Uncategorized Archives - Wiss & Company, LLP

What Makes Wiss CFO Advisory the Best in Class

Written on February 21, 2023. Posted in Uncategorized.

By Paul Ursich When running a successful business, almost every decision includes a financial element. Whether you’re planning to recruit new team members, restructure departments, implement new technology, or even change the brand of coffee in the breakroom, it impacts the business’s financial health. Add to that the everyday needs of bookkeeping and accounting, financial reporting, and strategic planning, and it quickly becomes apparent that financial leadership is a big job. For...

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...

Deadline Extended for NJ ANCHOR Program

Written on December 20, 2022. Posted in Uncategorized.

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....

Stop Trying to Be Goliath – Be David Instead

Written on December 20, 2022. Posted in Uncategorized.

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...

Candidate & Employer Interview Tips

Written on May 23, 2022. Posted in Uncategorized.

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...

How and how often should I communicate with my investors?

Written on March 17, 2022. Posted in Early Stage, Startups, Uncategorized.

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...

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

Written on November 5, 2021. Posted in Uncategorized.

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...

PPP Loans Become More Favorable for Small Business, Other Important Updates

Written on March 4, 2021. Posted in PPP, Small Business, State & Local Tax Services, Stimulus Package, Uncategorized.

By Travis Miskowitz, Director, CFO Advisory The Paycheck Protection Program (PPP) became more favorable to small business as the Small Business Administration (SBA) in cooperation with the Department of Treasury, revised the loan calculation for sole proprietors, independent contractors, and those that are self-employed increasing their chances of obtaining a higher loan amount in contrast to existing guidance. Other important updates were included in two new pieces of...

The Lasso Way: Management Lessons from Ted Lasso

Written on December 1, 2020. Posted in Uncategorized, Wiss Gets Personal.

By William Haemmerle, Director of Transaction Advisory Services There are certain people we meet throughout our lives that we know will change us forever. They encourage us to become a better version of ourselves. I recently met one of those people while watching the first season of Ted Lasso on AppleTV. Yes, I said watching a television show! Beginning with the 2013-2014 season, NBC acquired the broadcast rights to the English Premier League. The network ran promotional commercials...

Unemployment Fraud Alert

Written on September 24, 2020. Posted in Uncategorized.

The increased number of unemployment filings over the past few months in the wake of the COVID-19 pandemic has led to a surge in the number of fraudulent claims filed, as reported by many states across the country. In many cases, third parties attempt to file for unemployment insurance benefits using the name and personal information of someone else who is not out of work. Employers are finding they are receiving claim notices for individuals that are either actively employed or...

Helping New Employees Feel Belonging in a Remote Work World

Written on August 20, 2020. Posted in Uncategorized.

Questions & Wiss Answers: An interview with Amanda Dominguez, Director of People Operations With employees working from home, how can companies make sure new hires are really part the team? Even before the Covid-19 era, research showed that onboarding was one of the biggest challenges for organizations. The need to onboard remotely provides a chance to think about this important process in new ways, including ensuring that you’re putting the right emphasis on making sure new...

Lease Accounting: The path to compliance extended another year

Written on June 10, 2020. Posted in Uncategorized.

by Dino Zicopoulos The Financial Accounting Standards Board (FASB)’s Accounting Standards Update (ASU) 2016-02 (Topic 842, Leases), issued in 2016, brought changes to the way companies account for leases on their balance sheets. Recently, however, due to COVID-19, the implementation of this standard was deferred for private companies by another year and is now effective for private companies with fiscal years beginning after December 15, 2021—effectively for companies with calendar...

Tax Filing Deadline Moved to July 15

Written on March 20, 2020. Posted in Uncategorized.

by Evan Gernant Secretary Mnuchin announced, this morning, that the filing deadline for 2019 tax returns will be moved to July 15, 2020. This modifies the IRS announcement from Tuesday which allowed for tax payments to be deferred to July 15, but explicitly required that tax returns be filed by April 15. Today’s announcement is welcomed news to many taxpayers and tax professionals who felt the original relief fell short of what was needed at this time. We will continue to monitor...

Important 2019 Year-End Tasks: HR and Payroll, Including New Form W-4

Written on December 13, 2019. Posted in Uncategorized.

by Laura Melville The end of the year marks an ideal time for employers to take inventory and prepare for the transition to the New Year. As 2019 comes to an end, we put together this checklist to help make sure you are prepared and suggest taking the following action steps: Have your employees review their personal information, including name, address and social security number, and make any updates before Form W-2s are prepared; Review your records and determine if there is any...

Tax Reform Manifesto for the Real Estate Industry – Part 2

Written on January 29, 2018. Posted in Uncategorized.

This posting is a part of a 3-part series. The full article will be available in the coming weeks. Click here to read previous post. By Alexander J. Narcise, CPA and contributions from the entire Wiss and Company LLP Real Estate Team: Michael Kroll, CPA Steve Warholak, CPA Michael Bodrato, CPA Kyle Pennacchia, CPA James Jenco, CPA Ken Trainor, CPA Phil London, CPA Chris Gati, CPA Charlie Komack, CPA The Internal Revenue Code has historically provided many planning opportunities...

Make the Numbers Add Up

Written on February 3, 2015. Posted in Uncategorized.

How to ensure successful implementation of new accounting software By Robert Risk At some point, nearly every company will start thinking about upgrading its accounting system when the pain points become difficult to dismiss. Here are a few things to think about before making a complex, long-term decision that affects your entire enterprise. Know when it’s time. Frantic energy — a lot of it — can be one of the first signs that your accounting software system is overdue for an upgrade....