Wiss Blog - Wiss & Company, LLC

A Breakdown of the Opportunity Zones Program as the Deadline for Investment Nears

Written on December 5, 2019. Posted in Real Estate.

Interview with Alex Narcise and Stephanie Hughes The Opportunity Zones program, created by the 2017 Tax Cuts and Jobs Act, offers private equity firms, family offices, and asset managers the chance to make an investment with up to 100% exemption of capital gains taxes. The deadline, however, is fast approaching: December 31, 2019. In this post, we’ll provide a breakdown of the program, as well as lay out the possible advantages and disadvantages of investment. Let’s dive in. What...

A message to CEOs: When a CFO joins or leaves your company, it’s an ideal time to conduct a Business Process Review

Written on November 7, 2019. Posted in Advisory Services, General Business.

by Paul Ursich A CFO entry or exit event, especially when it comes to mid-sized companies, is often an opportune time to conduct a Business Process Review. When a mid-sized company decides to bring on a CFO, it’s an indication of an important company life cycle shift. Making the investment into this critical CFO role is a major one. It’s the perfect time to conduct a Business Process Review to provide valuable insight into this new hire. An immediate and independent review can drastically...

New HRA Option for Businesses Beginning January 1, 2020

Written on October 25, 2019. Posted in Human Resources.

by Lisa Calick, SPHR Businesses that have struggled with wanting to provide an alternative to a group health plan for their employees will now have a new option to consider with an Individual Coverage Health Reimbursement Arrangement (ICHRA), which will be available beginning January 1, 2020. This benefit allows employers to reimburse employees tax-free for health insurance coverage bought on the individual market, thus allowing companies to provide benefits without having to offer...

NJ Employment Law Update: Salary History Ban

Written on October 2, 2019. Posted in Human Resources.

In yet another step toward strengthening equal pay protections among workers, New Jersey joins the list of states that will now prohibit companies from asking prospective employees about their salary history. The new law, which will take effect in January 2020, makes it illegal for employers to ask about an applicant’s salary, commission or benefits history during the hiring process. Companies may only consider this information if voluntarily offered by the applicant without coercion,...

The Tax Cuts and Jobs Act of 2017

Written on October 2, 2019. Posted in International Tax Services.

In December 2017 the U.S. passed a comprehensive tax reform package focused on supporting U.S. investments and the repatriation of foreign profits. The Tax Cuts and Jobs Act of 2017 (TCJA) lowered the corporate federal tax rate from 35 to 21 percent and made significant changes as to how foreign generated income would be taxed going forward. The TCJA enacted a “territorial” tax system and at the same time introduced provisions aimed to prevent U.S. companies from shifting profits...

Leverage Automation to Enhance Your Accounts Payable System

Written on June 4, 2019. Posted in Technology.

Your organization has embraced advanced technology everywhere it seems to fit. In that way, you’re staying competitive in your industry and meeting the expectations of clients or customers. Nonetheless, if your accounts payable people aren’t leveraging technology to streamline workflow, your company is still missing the mark. Sometimes you don’t know what you’re missing until you make a change. Here are some of the leading benefits of a changeover to an automated AP system. Workflow...

Contractor Billings: Management, Strategy, & Effects on the Financial Statements

Written on May 14, 2019. Posted in Construction.

Updated 7/30/2019. In the construction world, management is key. It takes a tenured project manager to have a successful and profitable job, so when it comes to the billing department, take a strategic approach. Contractor billing breakdown Now some may be asking, “Why does billing matter? Don’t contractors earn revenue regardless of how much they bill?” And that is true – Generally Accepted Accounting Principles (GAAP) state that to be accurate, the best way for a contractor...

Today’s Software Solutions Vastly Improve HR Staff Productivity

Written on April 29, 2019. Posted in Advisory Services.

Updated 7/30/2019. I recently visited a client company with over 750 employees. The HR staff kept track of vacations on a spreadsheet. Anyone considering taking time off would first call up some poor overworked HR rep and see how many days they had remaining. That rep would have to then manually update the remaining totals. I have to imagine that was pretty much how that staffer spent his or her summer months at work. This same company had a total of about ten spreadsheets keeping...

4 Ways to Onboard Your Employees the Right Way

Written on April 22, 2019. Posted in Human Resources.

By Lisa Calick The onboarding process is your company’s first involved interaction with your new employees. Waiting until they walk in the door on the first day can be too late. An effective onboarding process begins from the moment your candidates accept the job. You’ll want to show them they made the right decision and be able to make the most of the new job from day one. Here are four ways to get their career journey at your company off to the best possible start. Begin early. Plan...

How a Mentorship Might Advance Your Career

Written on April 16, 2019. Posted in Human Resources.

By Kevin Kurtz Updated 7/29/2019 You’ve graduated from college with a degree that should give you a good starting point to a gratifying career. But you don’t actually have that job yet. Do you know which career positions to pursue? Large employer or small? Relocate or stay local? From point of graduation forward, it can be beneficial to have the insight and advice of someone older who’s been where you hope to go. Someone who has navigated the obstacles and blind alleys you’re about...

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