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Month: November 2021

Wiss Helps You Run Your Business With an Eye on the Future

By Eliezer Gross, CPA Wiss is a full‐service accounting firm that provides more than annual tax compliance or updates on the latest tax law changes. Our clients frequently seek guidance during every stage of their business: startup, growth phase, succession planning, and exit. Here’s how Wiss has solved some of the challenges our clients face in the real estate industry. The Challenge: Real Estate Acquisition Clients in the growth stage of their business who make real estate acquisitions...

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Gaining a Higher Purpose Through Giving Back

Tax Assistant, Joanne Spencer, discusses the power of giving back to the community. In what ways do you give back? Joanne: Much of what I do to give back to the community comes from my own life experiences, as well as my being a member of Union Baptist Church in Montclair, NJ, where I serve on the church’s Ministerial Team. Giving needn’t be faith-based. In fact, for many people, their life experiences have had a great bearing on how they have responded to others’ needs within the...

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Bringing People Joy, One Belly Rub and Paw Shake at a Time

Above: Daisy, Louie, Jack and Chase. “If people could take one thing away from interacting with my dogs, I hope to think it’s the feeling that they are loved; that there are people, as well as animals, out there that are there for them.” It’s Giving & Gratitude month at Wiss. How do you give back? As a family, we decided to have all our dogs certified to become therapy dogs. To be certified as a therapy dog, each of our pets must be trained and pass a Canine Good Citizen Test...

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Preparing for Tax Season

New for tax year 2021/tax season 2022: The IRS just released on November 8th their tips for getting ready for the upcoming filing season. Now is the time to start and make a list of the tax documents you are expecting and use that list to cross off the items as you receive them. Also keep in mind if you receive certain documents electronically or by mail so you can be on the lookout for these items. You can use your prior year tax returns and records as a guide for what to expect....

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Third Time’s the Charm?

A third version of H.R. 5376 (the Build Back Better Act) was released on November 3, 2021 by the House Budget Committee. This draft increases the state and local tax deduction, brings back many of the retirement proposals from the original September 13 draft of the Build Back Better Act, and retains the surcharge on high-income individuals, estates and trusts from the October 28 version. Below is a summary of where things stand today. Income Tax  State and Local Tax Deduction  Individual...

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R&D Tax Credits for the Technology & Software Industry

Generate cash from your past and future investments to develop or improve software. If your company has paid for software to be developed or improved in the U.S., you may be eligible for federal and state R&D tax credits equaling up to 25% of qualified spending. If your company is financing such activities outside of the U.S., the incentives may be even greater. These dollar–for–dollar offsets against regular income tax liability have enabled many startup and mature businesses...

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Doing Better and Being Better: An Interview with Christopher Cowan, Partner

Chris, you’re passionate about giving back to the community. Can you tell us more about that? We’re not here without the support of our communities. I believe we really have a moral obligation to give back. It’s an obligation of ours to leverage the voice and respect that we have within the community, to help those who are less fortunate than we are. I’ve always wanted to do better and be better. I give back whenever I can and try to encourage others to do the same. “I’ve always...

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Competition, Chemistry, and Grit: 3 Lessons Soccer Can Teach You About Business

Whether you follow soccer closely or still think a throw-in is when everyone contributes gas money for the ride home, the sport contains many lessons that translate to business. Soccer players get tackled and make mistakes throughout every game. Business leaders make bad judgments, despite their best attempts. In both situations, your team is relying on you to get back up and keep pushing. Chemistry is the missing ingredient a soccer team — or a business — needs to turn a set of...

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R&D Tax Credits for the Manufacturing Industry

The manufacturing industry alone claims annual R&D tax credits in excess of $7.4 billion. Innovation is driving the manufacturing industry, and the objective of R&D tax credits is to encourage exactly the type of efforts that are at the core of Industry 4.0. You don’t have to be developing new products or engineering brand new manufacturing processes to qualify for the R&D tax credit. If your company is attempting to develop or improve manufacturing processes or products,...

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