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Harry P. Wills III, CPA, CGMA, Partner

Harry P. Wills III, CPA, CGMA, Partner

Recent Posts

Be Prepared for 401K and IRA Contribution Limit Changes

Posted by Harry P. Wills III, CPA, CGMA, Partner on Dec 4, 2018 10:00:00 AM
Be Prepared for 401K and IRA Contribution Limit Changes

Contribution limits for 401Ks and IRAs are changing for the 2019 tax year, according to the Internal Revenue Service. These are considered cost of living adjustments, and they affect the dollar limitations for pension plans and other retirement-related items. Here are the most important changes that you need to know about, both as an employer and an employee:

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction

The NJ Sick leave Law is Going into Effect on October 28, 2018

Posted by Harry P. Wills III, CPA, CGMA, Partner on Oct 26, 2018 1:19:09 PM
The NJ Sick leave Law is Going into Effect on October 28, 2018

I wrote earlier this year (see detailed post here) about upcoming changes to sick leave policy in New Jersey.  Please be advised that the new law goes into effect on October 29, 2018, just a few days from now!  Is your business prepared?

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction

Now is the Time to Invest in Opportunity Zones

Posted by Harry P. Wills III, CPA, CGMA, Partner on Oct 17, 2018 11:30:00 AM
Now is the Time to Invest in Opportunity Zones

Are you in the market to open a business in a low-income neighborhood? If so, now is the right time to do it. A tax law enacted in 2017 includes tax breaks for Opportunity Zones, which, according to the IRS, is an economically distressed community where new investments might be eligible for preferential tax treatment.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction

What Does NJ's Individual Mandate Mean for You?

Posted by Harry P. Wills III, CPA, CGMA, Partner on Oct 1, 2018 11:25:51 AM
What Does NJ's Individual Mandate Mean for You?

As a New Jersey business owner, this is important healthcare policy information that you need to know. New Jersey governor Phil Murphy has signed a law requiring all New Jersey residents who don't have health coverage through their employment or a government program (e.g. Medicaid or Medicare) to buy a policy or pay a fee. This provision (known as the individual mandate) is currently part of the Affordable Care Act, which originally imposed the mandate nationwide to make sure that healthy people who might otherwise opt not to buy insurance to share costs. However, the recent tax law removes that mandate at the federal level by 2019. Not so for New Jersey.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction

Sick Leave to Become Law in New Jersey This October

Posted by Harry P. Wills III, CPA, CGMA, Partner on Jul 17, 2018 10:00:00 AM
Sick Leave to Become Law in New Jersey This October

If you are an employer in New Jersey, take note. You will now have to provide your employees with paid sick leave, as the state has joined several others in making this a law. There is now one uniform law for paid sick leave throughout the state. Here is what you need to know about the new law:

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction

Sales Tax Okayed for Out-of-State Sellers, Court Says

Posted by Harry P. Wills III, CPA, CGMA, Partner on Jul 10, 2018 10:00:00 AM
Sales Tax Okayed for Out-of-State Sellers, Court Says

Many businesses have historically enjoyed the privilege of avoiding collecting sales tax on sales in states in which they don’t have a physical presence.  Due to a recent Supreme Court decision, that’s all about to change, and you should prepare for the impact this will have on your operations and finances. Sellers will no longer need to have a physical presence in a state before imposing sales or use taxes.

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Topics: For-Profit Entities, Funeral Homes, Construction

Are You Taking Advantage of the New Deductions from Section 199A?

Posted by Harry P. Wills III, CPA, CGMA, Partner on Jul 3, 2018 10:00:00 AM
Are You Taking Advantage of the New Deductions from Section 199A?

The enactment of the Tax Cuts and Jobs Act late last year brought about a new provision of the Internal Revenue Code. Sec. 199A allows owners of sole proprietorships, S corporations, or partnerships to deduct up to 20 percent of the income earned by the business. Here are some of the highlights of Sec. 199A.

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Topics: For-Profit Entities, Funeral Homes, Construction

The Effect of Tax Reform on Choice of Entity Considerations

Posted by Harry P. Wills III, CPA, CGMA, Partner on Jun 19, 2018 10:00:00 AM
The Effect of Tax Reform on Choice of Entity Considerations

Since tax reform reduced corporate tax rate to 21 percent from 35 percent, it is time for all pass-through entities, including partnerships and S corporations, to evaluate the choice of entity. Planning to convert from a pass-through entity to a C corporation requires thoughtful consideration, analysis, and planning.

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Topics: For-Profit Entities, Funeral Homes, Construction

Tax Alert: New Withholding Requirements for PA

Posted by Harry P. Wills III, CPA, CGMA, Partner on Feb 26, 2018 1:00:00 PM
Tax Alert: New Withholding Requirements for PA

Pennsylvania’s tax code underwent several changes in November 2017, when the Act 43 was signed into law. An important piece of that legislation was a new withholding obligation for Pennsylvania companies that pay non-resident vendors or subcontractors.

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