Tax Archives - Wiss & Company, LLP

ASC Topic 842 & Government Contracting

Written on May 17, 2022. Posted in General Business, State & Local Tax Services, Tax.

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...

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

Written on May 4, 2022. Posted in Assurance, State & Local Tax Services, Tax.

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...

Remote Employment 101: Multistate Payroll Simplified

Written on April 5, 2022. Posted in Human Resources, Tax.

by Lisa Calick, Director of HR Advisory 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...

Remote Employment 101: Hiring For Success

Written on March 29, 2022. Posted in Human Resources, State & Local Tax Services, Tax.

by Lisa Calick, Director of HR Advisory 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...

What is the Angel Investor Credit Program?

Written on March 15, 2022. Posted in Early Stage, Small Business, Startups, Tax.

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...

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

Written on March 10, 2022. Posted in State & Local Tax Services, Tax, Tax Alerts.

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...

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

Written on February 23, 2022. Posted in Early Stage, Small Business, State & Local Tax Services, Tax.

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...

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

Written on February 17, 2022. Posted in State & Local Tax Services, Tax, Tax Alerts.

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...

How can I take advantage of Qualified Small Business Stock?

Written on February 8, 2022. Posted in Early Stage, Small Business, Startups, Tax.

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...

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

Written on January 27, 2022. Posted in State & Local Tax Services, Tax, Tax Alerts.

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...