Wiss Blog - Wiss & Company, LLP

Audit Threshold Increased for NJ Nonprofits

Written on January 20, 2022. Posted in Not For Profit.

By Eitan Balloul, Tax Manager, Not-for-Profit Many Exempt Organizations incur significant expenses associated with the requirement of providing audited financial statements on an annual basis. That expense could be diverted and used to further the charitable mission of the organization. The burden of that expense may be relieved by increasing the threshold at which organizations must file audited financial statements and excluding certain non-monetary in-kind contributions...

How To Distribute Authorized Stock to Startup Stakeholders

Written on January 19, 2022. Posted in Early Stage, General Business.

It’s not often that you hear entrepreneurs tell the truth about what it takes to get a startup rolling, especially about the nitty-gritty details of how to authorize shares of stock. In this article, we’re taking away the mystery of share distribution. If you’ve already decided to set up a C corporation and learned about initial valuation, the next step is to figure out how to split shares of the company fairly amongst stakeholders — and wrestle with the math behind those decisions. Determining...

U.S. Supreme Court Halts Private Employer Vaccine Mandate

Written on January 17, 2022. Posted in General Business, Human Resources.

By Lisa Calick, Director, HR Advisory The U.S. Supreme Court has halted enforcement of the Biden Administration’s vaccine mandate, citing that the Occupational Safety and Health Administration (OSHA) overstepped its authority. This mandate would have required private employers with 100 or more employees to ensure that their workers are vaccinated or adhere to weekly testing if unvaccinated. In doing so, the case returns to the 6th U.S. Circuit Court of Appeals for consideration. The...

Updated Reporting Requirements for NY Tax-Exempt Organizations

Written on January 13, 2022. Posted in Not For Profit, State & Local Tax Services, Tax, Tax Alerts.

By Eitan Balloul, Tax Manager, Not-for-Profit In November of 2021, Governor Kathy Hochul of New York signed bill A1141A/S4817A to repeal NY Executive § Law 172-b. This law required certain exempt organizations who were registered with the New York State Attorney General (Department of Law) to submit an additional filing with the New York Department of State. Executive § Law 172-b became effective on January 1, 2021, and to many Exempt Organizations, it meant the burden...

How To Raise Capital Without a Startup Valuation

Written on January 11, 2022. Posted in Early Stage, Tax.

An exciting part of early-stage startup ownership is bringing on investors who believe in your mission. But before you offer them equity in your business, you have to figure out how much it’s worth. Every startup is unique and, as with many other factors of entrepreneurial life, there’s no one-size-fits-all way to complete a valuation. However, there are some best practices you should follow when assigning a reasonable value to your company and appealing to investors with convertible...

ERP Trends to Watch in 2022

Written on January 10, 2022. Posted in Technology.

By Alex Volpi, Technology Advisory Practice Leader More than ever, businesses are investing in technology. Worldwide IT spending is totaled $4.2 trillion in 2021, an increase of 8.6% from 2020, according to the latest forecast by Gartner, Inc. Companies are constantly bombarded by the term ‘Digital Transformation.’ Overhauling manual internal processes, retiring legacy business software, and implementing modern cloud technology is the goal for many business...

Incorporation 101: C-Corp vs. LLC

Written on January 5, 2022. Posted in Early Stage, General Business, State & Local Tax Services, Tax.

So you’ve decided to start a business. Once you get past the initial excitement of throwing ideas around with your co-founders, it’s time to make your first big decision: how you’ll structure your organization. Choosing a corporate entity type can feel overwhelming if you’ve never done it before. And even if you have, each industry and business has unique needs. In this article, we’ll break down some important details you need to know about the two most common types of entities:...

Wiss Welcomes Neidich & Co.

Written on January 4, 2022. Posted in Real Estate.

We are excited to announce that Neidich and Company has joined Wiss, effective January 1, 2022. Neidich is based in Mountainside NJ, where its office will continue to remain open. Neidich is a leading accounting firm in NJ serving privately owned real estate companies. Founded in the 1950s by Sid Neidich, the firm is currently led by Charles Tarlowe who became Managing Partner in 2021 after the passing of his partner, Michael Beck. Like Wiss, Neidich prioritizes meaningful relationships...

2021 Cryptocurrency Market: Year In Review

Written on December 29, 2021. Posted in Advisory Services, Cryptocurrency, Investing, Tax, Tax Alerts.

Interest in and adoption of cryptocurrency (“crypto”) has been at an all-time high in 2021. In the past year, there have been a number of new, game-changing developments in the space which we will summarize in this piece. In addition to a market update, we will also highlight the most common audit, tax, and advisory themes that our teams have been discussing with our clients. Market Update The crypto market exploded in early 2021, with bitcoin reaching an all-time high of $65k in...

Reflecting on 2021: Jeremy Offsey

Written on December 28, 2021. Posted in Wiss Gets Personal.

We’d love to hear your highlights and significant moments from 2021. What are some standouts for you—for better or for worse—reflecting on the year? Definitely coming here. I started at Wiss in July this year. It’s scary changing jobs. It’s been an awesome fit and an exciting change. I was supposed to get married in 2020. We weren’t able to plan our wedding like we wanted to. It was frustrating. Just after we put down our deposit, Covid hit. We had a backyard Zoom wedding. I couldn’t...