an end, but as a business owner, it is...

Melisa Sirak
December 27, 2019

Articles, Estate and Trust, Multimedia, Tax Services

Did You Know? "Tuition Gifting" Rule

Each year, an individual can gift up for $15,000 (“annual gift exclusion”) per donee for 2019 and 2020 without using...

Brian Geissler
December 20, 2019

Articles, Tax Law Resources, Tax Services

California to Selectively Conform With Several Provisions from the TCJA

Summary California recently enacted a bill as part of the budget package for the fiscal year 2020. Called the “Loophole Closure...

WilkinGuttenplan
December 9, 2019

Articles, Real Estate, Tax Law Resources, Tax Services

QOZ’s vs. 1031 Exchanges – Which is Better for Real Estate Investments?

When the Tax Cuts and Jobs Act was passed, a new tax deferral vehicle was created where taxpayers could defer...

Len Nitti
November 26, 2019

Articles, Technology Services

Why Small Businesses Are Targeted by Cyber Attackers

Since it is usually cyber-attacks on the large corporations that get most of the news headlines, people tend to assume...

WilkinGuttenplan
November 18, 2019

Articles, Technology Services

Windows 7 Is About to Lose All Support: Everything You Need to Know!

Every Windows product has a lifecycle which starts at launch and ends when the product loses extended support. Windows 7...

WilkinGuttenplan
November 12, 2019

Articles, International Commerce Group, International Tax, Tax Services

IRS Announces Focus on Section 965 Non-Compliance

On November 4, 2019, the IRS Large Business and International (LB&I) Division announced its recent campaign regarding promoting the IRC...

April Peng
November 11, 2019

Articles, Real Estate, Tax Law Resources

IRS Finalizes the Rental Real Estate Safe Harbor Test for the Section 199A Deduction

With the issuance of Revenue Procedure 2019-38, the IRS has finalized the Section 199A deduction safe harbor test for rental...

Len Nitti
September 26, 2019

New Jersey Launches Opportunity Zone Marketplace for Investors, Developers and Municipalities

The State of New Jersey led by the State’s Economic Development Authority (NJEDA) launched a new website to stimulate qualified...

Len Nitti
September 17, 2019

Update on California Competes Credit Application Periods for Fiscal Year 2019-2020

Remaining California Competes Credit Application Periods for Fiscal Year 2019-2020 January 2, 2019, through January 21, 2019 ($75 million available) March 4,...

WilkinGuttenplan
August 28, 2019

One Year Later, Effects of Wayfair Still Unraveling

The impact of the U.S. Supreme Court’s decision in South Dakota v. Wayfair, now over a year since it was handed...

WilkinGuttenplan
August 28, 2019

Illinois Enacts Significant Tax Changes For Businesses and Individuals

Summary On June 5, 2019, Illinois enacted its 2019 budget bills that result in wide-ranging changes to Illinois tax laws, including...

WilkinGuttenplan
August 14, 2019

Has Snow Grown Your Budget?

Summer 2019 CPA Newsletter Volume 35 Issue 3 By Michael Mezzo, CPA, MBA, Manager Over the past few years, it seems that you...

Mike Mezzo
July 31, 2019

Articles, Business Tax, Individual Tax, State and Local Tax

Investing in New Jersey Just Became More Attractive

As states fiercely compete to attract new business and innovation within their borders, New Jersey has revamped an old program...

WilkinGuttenplan
July 15, 2019

Articles, International Commerce Group, International Tax, Tax Services

ITIN Expirations: Do You Need to Renew Your ITIN in 2019?

Over 2 million Individual Identification Numbers (ITINs) will expire at the end of this year. The Internal Revenue Service issued...

WilkinGuttenplan
July 9, 2019

Articles, Tax Law Resources, Tax Services

SALT Workaround? (Updated Regulations)

In December 2017 the Tax Cuts and Jobs Act (TCJA) was passed marking the first time in almost 30 years...

WilkinGuttenplan
July 2, 2019

Tax Legislation Introduced to Correct the Drafting Error for Qualified Improvement Property

Summary Congress enacted changes to qualified improvement property (QIP) and bonus depreciation in the 2017 tax reform, also known as the...

WilkinGuttenplan
March 26, 2019

Are you Prepared to File Taxes on Your Airbnb Rental?

Renting out extra rooms or a summer home thru Airbnb is a great way to make some extra money from...

Karolis Matulis
March 14, 2019

How Long Should You Retain Financial Records?

By Tara M. Melick, CPA, Supervisor The current landscape of business lends itself to a mindset that organizations need to be...

WilkinGuttenplan
March 8, 2019

Articles, International Commerce Group, International Tax, Tax Law Resources

Increased Penalty for Failure to File (or Timely File) Form 5472

Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. trade or...

WilkinGuttenplan
March 6, 2019

Articles, Real Estate, Tax Law Resources, Tax Services

New Jersey Provides Guidance Regarding Qualified Opportunity Zone Tax Incentives

As part of the passing of the Tax Cuts and Jobs Act in December 2017, a new tax incentive was...

Len Nitti
March 4, 2019

Articles, Estate and Trust, Multimedia

Did You Know? "65-Day" Rule

For estates and trusts, §663(b), otherwise known as the 65-day rule, states that a fiduciary can make a distribution to...

WilkinGuttenplan
February 28, 2019

Articles, News

New York State Sexual Harassment Law

WG would like to ensure our contacts and clients are aware that New York’s new sexual harassment policy requirement is...

WilkinGuttenplan
February 27, 2019

Articles, Individual Tax, Real Estate, Tax Law Resources

IRS Provides a Safe Harbor Test for Section 199A and Rental Real Estate

As part of the Tax Cuts and Jobs Act (TCJA), a new 20% tax deduction was created for the qualifying...

Len Nitti
January 22, 2019

Articles, Business Tax, Tax Law Resources, Tax Services

Tax Reform and Section 199A Deduction of Qualified Business Income of Pass-Through Entities

On Friday, December 22, President Trump signed sweeping tax reform (the “Act”) into law. The Act provides the most comprehensive...

WilkinGuttenplan
January 2, 2019

Articles, Real Estate, Tax Law Resources

Section 199A Proposed Regulations Friendly to Real Estate Industry

As part of the Tax Cuts and Jobs Act (TCJA), a new deduction was created as an offset to “qualified...

Len Nitti
January 2, 2019

Articles, International Commerce Group, International Tax, Tax Law Resources, Tax Services

Form 5471:What Is It and Do I Need to File It?

Internal Revenue Service Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, has been in existence...

WilkinGuttenplan
December 27, 2018

Articles, International Commerce Group, International Tax, Tax Law Resources, Tax Services

Form 5472: What Is It and Do I Need to File It?

Purpose of the form Internal Revenue Service Form 5472 is an informational form that discloses the transactions during the tax year...

WilkinGuttenplan
December 27, 2018

Articles, Business Tax, Tax Law Resources, Tax Services

An Ordinary Loss Deduction from the Sale or Exchange of Small Business Stock? Yes!

With the end of the year rapidly approaching, now is the time to be looking at tax savings moves. With...

WilkinGuttenplan
December 27, 2018

Articles, Business Tax, Tax Law Resources, Tax Services

Top 5 Business Tax Planning Strategies for the Tax Cut and Jobs Act

The passage of the Tax Cut and Jobs Act in December 2017 has created a number of new opportunities (and...

WilkinGuttenplan
December 12, 2018

Articles, Technology Services

Blockchain Explained: Pros, Cons, and What It Means For Your Business

While blockchain technologies are not all that new this past year has generated a lot of buzz and chatter in...

Karolis Matulis
December 12, 2018

SALT Workaround? Tread Lightly…

Late last year the Tax Cuts and Jobs Act (TCJA) was passed marking the first time in almost 30 years...

WilkinGuttenplan
November 16, 2018

Accounting & Assurance, Articles, Community Associations

What Can You Learn From Your Audited Financial Statements?

Merriam Webster Dictionary’s definition of an audit – “A formal examination of an organization or individual’s accounts or financial situation,...

WilkinGuttenplan
November 15, 2018

Loss Assessment Coverage

A personal insurance coverage that many people don’t understand is Loss Assessment Coverage. Every association has a set of bylaws, and in...

WilkinGuttenplan
November 15, 2018

Association Surpluses, Deficits and Working Capital

One of the most important planning tools for an Association is its annual budget. It is important that the Association’s...

WilkinGuttenplan
November 15, 2018

A Primer on Sales Tax Form ST-8

What is Form ST-8? The Form ST-8 (certificate of exempt capital improvements) is to be used when the association is undertaking...

WilkinGuttenplan
November 15, 2018

Why Boards Should Consider Recording a Bad Debt Expense Throughout the Year

Background Bad debt has become a hot topic and a significant expense for many condominium and homeowner Associations (“Association(s)”). Concern about...

WilkinGuttenplan
November 15, 2018

Condominium Associations’ “Super” Assessment Liens: How “Super” Are They?

In the fight against delinquent unit owners, New Jersey’s Condominium Associations have a unique tool at their disposal – the “super”...

WilkinGuttenplan
November 15, 2018

The Tax Consequences of Investing in Market Linked Certificates of Deposit

Recently, some banks have been offering a hybrid investment known as a “market-linked CD” (MLCD). While these investments may be very...

WilkinGuttenplan
November 15, 2018

Tax Alert: New Jersey Bulk Sales Law - Impact on Real Estate Investors

In 2007 the New Jersey bulk sales law was expanded to apply to all transactions involving the sale of any...

WilkinGuttenplan
November 15, 2018

INTERFUND BALANCES: What, Why and How?

As Board members and unit owners receive copies of their Association’s annual audited financial statements, the issue of Interfund Balances...

WilkinGuttenplan
November 15, 2018

Articles, Business Tax, Tax Law Resources, Tax Services

Owner’s Compensation in S-Corporations, Partnerships and LLCs under the Tax Cuts and Jobs Act

Just about four months have gone by since the passage of the Tax Cuts and Jobs Act and taxpayers and...

WilkinGuttenplan
November 15, 2018

Articles, Professional Practices, Tax Law Resources, Tax Services

Which Businesses Are Considered a Specified Service Trade or Business?

Which Businesses Are Considered a Specified Service Trade or Business? As part of the Tax Cuts and Jobs Act, a new...

Len Nitti
November 15, 2018

Can I Still Deduct the Interest on my Home Equity Line of Credit?

One of the issues at the forefront of the 2016 Presidential election was tax reform. On December 22, 2017, the...

WilkinGuttenplan
October 1, 2018

Tax Alert: A Business Friendly Change - NJ Alternative Business Calculation Adjustment

For a number of years, New Jersey’s Individual Gross Income Tax (GIT) has frustrated business owners due to the limitations...

WilkinGuttenplan
September 15, 2018

Articles, Professional Practices, Tax Law Resources, Tax Services

What Happened to My Meals and Entertainment Deduction?

Amongst the reduced tax rates and many other tax saving measures included in the Tax Cuts and Jobs Act is...

WilkinGuttenplan
September 15, 2018

Tax Alert: IRS Warns of New Phone Scam Involving Bogus Certified Letters

Recently the IRS issued a nationwide warning to taxpayers and tax professionals to be aware of a new scam that...

WilkinGuttenplan
July 15, 2018

SALT Alert: New York State is Changing Electronic Payment Services

The New York State Department of Taxation and Finance recently announced that the State will be changing bank accounts which...

WilkinGuttenplan
June 15, 2018

It's Budget Time Again

Summer 2018 CPA Newsletter Volume 34 Issue 3 By Mohammed F. Salyani, CPA, FCCA (UK), Principal Now is the time of year for...

Mohammed Salyani
June 1, 2018

Boards and the Importance of a Written Investment Policy Statement

Spring 2018 CPA Newsletter Volume 34 Issue 2 By Maria Maurucio, CPA It is no secret that CIRAs commonly operate using separate “funds”...

WilkinGuttenplan
March 1, 2018

Tax Alert: New York Corporate Income Tax Reform

The start of 2015 provides us with an opportunity to review New York’s significant tax reform impacting all corporations doing...

WilkinGuttenplan
February 15, 2018

Tax Matters: Tax Implications of “Depreciation Recapture” When Selling Real Estate

While the tax consequences of the sale of real estate should not drive the decision to sell or hold a...

WilkinGuttenplan
February 15, 2018

Tax Matters: Tax Implications of Debt Financed Distributions

Owners of appreciated real estate oftentimes are able to cash-out the equity by refinancing the property. When a partnership or...

WilkinGuttenplan
January 15, 2018

Articles, Community Associations, Tax Law Resources

Tax Cuts & Jobs Act: What You Need to Know

Winter 2018 CPA Newsletter Volume 34 Issue 1 By Lauren M. Landolfi, CPA, MST, Manager One of the issues at the forefront of...

Lauren Landolfi
January 1, 2018

Interfund Balances

Fall 2017 CPA Newsletter Volume 33 Issue 4 By Michael Mezzo, CPA, MBA, Supervisor One of the most common questions that we receive...

Mike Mezzo
October 1, 2017

Deferred Maintenance: The Forgotten Fund

Fall 2017 CPA Newsletter Volume 33 Issue 4 By Mohammed F. Salyani, CPA, FCCA (UK), Principal A lot of articles, education sessions and...

Mohammed Salyani
October 1, 2017

Cyber Security Tips: Safeguarding Your Association's Sensitive Data

Summer 2017 CPA Newsletter Volume 33 Issue 3 By Thomas Hasard, CISSP, IT Service Manager If it seems like every time you turn...

WilkinGuttenplan
June 1, 2017

Operating Surpluses: What You Need To Know

Spring 2017 CPA Newsletter Volume 33 Issue 2 By Jordan Burkhalter, CPA The operating surplus is an area of an Association’s financial statements...

Jordan Burkhalter
March 1, 2017

What Can You Learn From Your Audited Financial Statements?

Winter 2017 CPA Newsletter Volume 33 Issue 1 By Joseph A Chorba, CPA Merriam Webster Dictionary’s definition of an audit – “A formal...

Joe Chorba
January 1, 2017

The Challenges of Having Clubs in Active Adult Communities

Fall 2016 CPA Newsletter Volume 32 Issue 4 By Mohammed F. Salyani, CPA, FCCA (UK) On a daily basis, the clubhouses at age-restricted...

Mohammed Salyani
October 1, 2016

Striving for a Successful Transition Process

Summer 2016 CPA Newsletter Volume 32 Issue 3 By Edward I. Guttenplan, CPA, CGMA, MBA I have been intimately involved in advising in...

Ed Guttenplan
June 1, 2016

Overview of NJ Sales and Use Tax for Associations

Spring 2016 CPA Newsletter Volume 32 Issue 2 By Vinay Navani, CPA, MBA, MST and Len Nitti, CPA, MST Sales and use tax...

Vinay Navani
March 1, 2016

International Commerce Alert: Form 6166/8802 - Certification of U.S. Tax Residency

We frequently get calls from our business clients which go something like this: “A customer located in a foreign country...

WilkinGuttenplan
November 15, 2015

The Results Are In. The 2015 Financial Survey Results are Here!

Fall 2015 CPA Newsletter Volume 31 Issue 4 By Joseph Chorba, CPA and Cara Buccellato, CPA Welcome to the 7th edition of the...

Joe Chorba
October 1, 2015

Coordinating Your Engineering Study Update with Your Annual Operating Budget

Summer 2015 CPA Newsletter Volume 31 Issue 3 By Valerie Thorpe, CPA It’s time to update your engineering study. The Big Question What does the Association...

WilkinGuttenplan
June 1, 2015

Why Associations Should Meet With Their Professionals

Spring 2015 CPA Newsletter Volume 31 Issue 2 By Jessica Chelkowski, CPA Associations commonly have their Property Manager as well as their Attorney...

Jessica Kizmann
March 1, 2015

Fraud: Vigilance is Key

Winter 2015 CPA Newsletter Volume 31 Issue 1 By Chris Frederick, CPA When the topic of fraud comes up in conversation, most people...

Chris Frederick
January 1, 2015

Tax Matters: Debt Modifications - Income Tax Consequences

As the country gradually emerges from the recession, negotiations between debtors and creditors related to debt modifications have become more...

WilkinGuttenplan
December 15, 2014

Tax Matters: Tax Ramifications of A Deed in Lieu of Foreclosure

In the past few years, the real estate industry has endured difficult times and given the climate, real estate investors...

WilkinGuttenplan
November 15, 2014