Fiduciaries of trusts or final-year estates possess the ability to funnel estimated tax payments made at the trust or...
February 22, 2021
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After the Federal government finally resolved the issue of the tax-deductibility of expenses paid using the proceeds of a...February 22, 2021
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In response to the COVID-19 pandemic, the IRS published Notice 2021-10 which aims to provide relief for Qualified Opportunity...February 17, 2021
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One, rather unexpected, consequence of the pandemic is the increased interest in dual citizenship. A recent article in The...February 15, 2021
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If you’re wondering how and why to set aside appropriate funds for the replacement fund, it’s all about maintaining...February 10, 2021
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The New Jersey Economic Development Authority (NJEDA) recently announced the second phase of its Small Business Emergency Assistance Loan...February 2, 2021
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On December 27, 2020, President Trump signed the COVID-Related Tax Relief Act of 2020. The Act provides incentives for...January 27, 2021
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On January 20, 2021, Joseph Biden was officially sworn in as the 46th President of the United States. So...January 26, 2021
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New York State recently released Frequently Asked Questions regarding its conformity with various tax provisions under the federal Coronavirus...January 20, 2021
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At the stroke of midnight on December 31, 2021, Internal Revenue Code Section 174, which has been a part...January 19, 2021
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On January 7, 2021, Governor Murphy signed the New Jersey Economic Recovery Act of 2020 (the “Act”) into law....January 13, 2021
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The Consolidated Appropriations Act of 2021 (“CAA”) that was passed into law contains important changes to the Paycheck Protection...January 12, 2021
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Renouncing a citizenship is a major decision with serious financial, social, and emotional consequences. For United States citizens, this...December 21, 2020
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Most of us have found 2020 to be a year to think about what makes us most thankful. From...December 15, 2020
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The IRS recently released the 2020 version for Form 2555, Foreign Earned Income. This form is used by Americans...December 7, 2020
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After months of not addressing the nonresident withholding requirements for COVID-19 telecommuting, New York recently broke its silence by...December 1, 2020
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A recent district court case* against the estate of a deceased taxpayer has ruled in favor of the IRS granting...November 23, 2020
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In an update to our previously released alert on this topic, Wednesday evening the Internal Revenue Service (IRS) released...November 20, 2020
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In early November 2020, the IRS updated the terms of the Delinquent International Information Return Submission Procedures (Procedures). The...November 12, 2020
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The SBA has previously stated that PPP Loans over $2 million, including affiliates, would be under much more scrutiny....November 11, 2020
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As part of the 2017 Tax Cuts and Jobs Act, the deduction for state and local taxes was severely...November 10, 2020
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As part of tax reform initiatives in 2017, Section 965 of the Tax Cut and Jobs Act (TCJA) requires...November 3, 2020
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While 2020 has been a year like no other, one thing that remains unchanged is the need for year-end...October 30, 2020
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As the end of what seems to be the longest year approaches, many business owners and their trusted advisors...October 30, 2020
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Holders of bank accounts outside the United States may be required to file FinCEN Form 114, Report of Foreign...October 22, 2020
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As the pandemic continues to take its toll on most businesses, within the real estate industry, many property owners...September 2, 2020
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The Global Intangible Low Taxed Income (GILTI) tax regime was first introduced under the 2017 Tax Cuts and Jobs...August 20, 2020
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On July 23, 2020, the Department of the Treasury and the Internal Revenue Service (collectively, Treasury) published in the...August 20, 2020
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The IRS recently announced a new area of focus under its issue-based audit strategy program focusing on Internal Revenue...July 30, 2020
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For the thousands of individuals across the country who live, work, and interact with community associations, the past few...July 22, 2020
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The Internal Revenue Service (IRS) is continuing to increase its focus on cross border transactions and their reporting requirements....July 17, 2020
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During these unprecedented times, there are many things that run through our minds. For an estate planner, it’s thinking...April 20, 2020
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The State Senate and Assembly have both passed a new tax relief bill today to finally grant New Jersey...April 14, 2020
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Many condominiums and cooperatives in New York, particularly cooperative housing corporations, tend to pay the capital base tax on...March 3, 2020
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When the IRS issued the final Qualified Opportunity Zone (QOZ) Tax Regulations, they finally provided taxpayers clarity on a...March 2, 2020
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Just as US corporations must file a US corporate tax return, so must a foreign corporation file a US...February 26, 2020
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The California Office of Tax Appeals (OTA) recently ruled that an out-of-state member that owned a 50% interest in...February 24, 2020
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In the wake of the U.S. Supreme Court’s 2018 decision in Wayfair, every state that imposes a general sales...February 24, 2020
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Earlier this month, the Finance Minister of India proposed the 2020 budget to be effective from April 1, 2020....February 24, 2020
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One of the most talked about provisions of the Tax Cuts and Jobs Act (TCJA) was the severe limitation...January 27, 2020
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The Tax Cuts & Jobs Act (TCJA) enacted in 2017 had categorized amounts paid or incurred to provide employees...January 16, 2020
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For the 2019 filing season, Form 1099-MISC which reports nonemployee compensation is due on January 31st. This deadline applies...January 16, 2020
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On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) became law. The SECURE...January 14, 2020
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On December 20, 2019, the SECURE Act was signed into law, which makes changes to certain retirement plans. The...January 14, 2020
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The Internal Revenue Service (IRS) recently released a number of cost-of-living adjustments affecting dollar limitations for pension plans and...January 13, 2020
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Has your association needed to replace a major common element earlier than anticipated? What if the actual expense to...January 6, 2020
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In December 2019, the IRS released the 2020 optional standard mileage rates to be used by taxpayers to compute...January 6, 2020
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It is hard to believe that 2019 is already coming to an end, but as a business owner, it...December 27, 2019
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Each year, an individual can gift up for $15,000 (“annual gift exclusion”) per donee for 2019 and 2020 without...December 20, 2019
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Summary California recently enacted a bill as part of the budget package for the fiscal year 2020. Called the “Loophole...December 9, 2019
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When the Tax Cuts and Jobs Act was passed, a new tax deferral vehicle was created where taxpayers could...November 26, 2019
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Since it is usually cyber-attacks on the large corporations that get most of the news headlines, people tend to...November 18, 2019
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Every Windows product has a lifecycle which starts at launch and ends when the product loses extended support. Windows...November 12, 2019
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On November 4, 2019, the IRS Large Business and International (LB&I) Division announced its recent campaign regarding promoting the...November 11, 2019
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With the issuance of Revenue Procedure 2019-38, the IRS has finalized the Section 199A deduction safe harbor test for...September 26, 2019
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The State of New Jersey led by the State’s Economic Development Authority (NJEDA) launched a new website to stimulate...September 17, 2019
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Remaining California Competes Credit Application Periods for Fiscal Year 2019-2020 January 2, 2019, through January 21, 2019 ($75 million...August 28, 2019
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The impact of the U.S. Supreme Court’s decision in South Dakota v. Wayfair, now over a year since it was...August 28, 2019
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Summary On June 5, 2019, Illinois enacted its 2019 budget bills that result in wide-ranging changes to Illinois tax laws,...August 14, 2019
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Summer 2019 CPA Newsletter Volume 35 Issue 3 By Michael Mezzo, CPA, MBA, Manager Over the past few years, it seems that...July 31, 2019
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As states fiercely compete to attract new business and innovation within their borders, New Jersey has revamped an old...July 15, 2019
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Over 2 million Individual Identification Numbers (ITINs) will expire at the end of this year. The Internal Revenue Service...July 9, 2019
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In December 2017 the Tax Cuts and Jobs Act (TCJA) was passed marking the first time in almost 30...July 2, 2019
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Summary Congress enacted changes to qualified improvement property (QIP) and bonus depreciation in the 2017 tax reform, also known as...March 26, 2019
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Renting out extra rooms or a summer home thru Airbnb is a great way to make some extra money...March 14, 2019
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By Tara M. Melick, CPA, Supervisor The current landscape of business lends itself to a mindset that organizations need to...March 8, 2019
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Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. trade...March 6, 2019
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As part of the passing of the Tax Cuts and Jobs Act in December 2017, a new tax incentive...March 4, 2019
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For estates and trusts, §663(b), otherwise known as the 65-day rule, states that a fiduciary can make a distribution...February 28, 2019
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WG would like to ensure our contacts and clients are aware that New York's new sexual harassment policy requirement...February 27, 2019
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As part of the Tax Cuts and Jobs Act (TCJA), a new 20% tax deduction was created for the...January 22, 2019
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On Friday, December 22, President Trump signed sweeping tax reform (the “Act”) into law. The Act provides the most...January 2, 2019
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As part of the Tax Cuts and Jobs Act (TCJA), a new deduction was created as an offset to...January 2, 2019
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Internal Revenue Service Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations, has been in...December 27, 2018
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Purpose of the form Internal Revenue Service Form 5472 is an informational form that discloses the transactions during the tax...December 27, 2018
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With the end of the year rapidly approaching, now is the time to be looking at tax savings moves....December 27, 2018
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The passage of the Tax Cut and Jobs Act in December 2017 has created a number of new opportunities...December 12, 2018
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While blockchain technologies are not all that new this past year has generated a lot of buzz and chatter...December 12, 2018
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Late last year the Tax Cuts and Jobs Act (TCJA) was passed marking the first time in almost 30...November 16, 2018
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Merriam Webster Dictionary’s definition of an audit – “A formal examination of an organization or individual's accounts or financial...November 15, 2018
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A personal insurance coverage that many people don't understand is Loss Assessment Coverage. Every association has a set of bylaws, and...November 15, 2018
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One of the most important planning tools for an Association is its annual budget. It is important that the...November 15, 2018
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What is Form ST-8? The Form ST-8 (certificate of exempt capital improvements) is to be used when the association is...November 15, 2018
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Background Bad debt has become a hot topic and a significant expense for many condominium and homeowner Associations (“Association(s)”). Concern...November 15, 2018
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In the fight against delinquent unit owners, New Jersey’s Condominium Associations have a unique tool at their disposal – the...November 15, 2018
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Recently, some banks have been offering a hybrid investment known as a "market-linked CD" (MLCD). While these investments may be...November 15, 2018
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In 2007 the New Jersey bulk sales law was expanded to apply to all transactions involving the sale of...November 15, 2018
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As Board members and unit owners receive copies of their Association’s annual audited financial statements, the issue of Interfund...November 15, 2018
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Just about four months have gone by since the passage of the Tax Cuts and Jobs Act and taxpayers...November 15, 2018
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Which Businesses Are Considered a Specified Service Trade or Business? As part of the Tax Cuts and Jobs Act, a...November 15, 2018
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One of the issues at the forefront of the 2016 Presidential election was tax reform. On December 22, 2017,...October 1, 2018
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For a number of years, New Jersey's Individual Gross Income Tax (GIT) has frustrated business owners due to the...September 15, 2018
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Amongst the reduced tax rates and many other tax saving measures included in the Tax Cuts and Jobs Act...September 15, 2018
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Recently the IRS issued a nationwide warning to taxpayers and tax professionals to be aware of a new scam...July 15, 2018
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The New York State Department of Taxation and Finance recently announced that the State will be changing bank accounts...June 15, 2018
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Summer 2018 CPA Newsletter Volume 34 Issue 3 By Mohammed F. Salyani, CPA, FCCA (UK), Principal Now is the time of year...June 1, 2018
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Spring 2018 CPA Newsletter Volume 34 Issue 2 By Maria Maurucio, CPA It is no secret that CIRAs commonly operate using separate...March 1, 2018
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The start of 2015 provides us with an opportunity to review New York’s significant tax reform impacting all corporations...February 15, 2018
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While the tax consequences of the sale of real estate should not drive the decision to sell or hold...February 15, 2018
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Owners of appreciated real estate oftentimes are able to cash-out the equity by refinancing the property. When a partnership...January 15, 2018
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Winter 2018 CPA Newsletter Volume 34 Issue 1 By Lauren M. Landolfi, CPA, MST, Manager One of the issues at the forefront...January 1, 2018
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Fall 2017 CPA Newsletter Volume 33 Issue 4 By Michael Mezzo, CPA, MBA, Supervisor One of the most common questions that we...October 1, 2017
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Fall 2017 CPA Newsletter Volume 33 Issue 4 By Mohammed F. Salyani, CPA, FCCA (UK), Principal A lot of articles, education sessions...October 1, 2017
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Summer 2017 CPA Newsletter Volume 33 Issue 3 By Thomas Hasard, CISSP, IT Service Manager If it seems like every time you...June 1, 2017
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Spring 2017 CPA Newsletter Volume 33 Issue 2 By Jordan Burkhalter, CPA The operating surplus is an area of an Association’s financial...March 1, 2017
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Winter 2017 CPA Newsletter Volume 33 Issue 1 By Joseph A Chorba, CPA Merriam Webster Dictionary’s definition of an audit – “A...January 1, 2017
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Fall 2016 CPA Newsletter Volume 32 Issue 4 By Mohammed F. Salyani, CPA, FCCA (UK) On a daily basis, the clubhouses at...October 1, 2016
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Summer 2016 CPA Newsletter Volume 32 Issue 3 By Edward I. Guttenplan, CPA, CGMA, MBA I have been intimately involved in advising...June 1, 2016
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Spring 2016 CPA Newsletter Volume 32 Issue 2 By Vinay Navani, CPA, MBA, MST and Len Nitti, CPA, MST Sales and use...March 1, 2016
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We frequently get calls from our business clients which go something like this: "A customer located in a foreign...November 15, 2015
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Fall 2015 CPA Newsletter Volume 31 Issue 4 By Joseph Chorba, CPA and Cara Buccellato, CPA Welcome to the 7th edition of...October 1, 2015
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Spring 2015 CPA Newsletter Volume 31 Issue 2 By Jessica Chelkowski, CPA Associations commonly have their Property Manager as well as their...March 1, 2015
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Winter 2015 CPA Newsletter Volume 31 Issue 1 By Chris Frederick, CPA When the topic of fraud comes up in conversation, most...January 1, 2015
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As the country gradually emerges from the recession, negotiations between debtors and creditors related to debt modifications have become...December 15, 2014
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In the past few years, the real estate industry has endured difficult times and given the climate, real estate...November 15, 2014
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In late 2013, the Internal Revenue Service issued final regulations containing rules governing repairs and capitalization. These regulations, effective...December 15, 2013
