Wiss Blog - Wiss & Company, LLP

Make the Outsourced Accounting Transition and Watch your Business Soar

Written on September 29, 2022. Posted in Outsourced Accounting & Tax.

By Carolyn Hall Many companies consider outsourced accounting services at some point in their development, whether it is to support growth, improve efficiency or simply ease the administrative burden on their staff. There are a number of advantages, but it is a big decision to outsource part of your operations. Here are five key reasons to consider making the transition. With that responsibility out of the way, you can focus on your core strengths. The primary reason to consider...

How to Assess and Resolve Business Process Issues

Written on September 27, 2022. Posted in Advisory Services.

By Paul Ursich As companies grow, they often fail to focus on the technology or resources required to maintain their edge in the marketplace. This can lead to a breakdown in business process optimization, hinder productivity and impact morale. Take, for example, a construction company that approached Wiss after experiencing 300 percent growth over a five-year period. While sales had tripled, the size of the accounting department and the technology used to run the business never...

Optimize Your Transfer Pricing Approach with Technology

Written on September 20, 2022. Posted in Technology.

We are all familiar with the month-end crunch — a scramble to extract the data needed to run the transfer pricing (TP) monitoring calculations, determine adjustments, investigate inconsistencies, gain approvals and book those all-important TP entries. Then focus might shift to a new acquisition, which will require harmonizing TP policies, stress-testing existing policies, facing new data source challenges and dealing with unraveling processes. And then the tax authorities serve up...

Wiss Celebrates Hispanic Heritage Month

Written on September 15, 2022. Posted in Wiss Gets Personal.

Hispanic Heritage Month is an annual celebration of the history and culture of the U.S. Latinx and Hispanic communities. Every year from September 15th to October 15th we appreciate and honor the colorful cultures, rich histories, and diversity of the American Latino community. The month-long celebration commemorates the significant contributions these communities have brought to the United States economy, culture, and society. This year’s theme, Unidos: Inclusivity for a Stronger...

8 Ways to Get the Most Out of Your EHR System

Written on August 24, 2022. Posted in Healthcare.

Struggling with your EHR system? You’re not alone. EHR systems present healthcare organizations with the opportunity to improve workflows, enhance the patient experience and generate better clinical outcomes. Unfortunately, EHR systems aren’t always optimized, which can cause more work — and greater headaches — for both your clinicians and patients. Want to know how to get the most value out of your system? Check out these steps to ensure you’re taking full advantage of all the benefits...

Tax Implications of the Inflation Reduction Act

Written on August 17, 2022. Posted in Tax.

By Nicole DeRosa, CPA, MAcc Just a mere four days following the House passage, President Joe Biden signed the Inflation Reduction Act (IRA) of 2022 into law on August 16, 2022, which is projected to raise more than $700 billion in revenue through federal policy changes impacting U.S. energy, environment, and tax sectors. Several noteworthy items that are not included in the final bill include: A provision to remove the itemized deduction cap for an individual’s state and local...

How Insulated is Technology M&A from Rising Interest Rates and Inflation?

Written on August 17, 2022. Posted in Advisory Services, Early Stage, General Business.

Technology, media, and telecoms (TMT) mid-market M&A shows resilience to ongoing macroeconomic uncertainties, led by software deals. However, questions remain over how companies and investors are likely to react in coming quarters. Interest rate hikes, inflation, continued supply chain disruptions and Russia’s war in Ukraine all contribute to increased macroeconomic uncertainty. For companies and investors, the situation raises questions about future economic prospects. Are we,...

Community Outreach

Written on August 8, 2022. Posted in Wiss Gives Back.

At Wiss, we believe in exceptional service, both inside and outside of the office. Our values live beyond our work. We’re committed to positively impacting lives by supporting all those who face an uphill battle, including the youth and underrepresented groups. Through our various community outreach programs and partnerships, we aim to propel people forward through education and opportunities that will help them realize their potential and maximize their performance. Our long-standing...

Is Your Company Effectively Managing Tax Risk?

Written on July 27, 2022. Posted in Tax.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager IS YOUR COMPANY EFFECTIVELY MANAGING TAX RISK? The concept of “tax risk” is an increasingly important and regular topic of discussion across organizations, and for good reason. Businesses that operate across state lines or internationally can in certain cases trigger tax liabilities in jurisdictions where they do not have a physical presence. In addition, many countries are adopting policies which require greater transparency in tax...

Remittance Schedules: How to Know and Meet Your Deadlines

Written on July 26, 2022. Posted in Employee Benefit Plan Audits.

Part of offering a defined contribution plan, whether a 401(k) or a 403(b) plan, is making sure that the money participants contribute from their paycheck is deposited in their retirement account in a timely manner. While this might seem like a relatively minor and simple task in the scope of a plan sponsor’s fiduciary duties, the Department of Labor (DOL) views non-compliance with remittance rules as a major issue, and missing deadlines for deposits—even by a couple of days—can...

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