January 2023 - Wiss & Company, LLP

The International Day of Commemoration in Memory of the Victims of the Holocaust

Written on January 26, 2023. Posted in Wiss Gets Personal.

By Fred Komarow January 27th is designated by the United Nations General Assembly as International Holocaust Remembrance Day (IHRD). Since 2005, the UN and its member states have held commemoration ceremonies to mark the anniversary of the liberation of Auschwitz-Birkenau and to honor the six million Jewish victims of the Holocaust and millions of other victims of Nazism. On November 1st, 2005, the UN General Assembly adopted resolution 60/7 to designate January 27th as International...

Financial Reporting Considerations: Interest Rates and Inflation

Written on January 26, 2023. Posted in Assurance, General Business.

By Arnold Macalintal Overview As companies prepare for year-end financial reporting, it’s important to consider the implications of inflation and rising interest rates, which can affect financial reporting in many ways, as discussed below. Many of the financial reporting areas affected involve impairment or valuation analyses, which often hinge on discounted cash flow models. As a result, developing estimates of future cash flows and related inputs (e.g., discount rates) may be...

Reinforcing U.S. Leadership and Competitiveness in Digital Assets

Written on January 24, 2023. Posted in Employee Benefit Plan Audits, General Business.

By Cindy Sandomenico & Laura Zindel Recent volatility in the digital assets market doesn’t appear to slow its growth. In fact, Fidelity recently found that nearly 90% of institutional investors find characteristics of digital assets appealing.[1] As investor interest continues to grow, retirement plan sponsors should pay close attention to developments in the digital assets industry, as plan sponsors may soon need to decide whether to add digital assets to their plan’s lineup. In...

All About Chinese New Year

Written on January 20, 2023. Posted in Wiss Gets Personal.

By Hanna Clary Chinese New Year, also known as the Spring Festival or Lunar New Year, is the most important holiday widely celebrated across Asia and among Asian communities. As the fresh start of the year, people celebrate unity and goodwill and usher in good fortunes such as wealth, wisdom, health, and happiness. This year, the holiday starts on Sunday, January 22nd, 2023. The rat, ox, tiger, rabbit, dragon, snake, horse, sheep, monkey, rooster, dog, and pig are the twelve zodiac...

Part 7: Keeping Your Industry Front and Center

Written on January 18, 2023. Posted in Technology.

By Luis Vargas In an earlier post, we discussed the pros and cons of customization vs. using an “out of the box” solution. When selecting a technological solution, it is worth thinking about your initiative in the context of your industry. There may be any number of technology solutions specific to your industry that, when used wisely, can help you achieve your goals faster and with less friction. After all, they were designed with you in mind. On the other hand, sometimes a technological...

SECURE 2.0 Act of 2022 Introduces Key Changes for Workplace Retirement Plans

Written on January 17, 2023. Posted in Uncategorized.

The Consolidated Appropriations Act, 2023 (Public Law No. 117-328) that was signed into law on December 29, 2022, by President Joe Biden includes the SECURE 2.0 Act of 2022, which introduces over 90 changes to the federal rules governing workplace retirement plans. This landmark legislation builds on the original SECURE Act that was enacted on December 19, 2019, and aims to expand coverage and increase retirement savings while simplifying and clarifying retirement plan rules. Every...

New Jersey ANCHOR Property Tax Relief Program Deadline Extended

Written on January 16, 2023. Posted in Tax.

By Nicole DeRosa The Affordable New Jersey Communities for Homeowners and Renters (“ANCHOR”) property tax relief program deadline application has been extended again, for the second time to February 28, 2023. This program provides tax relief to New Jersey residents who owned or rented their principal residence on October 1, 2019 and met certain income limits, which is based on 2019 gross income limits (NJ-1040 Line 29): Homeowners with income of $150,000 or less will receive $1,500 Homeowners...

Part 6: Thinking Big, Starting Small: The Power of Being Agile

Written on January 10, 2023. Posted in Technology.

By Luis Vargas Technology moves fast. Being able to move with it—acting quickly, and efficiently, and pivoting when necessary—is one of the keys to success. But speed is not the only consideration. Making smart decisions is equally valuable. “Failing fast” means taking an iterative approach to problem-solving—being open to the possibility of failure as a way of gaining information. Failing can give early indications of what does and doesn’t work and can save time and money in the...

Rate Increases for 2023

Written on January 3, 2023. Posted in General Business.

By Jennifer Wettje As the new year begins, employers should prepare and plan for minimum wage rate increases. Both New Jersey and New York will experience minimum wage rate increases in 2023. The new minimum wage rate for New Jersey went into effect on January 1, 2023. The rate will increase to $14.13 an hour up from $13 an hour for most employers. Seasonal employers and small employers (fewer than 6 employees) will see the rate increase to $12.93 an hour. Agricultural employers...

Month: January 2023