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

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...

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Financial Reporting Considerations: Interest Rates and Inflation

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...

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Reinforcing U.S. Leadership and Competitiveness in Digital Assets

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...

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All About Chinese New Year

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...

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Part 7: Keeping Your Industry Front and Center

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...

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

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...

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New Jersey ANCHOR Property Tax Relief Program Deadline Extended

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...

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

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...

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Rate Increases for 2023

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...

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Part 5: Invest in Change Management

By Luis Vargas Once you lay out the specific aspects of the investment—which initiative to prioritize, how to measure success, who will lead the project and how much customization is needed—you can shift focus to your employees and your strategy for guiding them through the future change. Managing change throughout the lifecycle of your initiative will be critical to creating a culture of innovation and securing ROI. There are five phases of change management—as you strategize how...

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The Christmas Escape of 1854

By Amanda Bowra Christmas Eve, 1854. At just 32 years old, runaway slave Harriet Tubman braved capture, torture, and death to return to her home in Maryland to rescue three of her brothers, Ben, Henry, and Robert from slavery. The brothers had attempted to escape with Harriet in the past, but unable to bear leaving their wives and children, they turned back to face their punishment. Now five years later, Harriet got news that the brothers were to be sold to new owners immediately...

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2022 Year-End Tax Planning for Individuals

By Nicole DeRosa With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes. As we approach year-end, now is the time for individuals, business owners and family offices to review their 2022 and 2023 tax situations and identify opportunities for reducing, deferring or accelerating their tax obligations. The information contained within this article is...

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Deadline Extended for NJ ANCHOR Program

By Karin Ecroyd The deadline to file the Affordable New Jersey Communities for Homeowners and Renters (NJ ANCHOR) program benefit application has been extended to January 31, 2023 (originally December 30, 2022). Payments will start going out late Spring 2023! Earlier this year, New Jersey enacted the ANCHOR program which aims to put some cash back into the pockets of New Jersey homeowners and renters, and serves as a replacement for the Homestead Benefit with a broader application....

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Stop Trying to Be Goliath – Be David Instead

By Paul Peterson What a Final Game!  As many of us suffer withdrawal from the World Cup, I am hoping that this post with the USA Soccer Federation as our “Lab Study” will help us in our own businesses as we close out 2022 and look to the future. We can agree that many people believe the best way to succeed in business is to “Get Bigger”.   In some cases, absolutely, economies of scale matter to execute the strategies of companies like Amazon and WalMart.  But, often, as in the case...

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2022 Year-End Tax Planning for Businesses

By Nicole DeRosa U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and services more expensive and cooled consumer spending. The stock market has declined sharply, and the prospect of a recession is on the rise. What’s...

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Is Your Mission Working? Let’s look at the data

By Paul Peterson In my previous post, I listed two missions without naming the organization they related to and asked you which one resonated more with you. Below are the actual ones with the entity included.  Mission Statements USA Basketball sets out to encourage a culture of “basketball for life,” where whether as players, coaches, officials, or fans of the game, people will be inspired to continue their participation in the game in some way throughout their whole life. The Federation’s...

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Part 4: Carefully Consider Customization

By Luis Vargas Every business has unique needs, and it can be tempting to customize existing software solutions to meet those needs precisely. However, customization requires specialized coding skills and, in some cases, custom implementation, which can cause a cascade of challenges. Further revisions will require more code; future releases could be impacted, necessitating even more code. If the customization impacts the software’s functionality, the vendor is typically not responsible...

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Driving Growth with a Business Process Review

By Paul Ursich When a company is laser-focused on growth, it can take time and effort to analyze business processes. But when problems arise — or significant organizational changes occur — taking a hard look at strengths and weaknesses is often the best way to light the path forward. The reasons that a company might decide to do a Business Process Review are manifold. The CEO may be looking for help optimizing processes for compliance assurance, finishing an audit, or completing...

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Customer Experience and the USA National Soccer Team 

By Paul Peterson It was a damp and grey Thursday afternoon on June 14, 1990. I convinced a college buddy of mine to join me in rushing to a bar in downtown South Orange as soon as class finished to watch the USA National Soccer team take on heavily favored Italy, in the host country of Italy, no less. Of course, beers would have to be on me. I played soccer my whole childhood, and this was the first time at the age of 19 that I would watch the USA team in a World Cup. American soccer...

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Part 3: Find Your Innovation Champion

By Luis Vargas You’ve selected your project and you’ve lined up your KPIs. Now it’s time to drive that project forward and over the finish line. But how? It’s all too common for IT initiatives to get bogged down in bureaucracy, inertia, and poor communication. To overcome those obstacles, you need someone who can pilot the project from beginning to end. You need someone who can craft and share a vision of what the initiative will do, respond to objections, and break through stumbling...

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Part 2: Measuring Success – Understanding the Project’s Key Variables

by Luis Vargas You’ve put time and effort into selecting the right IT project—naturally, you want it to be successful. But what does “success” really mean? Without a clear definition, knowing when and if your project is truly successful is impossible. Clear, measurable targets, also known as Key Performance Indicators, or KPIs, are critical because they provide data that helps you track your progress. Good KPIs help evaluate the success of a particular activity and even help you...

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Your Guide to 1099s

by Tania Vallarta, Megan Goldstein & Leonor DiStefano Introduction Every January, businesses must issue Form 1099-Misc or 1099-NEC to non-incorporated entities or individuals who they paid at least $600 by a method of payment other than credit card for performing a service to their business. Keep reading for best practices to help you stay in compliance! Form W-9 As soon as you engage a service provider and before you pay them, have them complete a form W-9. This provides you...

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Part 1: Maximizing Your Organization’s IT Investments

By Luis Vargas, Director, CFO Advisory This is part one of a seven-part series on maximizing your organization’s IT investments. Every organization must decide how to allocate limited human and financial resources across competing needs, and stakes are exceptionally high when selecting suitable IT investments. Research by McKinsey found that large IT projects run 45% over budget while delivering 56% less value than predicted. The same study found that 17% of IT investments...

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Plan Sponsor Alert: Digital Assets’ Potential Benefits and Risks

By Laura Zindel and Cindy Sandomenico Digital assets such as cryptocurrencies and non-fungible tokens (NFTs) are growing and disrupting the way consumers and businesses pay, bank, and invest. A recent survey by Capitalize found that 60 percent of respondents would like a cryptocurrency investment option in their 401(k) plans. Several service providers, including Fidelity, have responded to that request by offering 401(k) participants direct but limited cryptocurrency investment options....

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Confronting the Onshoring Workforce Crisis

For decades, the goal was globalization. In the early 1990s, the end of the Cold War and the growing ubiquity of the internet ushered in an age of new possibilities for American manufacturing, which caused supply chains to sprawl worldwide. Recent years have provided strong incentives to reverse this trend and encourage investment in reshoring. As BlackRock CEO Larry Fink noted in a March 2022 letter to shareholders, we are seeing the “end to the globalization we have experienced...

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$20 Million Dollar New Grant Program for New Jersey Manufacturers

By Russ Faye, Partner The New Jersey Manufacturers Voucher Program (“MVP”) which was  Announced by NJ Governor Murphy’s office on October 17, 2022,  aims to provide the state’s manufacturers with funding to access the equipment they need to grow operations, increase profits and enter emerging industries.  The $20 million pilot program offers NJ manufacturers grants ranging from 30% to 50% of the cost of eligible equipment, including installation, up to a maximum award amount of $250,000...

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The Investor’s Perspective: How Pitch Decks Often Miss the Point

Over the years, we’ve seen thousands of pitch decks and had countless conversations with both investors and early-stage startup founders about investment opportunities.  As a result, we’ve gained a comprehensive understanding of both the solicitor and the solicitee’s perspective. Generally speaking, pitch decks tend to be too long and not comprehensive enough in addressing the financials; but this article focuses on one particular slide: the use-of-funds slide.  We explain the purpose...

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Series A vs. Series B: Upping the Ante With Preferred Stock

You crafted a clear and thoughtful pitch deck, and investors are ready to climb aboard. But even when a venture capital (VC) firm or angel investor believes in your vision, they’re still taking a significant risk with their cash.  They’re going to want some special treatment and protections for bankrolling your C corporation at such a pivotal point in your journey. They’ll ask for (or you’ll offer) preferences.  Commonly, investor preferences come in the form of preferred stock,...

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Sales Tax: A Cautionary Tale

Sales tax. An area of the U.S. tax code that is so complex, many accountants dedicate their entire careers to understanding the nuances of the laws and guiding business owners through its complexities. This article breaks down the basics, so that small business owners know what questions to ask to ensure they comply with sales tax collection responsibilities and avoid potentially dire financial mistakes. But first, some important tax terminology Business owners do not pay or owe...

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The Frustrating (but Ethical) Truth: You Can’t Invest Your Investment

It’s a definite high point for any early-stage startup founder: You’ve successfully wrapped up your initial round of fundraising and are sitting on a stack of cash. Investors believe in you and your product. You feel on top of the world. If you’re like many of the business owners we support, you’re probably wondering what you should do with the freshly raised capital. Certainly, if you were to come into money in your personal life, the wise thing would be to invest the money so that...

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Optimize Your Transfer Pricing Approach with 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...

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Wiss Celebrates Hispanic Heritage Month

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...

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8 Ways to Get the Most Out of Your EHR System

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...

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Tax Implications of the Inflation Reduction Act

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...

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

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,...

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Community Outreach

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...

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Is Your Company Effectively Managing Tax Risk?

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...

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Remittance Schedules: How to Know and Meet Your Deadlines

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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Mandatory Capitalization of R&E Expenses – The Impact on Life Sciences Companies

Life sciences companies engage in considerable, and often exclusively in, research and development activity. Not surprisingly, these companies often face unique challenges relating to R&D — from make-or-build vs. buy decisions, contract research and contract development, and manufacturing arrangements — as they progress through the clinical stages to commercial operations. The R&D landscape for life sciences companies is further complicated by additional challenges brought...

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Staying Focused on Long-Term Goals: Tips from Wiss

The mid-year mark of 2022 is the perfect time to reflect on our New Year’s resolutions. It can be extremely challenging to stay on track with long-term goals when certain times of the year become busy and overwhelming. The dreariness of winter and the craziness of summer can throw off our goals for the new year.  Wiss team members have shared their thoughts on how to stay vigilant in facing challenges to stay on track to reach your goals! Here are three ways you can stay true to...

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What Banks Can Learn from Fintechs

By Matthew Barbieri, Partner Fintech companies continue to disrupt financial services as innovations help capture new opportunities. Financial institutions can learn from that disruption to adapt and remain competitive. Assessing the factors that make fintechs tough competitors — and sought- after M&A targets — helps highlight potential areas for advances in strategy, technology capabilities and new product/service offerings. By taking lessons from the success of fintechs, banks...

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Why Plan Sponsors Should Read Their Service Providers’ SOC Reports

Written by Cindy Sandomenico and Laura Zindel. WHY PLAN SPONSORS SHOULD READ THEIR SERVICE PROVIDERS’ SOC REPORTS When a plan sponsor hires a service provider, that organization and its professionals become part of the team operating the client’s retirement plan. Each member of the team is expected to perform a specific task according to what is prescribed in the plan document. But how do you know whether each service provider has effective systems and controls in place to ensure...

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Healthcare Organizations: Ask These Questions Before You Pursue an M&A Transaction

Written by Matthew Barbieri and Michael Castle. Your guide to making sure your transaction decisions are what’s best for your business M&A remains a key growth strategy in 2022, with more than one in five healthcare CFOs (22%) planning to pursue M&A this year, according to the 2022 BDO Healthcare CFO Outlook Survey. With high valuations and uncertainty around future market trends, it’s important that healthcare organizations carefully consider if an M&A deal is the right...

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Wiss launches strategic partnership with non-profit Strong Girls United Foundation

Today marks the 50th anniversary of the passage of Title IX. The law, best known for its role in gender equity in athletics, was signed by President Nixon on June 23, 1972.  The law forbids discrimination based on sex in education, and despite its age remains a vital piece in the ongoing push for equality, extending to other forms of gender and sex discrimination. As a firm that works with companies at every stage of their growth to help them overcome challenges, we’ve developed...

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Construction Ahead: Opportunities and Challenges in 2022

CONSTRUCTION AHEAD: OPPORTUNITIES AND CHALLENGES IN 2022 The Infrastructure Investment and Jobs Act (H.R. 3684) will inject approximately $3 trillion into upgrading and expanding U.S. infrastructure, presenting a long horizon of opportunity for the construction industry. But to what extent will ongoing supply chain disruption, labor shortages and competition for materials continue to pose challenges for developers and project owners? Investors, project owners and other stakeholders...

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Welcome to Wiss HQ!

At Wiss, we’re rooted in accounting, but our focus is on elevating others and helping our clients succeed.  That’s why when we moved into our new *office location in Florham Park, we purposefully created a more modern design space that would help us achieve our mission to serve and support others.                          Upon entering the office, you’re greeted by a reception desk that sits in front of a wall of stacked...

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Candidate & Employer Interview Tips

By Kevin Kurtz, Practice Leader, Recruiting  I am wishing the LinkedIn Community a wonderful start to the week. Today’s view from atop the Recruiting Soapbox will offer some helpful thoughts and observations for candidates and clients. Since I recruit both for Wiss and our clients, I can offer a unique perspective. Candidates: Your resume is your golden ticket! It is what the Recruiter/Hiring Manager sees first and will determine if you receive an interview (not the ATS the...

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ASC Topic 842 & Government Contracting

By Jeremy Higginson, CPA Government contractors breathed a collective sigh of relief when the Financial Accounting Standards Board (FASB) pushed back the deadline for private companies and nonprofits to comply with new lease accounting rules in April 2020. Accounting Standards Codification (ASC) Topic 842, also known as Accounting Standards Update (ASU) 2016-02, Leases is now applicable for the fiscal year and interim periods beginning after Dec. 15, 2021. Topic 842 applies to both...

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New York City Salary Transparency Law Amendment

As announced in our earlier blog, earlier this year legislation was passed requiring New York City employers with four or more employees to include salary ranges in job postings beginning this month. Employers who have dreaded this mandate can breathe a temporary sigh of relief due to a recent amendment which has now been signed by Mayor Eric Adams. The New York City Council had recently passed an amendment to the pay transparency law which was set to go into effect May 15, 2022. ...

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Transform Your Talent Pool With 9 Recruiting Strategies You Need To Adopt or Drop

Talent acquisition is the heartbeat and foundation of any organization, says Wiss’ Practice Leader of Recruiting Kevin Kurtz. Plus, its long-term success and sustainability is directly correlated to its talent.  Yet this is a ball many companies fumble, as attracting, developing, and retaining talent continues to be one of the biggest challenges organizations face.  That’s why recruitment and acquisition will always be a hot topic — one social media only continues to amplify. On...

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Wiss and NetLease by Netgain partner to increase efficiency for ASC 842 lease accounting audits 

Netgain offers easy audit solution   Denver, CO, May 4, 2022 – The new lease accounting standard went into effect on Jan. 1, 2019 for public companies and on Jan. 1, 2022 for private and not-for-profit companies. Wiss spent two years evaluating different solutions and needed a lease accounting software solution in anticipation of the 2022 audit season.  Paul Peterson, Managing Partner, Wiss, reached out to Netgain, to evaluate NetLease for Auditors, their lease accounting product...

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Mandatory Capitalization Of R&E Expenses – The Impact On Technology Companies

Featuring Frank Calabrese, CPA Businesses that invest in research and development, particularly those in the technology industry, should be aware of a major change to the tax treatment of research and experimental (R&E) expenses. Under the 2017 Tax Cuts and Jobs Act (TCJA), R&E expenditures incurred or paid for tax years beginning after December 31, 2021, will no longer be immediately deductible for tax purposes. Instead, businesses are now required to capitalize and amortize...

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Remote Employment 101: A Successful Compliance Structure

The number of remote workers has increased, and companies are going outside of normal state boundaries to find top talent. These quick changes have spotlighted the issues surrounding this employment relationship over the past two years. Throughout this series, we have highlighted some considerations that every business owner should pay attention to with remote employment. This final blog covers important compliance areas that should not be ignored. Separation of Employment Employers...

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Remote Employment 101: Navigating Leave Laws

Employees often need to take time off from work for a variety of reasons.  Not many laws at the federal level provide employees with protected time away from work, however there are a number of states and localities with laws in place that provide employees with protected leave rights. Leave entitlements vary depending on factors such as the number of employees, the length of time needed, and qualifying reasons for the leave, however all of them provide some level of protection for...

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Environmental Social Governance: What’s Trending in 2022

2021 proved to be an unprecedented year on many fronts, not the least of which was the explosion of ESG, in both urgency and visibility. Companies face changing expectations, not only from investors and regulators but from customers, employees and lenders, who are demanding greater accountability and transparency around ESG factors. The big question now is whether that momentum will continue. ESG remains a growing force and continues to be further embedded into both regulatory and...

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Remote Employment 101: Multistate Payroll Simplified 

Navigating the minefield of payroll compliance for remote workers can make anyone pull their hair out.  There has been a big spotlight over the past year on the accuracy of paying remote employees, with states looking to ensure that resident workers are being taxed appropriately. It’s not as simple as hiring a new employee who happens to be working offsite. Hiring a remote worker in a new state might trigger new obligations, and non-compliance can be costly for employers. Payroll...

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Remote Employment 101: Hiring For Success 

If there is one thing that has changed in the past two years, it is that employers realize they can easily find talent anywhere, and they might now be willing to hire talent to work remotely.  Hiring remote workers across the country, however, brings different challenges that employers may not even think about.  Employers are typically subject to the employment laws of the state where the employee is working, so it is important that attention is paid to what each state and locality...

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How and how often should I communicate with my investors?

You’ve honed your business plan, you’ve implemented systems and processes, you’ve pitched (and pitched, and pitched again) to prospective financial partners. You’re finally fully funded, but now you face a new problem: Your investors need to stay briefed on the business.  What’s the best way to communicate with your supporters, and how frequently should they receive updates?  This question has come up countless times with our clients over the years, and we’ve learned a thing or two...

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What is the Angel Investor Credit Program?

What if there was a way to guarantee a return on an investment? If your business operates in one of the 29 states currently offering Angel Investor Tax Credit Programs, it may be possible.  These programs are popular avenues by which states incentivize innovation, job creation, and economic growth in their region and, in some instances, encourage the development of growing neighborhoods and minority-owned businesses. Parameters of angel investor credit programs vary drastically from...

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What Does Biden’s Executive Order Mean for Crypto Reporting?

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager To further add to the “Crypto Crackdown,” yesterday, President Joe Biden signed the “Executive Order on Ensuring Responsible Development of Digital Assets” which set out his administration’s strategy to explore greater regulatory oversight of the digital asset market and prioritize the assessment of a Central Bank Digital Currency.  The devil is most certainly in the details; however, this is the most wide-reaching effort...

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Q&A: Breaking Down the Chip Shortage

Though some of the supply chain delays are related to staffing concerns related to COVID, the most prevalent disrupter is the chip shortage.  As supply chain continues to be a topic of discussion for consumers in all industries, and a pain point for most manufacturers and distributors, the below interview sheds some light on the cause of the chip shortage and the outlook for the next few years.   Eskander Yavar, BDO’s National Manufacturing Practice Leader, sat down with Tom Stringer,...

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New York City To Soon Require Salary Ranges in Job Postings

New York City employers will soon have stricter pay transparency obligations. Effective May 15, 2022, employers with four or more employees (including independent contractors) will be required to include salary ranges when advertising a job, promotion, or transfer opportunity. The goal of this law is to further combat pay inequities which may exist particularly for women and minorities. All advertised postings will need to include a minimum and maximum salary. In determining the...

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Can I Raise Cash Flow for My Small Business With Government Money?

There’s nothing worse than finding out you could’ve qualified for government funding after it’s too late, especially when your business is in its infancy and you could use all the cash you can get your hands on. Most of the founders we advise aren’t aware of the financial help that’s out there, or which programs are available for their business.  We introduce two specific opportunities for government funding that are important for startups to know about: national tax credits and...

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Abandoned 401(K) Accounts and the Great Resignation

By Cindy Sandomenico, CPA and Laura K. Zindel, CPA  The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers quit their jobs in November alone, according to data from the U.S. Bureau of Labor Statistics. Meanwhile, the number of job openings in the United States remains elevated at 10.6 million, as companies across sectors and industries continue to have a hard time recruiting...

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Build Back Better Act: the Legislative Lull That Won’t Budge

Last year was another busy legislative year with new administration taking office and tax laws being passed left and right.  The American Rescue Plan was enacted back in March; the Infrastructure Investment and Jobs Act (IIJA) was signed into law in November and last, but certainly not least we come to the Build Back Better Act (BBBA) which was the last piece of major legislation the Biden administration sought to enact in 2021.  In the face of opposition by some moderate Democratic...

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SAS 136: What Plan Sponsors Need to Know About Upcoming Changes to ERISA Plan Audits

By Laura K. Zindel, CPA and Cindy Sandomenico, CPA Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), and was originally effective...

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What did I do wrong? (Common traps small business owners can avoid)

If you’re like most founders, when you first begin the process of starting a company, you’re focused on being compliant in every way. You aim to build a business people want to invest in. But even with the best of intentions, you could overlook some rules that have big implications. Taxes are an area in which new small business owners make frequent mistakes. It’s not intentional, they’re usually just unaware.  Let’s talk about two specific tax-related errors many of our clients make...

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Compassion During COVID: How Wiss Core Values Made a Difference

Advocate, Impact, Care and Collaborate. These are the “four core ways” here at Wiss. These words are lived through everything we do within the walls of the office and beyond. They are how we define the culture of Wiss with our clients and our coworkers. I started my journey at Wiss in April of this past year and have seen these four core ways in action consistently. It is evident that Wiss has a unique culture that transcends the typical workplace. It is ingrained in the people here...

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Real Estate in the Rear View + Outlook for 2022

2021 was the first full year that the global economy cycled through the pandemic. What were the predictions going into 2021 and where did we actually end up? Here we take a look at how the real estate and construction industries fared last year and where they’re headed in 2022. Economic Recovery 2021 Prediction: ?-Shaped 2021 Reality: K-Shaped 2022 Outlook: K-shape will continue   As 2020 wound down and economists and prognosticators put 2021 in their sights, there were plenty...

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How can I take advantage of Qualified Small Business Stock?

In the early days of startup formation, it’s helpful to think years into the future — more than five years, to be exact. That’s the minimum term to which the Qualified Small Business Stock (QSBS) tax exemption applies. QSBS is a big incentive for structuring your U.S.-based business as a C corporation (or converting from an LLC) because it’s reasonable to assume your investors will someday want to exit. When they do, they could be looking to qualify for this huge tax break. What...

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ERISA Update and Outlook for 2022

By Cindy Sandomenico, CPA and Laura K. Zindel, CPA  Employers have spent the last two years dealing with many challenges and disruptions, and they are now looking to move forward in 2022 against a backdrop of economic and pandemic-related uncertainty and market volatility. Here are four themes that plan sponsors should be keeping a close eye on in 2022.   The #1 Financial Story of the Year: Inflation You can’t go anywhere without hearing about inflation—and for a good reason. The...

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How Do I Exercise the Stock Options I Was Granted?

If you’ve been offered stock options as part of a compensation package at a startup, it may seem like a no-brainer to accept. And that’s usually true — as long as you clearly understand how to turn the initial piece of paper that grants you those options into a tangible investment on which you don’t have to pay income tax rates.  It’s common to assume you should hang onto that paper and let it grow for as long as possible. But if you do, you could be in for a rude awakening when...

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Wiss Celebrates Black History Month

by Michelle Antico, Marketing Coordinator This February, we’d like to take the time to recognize Black History Month and the impact African Americans have had in the accounting field. As citizens of America, it is within the people’s hands to continue creating a home of equality for every race, ethnicity, and culture. Therefore, while it is important to recognize all the major milestones the African American community has hit in accounting, it is also crucial to spread awareness...

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Significant Change to the Treatment of R&E Expenditures Now In Effect

As 2022 kicks off and tax legislation continues to be stalled in Congress, the amendment to Internal Revenue Code (IRC) Section 174 originally introduced by the 2017 tax reform legislation, the Tax Cuts and Jobs Act (TCJA), is now in effect. TCJA’s amendment to Section 174 requires U.S.-based and non-U.S-based research and experimental (R&E) expenditures to be capitalized and amortized over a period of five or 15 years, respectively, for amounts paid in tax years starting after...

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The Truth About Stock Options: What You and Your Employees Should Know

By Matthew Barbieri, Partner It’s becoming more popular to offer stock options to new hires as an incentive, especially if you’re on a limited startup budget. While you may not be able to offer new hires a world-class salary just yet, you can throw stock options into a compensation package to sweeten the deal. However, it’s easy for both you and your employees to be blissfully unaware of some key details about holding and converting stock options. To avoid confusion down...

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Interim IRS Guidance on Research Credit Refund Claims

By Frank Calabrese, Senior Tax Manager The IRS has released two pieces of interim guidance on its revised administrative policy regarding valid research credit refund claims, as originally announced on October 15, 2021. On January 3, 2022, the IRS issued procedural guidance for applying the revised administrative policy and, on January 5, the IRS published a corresponding set of frequently asked questions (FAQs) on the policy. Both the procedural guidance and the FAQs are effective...

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Audit Threshold Increased for NJ Nonprofits

By Eitan Balloul, Tax Manager, Not-for-Profit Many Exempt Organizations incur significant expenses associated with the requirement of providing audited financial statements on an annual basis. That expense could be diverted and used to further the charitable mission of the organization. The burden of that expense may be relieved by increasing the threshold at which organizations must file audited financial statements and excluding certain non-monetary in-kind contributions...

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How To Distribute Authorized Stock to Startup Stakeholders

It’s not often that you hear entrepreneurs tell the truth about what it takes to get a startup rolling, especially about the nitty-gritty details of how to authorize shares of stock. In this article, we’re taking away the mystery of share distribution. If you’ve already decided to set up a C corporation and learned about initial valuation, the next step is to figure out how to split shares of the company fairly amongst stakeholders — and wrestle with the math behind those decisions. Determining...

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U.S. Supreme Court Halts Private Employer Vaccine Mandate

The U.S. Supreme Court has halted enforcement of the Biden Administration’s vaccine mandate, citing that the Occupational Safety and Health Administration (OSHA) overstepped its authority. This mandate would have required private employers with 100 or more employees to ensure that their workers are vaccinated or adhere to weekly testing if unvaccinated. In doing so, the case returns to the 6th U.S. Circuit Court of Appeals for consideration. The Court, however, is allowing enforcement...

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Updated Reporting Requirements for NY Tax-Exempt Organizations

By Eitan Balloul, Tax Manager, Not-for-Profit In November of 2021, Governor Kathy Hochul of New York signed bill A1141A/S4817A to repeal NY Executive § Law 172-b. This law required certain exempt organizations who were registered with the New York State Attorney General (Department of Law) to submit an additional filing with the New York Department of State. Executive § Law 172-b became effective on January 1, 2021, and to many Exempt Organizations, it meant the burden...

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How To Raise Capital Without a Startup Valuation

An exciting part of early-stage startup ownership is bringing on investors who believe in your mission. But before you offer them equity in your business, you have to figure out how much it’s worth.  Every startup is unique and, as with many other factors of entrepreneurial life, there’s no one-size-fits-all way to complete a valuation. However, there are some best practices you should follow when assigning a reasonable value to your company and appealing to investors with convertible...

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ERP Trends to Watch in 2022

By Alex Volpi, Technology Advisory Practice Leader More than ever, businesses are investing in technology. Worldwide IT spending is totaled $4.2 trillion in 2021, an increase of 8.6% from 2020, according to the latest forecast by Gartner, Inc. Companies are constantly bombarded by the term ‘Digital Transformation.’ Overhauling manual internal processes, retiring legacy business software, and implementing modern cloud technology is the goal for many business...

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Incorporation 101: C-Corp vs. LLC

So you’ve decided to start a business. Once you get past the initial excitement of throwing ideas around with your co-founders, it’s time to make your first big decision: how you’ll structure your organization. Choosing a corporate entity type can feel overwhelming if you’ve never done it before. And even if you have, each industry and business has unique needs.  In this article, we’ll break down some important details you need to know about the two most common types of entities:...

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Wiss Welcomes Neidich & Co.

We are excited to announce that Neidich and Company has joined Wiss, effective January 1, 2022. Neidich is based in Mountainside NJ, where its office will continue to remain open.   Neidich is a leading accounting firm in NJ serving privately owned real estate companies. Founded in the 1950s by Sid Neidich, the firm is currently led by Charles Tarlowe who became Managing Partner in 2021 after the passing of his partner, Michael Beck. Like Wiss, Neidich prioritizes meaningful relationships...

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2021 Cryptocurrency Market: Year In Review 

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...

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Reflecting on 2021: Jeremy Offsey

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...

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Retirement Plan Limits Announced for 2022

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...

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Reflecting on 2021: Meryl Dorais

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...

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2021 Year-End Tax Planning for Businesses

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...

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Reflecting on 2021: Namrita Singh

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...

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New York City Employers: New Vaccination Requirement

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.  Anyone who cannot provide proof of vaccination...

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2021 Year-End Tax Planning for Individuals

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...

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New York Employer Mask/Vaccine Mandate

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 is in place until January 15 at which time it will...

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

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”...

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Reflecting on December: Chirag Sharma

This December, we’re taking a moment to look back on the past 12 months and reflect. It’s been a big year, with ups and downs. What have been your highlights and insights of 2021? Chirag Sharma: I don’t usually stop to reflect, so I appreciate this! OK, here goes! Highlight number 1 was passing the first level of my CFA. I took it in May, and received the results at the end of July. That’s just level 1; I’m currently studying for levels 2 and 3. Just getting over that level 1 hurdle...

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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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