Wiss Blog - Wiss & Company, LLP

Esperanza: A Celebration of Hispanic Heritage and Hope featuring Eddy Alay, Tax Associate

Written on September 23, 2021. Posted in Wiss Gets Personal.

In this series, Wiss employees Eddy Alay, Omar Francisco Pérez, Jonathan Suarez and Isaiah Torres share their stories in light of Hispanic Heritage Month, a period that formally celebrates the immeasurable contributions of Hispanic and Latinx Americans to US economy, culture, and society. The theme of this year’s Hispanic Heritage month is Esperanza (Hope). What are you most hopeful of in terms of Hispanic and Latinx representation in the workforce, today and in the future? Eddy...

5 of the Most Common Reasons Software Implementations Fail

Written on September 21, 2021. Posted in Technology.

By Alex Volpi, Technology Advisory Practice Leader Your organization just selected a new software application to deploy to the business, now what? As humans, we are hardwired to resist change. This is particularly true when it comes to software implementations. Employees throughout the organization are going to be impacted by this change, some more than others, and communicating that change is coming early can make all the difference. According to a survey of more than...

Heads Up, Restaurants: Federal Relief Could Trigger a Single Audit

Written on September 15, 2021. Posted in Assurance, Food & Beverage, General Business, State & Local Tax Services, Tax, Tax Alerts.

By Arnold Macalintal, Partner Since the outbreak of COVID-19, the restaurant industry has been one of the hardest hit by the pandemic’s impacts, leading to spikes in business closures, continued capacity limitations, and unprecedented loss in both jobs and sales. However, many establishments were able to keep their doors open and continue to serve customers throughout the course of the pandemic with the help of federal aid issued through the CARES Act programs, Restaurant...

NY HERO Act Activation

Written on September 14, 2021. Posted in Healthcare, Human Resources.

By Lisa Calick, Director, HR Advisory As mentioned in our earlier blog, What You Need to Know About the HERO Act, NY private employers were obligated to develop a safety plan should COVID-19 ever be designated an infectious disease. New York’s Governor Hochul has now made this designation, thus triggering activation of the safety plans created by employers under the NY HERO Act. As a result of this designation, NY employers must implement the plans they had adopted. Employers...

SBA Increases Max EIDL Loan to $2 Million

Written on September 14, 2021. Posted in General Business.

By Travis Miskowitz, Director, CFO Advisory The U.S. Small Business Administration announced major changes to its signature Economic Injury Disaster Loan (EIDL) program on September 8, 2021. This includes an increase to the maximum loan amount from $500,000 to $2 million and additional permitted uses of the loan proceeds including business debt payments among other enhancements. The program updates are a welcome change as the administration continues to focus on supporting...

Biden’s Announcement on Employer Vaccine Mandates

Written on September 13, 2021. Posted in General Business, Healthcare, Human Resources, Small Business.

By Lisa Calick, Director, HR Advisory Employers have been grappling with whether to enforce vaccine mandates in their companies, however President Biden’s recent Executive Order may now take that decision out of their hands. Late last week, the President announced his multi-level strategy for combatting the continued spread of COVID-19 – a key piece of which includes sweeping vaccine mandates for many employers. The mandate for private employers affects those with 100...

End of COBRA Premium Subsidy: Notice Obligations by September 15

Written on September 8, 2021. Posted in Human Resources.

By Lisa Calick, Director, HR Advisory As mentioned in our earlier blog, American Rescue Plan: Free COBRA Coverage, certain qualified Assistance Eligible Individuals (AEIs) have been eligible for a COBRA premium subsidy between the months of April 1, 2021 and September 30, 2021. With the expiration of this subsidy at the end of this month, employers need to make sure they are providing the required notice to individuals. One of the obligations of employers has been to...

Tax Breaks for Casualty Losses

Written on September 3, 2021. Posted in Financial Planning, General Business, Small Business.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Hurricane Ida has wreaked havoc since it made landfall in Louisiana just this past week and has since caused massive destruction for all things in its path as it traveled up the coast. Between widespread power outages, flooding, fires, and more, the last thing on people’s minds (as it should be) is the tax implications of suffering a casualty loss but it’s important to know that (believe it or not) you could be eligible for...

5 Benefits of Implementing an ERP System to Your Business

Written on September 2, 2021. Posted in Advisory Services, General Business, Technology.

By Alex Volpi, Technology Advisory Practice Leader At some point, companies will reach a point where spreadsheets, disparate systems and disjointed processes are no longer cutting it. This is where Enterprise Resource Planning (ERP) systems come into the picture for many organizations. In fact, 96% of emerging businesses that are leaders in their industries use an ERP system, and 95% of companies saw an improvement in their business processes after implementing an ERP system,...

The Benefits of Automated Cashflow Reporting

Written on August 18, 2021. Posted in Real Estate.

By Travis Miskowitz, Director, CFO Advisory Protecting data integrity while leveraging data for strategic insights and decision‐making Imagine that you’re the head of a real estate company that has 90 bank accounts. You want to know the details of your cashflow, so you request that someone from the accounting team update you on the activity and cash balances twice a day. The employee spends his entire week doing this manually — checking each of the 90 accounts and transferring...

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