December 2021 - Wiss & Company, LLP

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...

Retirement Plan Limits Announced for 2022

Written on December 23, 2021. Posted in Employee Benefit Plan Audits, Retirement.

The Internal Revenue Service (“IRS”) announced the retirement plan contribution limits, adjusted for cost-of-living adjustments, for 2022. These adjustments can be found in greater detail in IRS Notice 2021-61 at https://www.irs.gov/pub/irs-drop/n-21-61.pdf. Following is a chart summarizing some of these adjustments: 401k Plan Limits20222021 401k Elective Deferrals2050019500 Annual Defined Contribution Limit6100058000 Annual Compensation Limit305000290000 Catch-Up...

Reflecting on 2021: Meryl Dorais

Written on December 22, 2021. Posted in Wiss Gets Personal, Wiss Gives Back.

This December we’re taking stock of the year that’s passed and sharing stories of the ups, the downs, and everything in between. Meryl, could you take us through some of your highlights and insights from 2021? Meryl: 2021 in a nutshell: a lot happened! One major change for me professionally this year was switching from Audit to Advisory at Wiss. I had been in Audit for four years since leaving Ramapo college. I didn’t want to leave Wiss, but I wanted to see what other options were...

2021 Year-End Tax Planning for Businesses

Written on December 20, 2021. Posted in Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since then, various versions of tax and spending measures have been negotiated and...

Reflecting on 2021: Namrita Singh

Written on December 17, 2021. Posted in Wiss Gets Personal.

We’d love to hear about moments during this past year that were meaningful for you. What are some standouts for you—for better or for worse—reflecting on 2021? Being able to work flexibly has made a huge positive impact for me. I moved back home with my parents this year, and I’ve been able to spend more time with them than I ever thought I would again. My parents are immigrants and we don’t have any family close to us so being able to spend all this extended time with them has...

New York City Employers: New Vaccination Requirement

Written on December 16, 2021. Posted in Human Resources.

By Lisa Calick, Director, HR Advisory As expected, new guidance has now been released related to Mayor Bill de Blasio’s recent Order requiring New York City employees to provide proof of vaccination to their employers. As of December 27, all employees of private businesses in New York City will need to provide proof of at least one dose of the COVID-19 vaccine. By this date, businesses will be required to verify and keep record of each employee’s proof of vaccination. ...

2021 Year-End Tax Planning for Individuals

Written on December 14, 2021. Posted in State & Local Tax Services, Tax, Tax Alerts.

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under legislation enacted during the past year. The information...

New York Employer Mask/Vaccine Mandate

Written on December 13, 2021. Posted in Human Resources.

By Lisa Calick, Director of HR Advisory Services A new announcement by New York’s Governor Hochul on Friday, December 10 brings immediate requirements to New York State businesses. In an effort to stop the rising number of COVID-19 cases and hospitalizations in the state, the Governor announced that effective December 13, employees and patrons of New York businesses must wear a mask indoors unless the business requires proof of vaccination as a condition of entry. This mandate...

Nicole DeRosa on Leadership, Opening Doors, and Getting Out of Your Comfort Zone

Written on December 9, 2021. Posted in Tax, Wiss Gets Personal.

Nicole DeRosa, Senior Tax Manager at Wiss, sits down with Wiss Marketing to share her story. Could you tell us a little bit about your background? Personally, I have always gravitated toward math and science so I knew it was likely that I’d end up doing something in that general arena. In my junior year in high school, I took an accounting class and knew at that point that I wanted to be an Accountant. Unusual, I know because back then, the stigma of ‘an accountant’ was so “un-cool”...

Month: December 2021