Your Full-Service Accounting + Business Growth Advisory Partner

How to Take Advantage of the Grow NJ Tax Credit

By Bill Beiermeister The only bad thing about tax credits is the possibility of missing out on one. To make sure that doesn’t happen to your business, here is some background on the Grow New Jersey tax incentive and how it could affect your company. Per-employee credits add up The Grow New Jersey Assistance Program is offered through the state’s Economic Development Authority (EDA) to encourage businesses in technology, manufacturing, warehousing, research and development and other...

Continue reading

The Technological Evolution of the Accounting Profession

By Bob Risk Towards the culmination of the twentieth century as the advancement of technologies intensified, accounting organizations across the corporate province eyed a distinct change in their routine activities and interactions with clients. Attributable to these transformations, CPAs are urged to acquire the latest innovative proficiencies, freshly blended into the daily operations of each accounting specialist. Bookkeeping, the respected dialect of the business realm, continues...

Continue reading

Manhattan taxpayers, be aware of the Commercial Rent Tax

By Kyle Pennacchia and Paul Ursich In New York City, the Commercial Rent Tax (CRT) is often overlooked, and many of those who miss it face penalites and interest for late or missed filings. Here’s a brief introduction to the tax, basic qualifications and links to more detailed information. Are you subject to the CRT? The CRT applies to Manhattan tenants who occupy or use property south of 96th Street for most trade, business, professional and commercial transactions. As with most...

Continue reading

Why Leaders Need to Create a Compelling Vision

By Wiss Associate When it comes to the corporate environment, leadership vision should be far-sighted. It requires the ability to see beyond the day-to-day realities of business to determine where the company is intent on going, then finding an effective way to share that image with your team. Beyond the day-to-day All businesses can get caught up in daily operations. There are client needs to be met, supplies to be ordered, bills to pay and new relationships to build and defend....

Continue reading

How the Permanent QSBS Capital Gains Exclusion Benefits Investors

By Kevin Kerrigan The relatively unknown Qualified Small Business Stock (QSBS) capital gains exclusion was permanently extended in December 2015, giving many investors and entrepreneurs much reason to celebrate. While the QSBS tax break has been around since early 2009, the 2015 permanent extension incentivizes small business investors to look more closely at the QSBS. Here are some of the advantages, conditions and drawbacks of QSBS. Overview of the QSBS The QSBS tax incentive was...

Continue reading

Using QuickBooks Apps and Features to Boost Accuracy and Productivity

By Donna Woronka Millions of companies use QuickBooks (QB) software for accounting because it is affordable, intuitive and user friendly. The majority of users may not know that there are an abundance of apps available on the market today that sync directly into QB.  These apps fill in the holes between QB’s functionality and how your business operates.  The right apps will reduce manual data entry and make your bookkeeping or accounting department more efficient.  If you find that...

Continue reading

How to Get the Most Out of Your Nonprofit Board Experience

By Diana Miller Being asked to join the board of a nonprofit, whether it’s with a prestigious organization or one that’s relatively unknown, is an honor. Joining gives you the opportunity to do good for the arts, the underprivileged, the advancement of medicine or another worthy cause. And let’s be honest: It looks good on your resume, and the boardroom can be a great place to network. Saying yes to a board appointment is a no-brainer, right? While board membership is a great opportunity,...

Continue reading

How to Make 2016 Your Most Organized Tax Year Ever

By Paul Ursich So you and your company survived another tax deadline. Congratulations. Now, while the memory is still fresh, is the ideal time to conduct a post-mortem of your current process to identify shortcomings and strategies that will help you boost efficiency and accuracy next year. Here are a few suggestions you can use to kick-start your new processes. Review withholding allowances Large tax refunds seem like a good thing when you get them, but it means the government has...

Continue reading

How to Find and Develop Top-Performing Millennial Employees

By Paul Peterson Attracting innovative, young hires is very essential to Wiss. These workers maintain the vibrant, creative culture we strive to preserve, which is why we often search for young professionals in their 20’s that exhibit these dynamic characteristics. Through numerous interactions with many millennials, there are several tendencies that are found within business youths of today, such as open-mindedness and the ability to harvest valuable relationships. Here are four...

Continue reading

The Internship Experience: A Peek Inside the Lives of Four Wiss Tax Interns

By Danielle Patton, former Marketing intern For many young professionals, an internship cements the foundation for a prosperous business career. When immersed in this unparalleled experience, an internship can offer tremendous knowledge from beyond the lecture hall: evolving your academic ambitions, strengthening your network, and assisting you in acquiring valuable tools that can be used throughout your profession. But when undertaking this occupation, what can a young professional...

Continue reading

Maintain Positivity When Giving Employees Negative Feedback

By Kimberly Bustamante In a classic psychology experiment, teachers were told that their students had taken an aptitude test from Harvard that would predict which students would be high achievers in coming years. The researchers did not put into place any special treatment or academic program for these students, they just told the teachers these children had been tested and found gifted. What the teachers didn’t realize is that these tests were actually fake. The “gifted”...

Continue reading

State Nonresident Withholding Taxes: What you and Your Stakeholders Need to Know

By Mark Feldstein No one likes to receive a bill for taxes, penalties and interest from a state where they’ve never lived — especially without a clear understanding of why they are receiving it. But if your company has stakeholders who aren’t domiciled in the states your business operates in, your company may be required to pay nonresident taxes on their behalf. If you’re not aware of nonresident withholding taxes and how they work, you could end up with confused, angry shareholders...

Continue reading

The Best Accounting Software Platforms for Growing Contractors

By Tim Kennedy As a part of the accounting team of a small construction company, you likely use QuickBooks as your accounting software. It’s affordable, intuitive and user-friendly.If your needs are still simple — you’re in the growth stage and generating a few million dollars in annual revenue — QuickBooks provides a reliable platform to manage your accounting needs. QuickBooks is at its best, handling simple cash inflows and outflows (rent, utilities, insurance, vehicles, paying...

Continue reading

Know Your NYC Zoning Regulations to Discover the Value of Your Property

By Kyle Pennacchia If you’re a property owner in New York City, knowing your local zoning regulations and how it applies to your property is extremely important. People often think that only developers need a good working knowledge of the regulations, but that’s simply not true. Even if you purchased (as opposed to constructed) your current building and have no inclination to undergo construction or alterations of any kind, knowledge of the regulations can pay off if you are ever...

Continue reading

How to Foster Employee Motivation and Engagement

Intrinsic and extrinsic drivers of employee motivation and how they shape employee engagement By Wiss Associate “Highly engaged employees make the customer experience. Disengaged employees break it.” -Timothy R. Clark When you think about the most passionate people you work with, who comes to mind? Employees who seek to continually learn new things? Drive innovation? Take on additional responsibilities? These are your most engaged workers. They drive the organization forward and...

Continue reading

How Cloud-Based Accounting Systems Benefit Food and Beverage Retailers

By Paul Lembo Food and beverage retailers recognize the cloud as an important digital resource for IT, security and internal and external communications. But when it comes to critical accounting services, many clients in this industry don’t think of cloud computing as an applicable solution. Cloud computing is any hosted network services provided through the Internet and not housed on your own servers or mainframes. Accounting software can be delivered in the same way to help businesses...

Continue reading

Using Tax Certiorari to Challenge New York City Tax Assessments

By Wiss Associate Do you feel that your latest New York City real estate tax assessment was unjustified? If so, you have a strong tool for challenging unfair assessments: a Tax Certiorari. The Certiorari is a classification of challenges that property owners can make before the city’s Tax Commission as the aggrieved party in an assessment. Parties can include real estate developers, landlords and individuals with a financial or other specified interest in the property. There are...

Continue reading

Differences Between Employees and Independent Contractors for ACA Purposes

By Jim Gerhard Businesses have long utilized independent contractors as a means of leveraging the highly trained services of other professionals. Independent contractors provide their own tools, training and expertise. This saves the hiring company the cost of teaching someone how to do the job.. When the work is done, the hiring company simply pays the agreed-upon fee, and both parties go on their way. But are contractors always independent? The Affordable Care Act has given this...

Continue reading

IRS Phone Frauds Echo into the New Year

Magnifying the communication scam nightmare As tax season prepares for launch, countless Americans are at climbing risk for falling victim to unsolicited telephone calls, texts, and emails from individuals falsely claiming to be Internal Revenue Service and Treasury workers. Though phone scams have progressively been ceaseless year-round, the Treasury Inspector General for Tax Administration (TIGTA) is careful to stress this particular year as prey to the greatest attack ever beheld. Each...

Continue reading

How the Food Safety Modernization Act will Affect the Food and Beverage Industry

Each year, approximately 48 million Americans get sick, 128,000 are hospitalized and as many as 3,000 die as the result of foodborne diseases. To better protect consumers, the U.S. Food and Drug Administration (FDA) has brought sweeping reforms to the country’s food safety laws under the Food Safety Modernization Act (FSMA). Signed into law in 2011 and going into full effect in 2016, the FSMA requires American food and beverage producers to be more proactive in preventing foodborne...

Continue reading

Pursuing Top Talent in the Digital Era

By Lisa Calick Remember what recruiting talent was like during the Great Recession? In 2008 and 2009, hiring topnotch professionals involved little more than spreading the word among your staff and waiting for choice candidates to roll in. Fast-forward several years, and recruiting young, bright employees is markedly more difficult. The job market has rebounded over the last five years, recruitment tools have evolved and younger job candidates are using new media to access job information....

Continue reading

Acing your CPA Exam (with Help from a few Professionals)

By Carson Bigsby, Connor Doyle and Erin Silkowski Strategies to help you prepare for test day As three accounting professionals who have recently passed the CPA exam, we understand the stress that comes with preparing for the test. You may be struggling to balance studying with a job and your personal life, putting in long days and late nights as you count down to test day. Here are some planning strategies we learned as we studied and prepared for the exam that can make this prep...

Continue reading

12 Days of Giving – Day 12: NJSCPA

NJSCPA is highlighted in Day 12 of the #12DaysofGiving Celebration. Wiss is proud to highlight this organization that assists the needs of Garden State CPAs and striving CPAs. The NJSCPA strengthens its members through a variety of education, networking, leadership and volunteer opportunities. NJSCPA the largest professional organization, made up of 15,000 members. They organize the Young CPAs kickball tournament annually to collect donations to benefit The Valerie Fund. The Valerie...

Continue reading

12 Days of Giving – Day 11: Junior Achievement

Junior Achievement is highlighted in Day 11 of the #12DaysofGiving Celebration. Wiss is proud to celebrate this organization that inspires and prepares young people to succeed in a global economy.   Junior Achievement (JA) is the world’s largest organization dedicated to educating students about workforce readiness, entrepreneurship and financial literacy through experiential, hands-on programs. JA helps prepare young people for the real world by showing them how to generate...

Continue reading

12 Days of Giving – Day 9: Salvation Army

The Salvation Army is highlighted in Day 9 of our #12DaysofGiving Celebration. Wiss is happy to highlight this organization that works to meet all human needs in the name of God without discrimination. The Salvation Army, an international movement, is an evangelical part of the universal Christian Church. Its message is based on the Bible and its ministry is motivated by the love of God. Its mission is to preach the gospel of Jesus Christ and to meet human needs. They are a nonprofit...

Continue reading

12 Days of Giving – Day 7: Cerebral Palsy of North Jersey

Cerebral Palsy of North Jersey is highlighted in Day 7 of our #12DaysofGiving Celebration. Wiss is happy to highlight this organization that is dedicated to enhancing the lives of people with disabilities and other special needs by supporting personal growth, independence and participation in the community. CPNJ was founded in 1953 by the parents of children with cerebral palsy who wanted better services for their loved ones. They operated from donated space in the basement of Orange...

Continue reading

12 Days of Giving – Day 6: Community Food Bank of NJ

Community Food Bank of NJ is celebrated in Day 6 of Wiss’ #12DaysofGiving. We are proud to highlight this dedicated organization that fights hunger and poverty in New Jersey. They pride themselves on being the powerful change agent that fills the emptiness caused by hunger with the basic human essentials that people need to survive. The Community Food Bank distributes 43 million pounds of food a year to more than 1,000 non-profit programs, as well as more than 400 programs...

Continue reading

12 Days of Giving – Day 5: Team Walker

Team Walker is applauded in Day 5 of Wiss’ #12DaysofGiving Celebration. We feel so privileged to have the relationship we do with Jerry Walker and his selfless and passionate TW team who works to provide positive influences in the lives of Jersey City children. Team Walker (TW) is an organization whose mission is to provide safe and constructive alternatives to the harmful influences that plague inner city youth, specifically in Jersey City, NJ. Through a structured academic...

Continue reading

12 Days of Giving – Day 4: Goodwill Industries

Goodwill Industries International is highlighted in Day 4 of our #12DaysofGiving Celebration. Wiss is proud to highlight this organization that strives to enhance the quality of life for individuals and families. Goodwill works to enhance the dignity and QOL for individuals and families by strengthening communities, eliminating barriers to opportunity, and helping people in need reach their full potential through learning and the power of work. Goodwill provides job training, employment...

Continue reading

12 Days of Giving – Day 3: Habitat for Humanity

Habitat for Humanity is highlighted in Day 3 of our #12DaysofGiving Celebration. Wiss is proud to celebrate this housing organization that builds simple, decent, affordable housing in partnership with people in need. In the United States, 48.5 million people are living in poverty. Minimum wage is not keeping up with the rising cost of living and many workers struggle to afford decent housing. Habitat for Humanity is a nonprofit Christian housing organization founded on the conviction...

Continue reading

The “Sexy” Career Path of Real Estate Accounting

By Wiss Associate I got into the field of real estate accounting for one good reason: I was majoring in accounting at Rutgers-Newark, working nights at a warehouse and looking for a part-time job that would let me use more of what I was learning at school. The first offer I got was for an internship with a real estate accounting firm. That turned into my first career job out of college and that’s what I’ve been doing for the last 15 years. If you’re just starting out and exploring...

Continue reading

12 Days of Giving – Day 2: March of Dimes

March of Dimes is highlighted in Day 2 of the #12DaysofGiving Celebration. Wiss is proud to highlight this organization that works to improve the health of babies by preventing birth defects, premature birth and infant mortality. The March of Dimes has led the way to discover the genetic causes of birth defects, to promote newborn screening, and to educate medical professionals and the public about best practices for healthy pregnancy. They have supported research for surfactant...

Continue reading

12 Days of Giving – Day 1: NJ Sharing Network

NJ Sharing Network is highlighted in Day 1 of the #12DaysofGiving Celebration. Wiss is proud to highlight this organization and their very caring and dedicated employees. The NJ Sharing Network is a non-profit, federally designated organ procurement organization. They are responsible for the recovery of organs and tissue for the nearly 5,000 New Jersey residents currently awaiting transplantation. Additionally, they are also part of the national recovery system, which is in place...

Continue reading

Bringing Companies Together Through Post-Transaction Integration

By Paul Ursich You’ve just spent months doing due diligence and negotiating terms, and you’ve finally acquired another company — or your company has been acquired. Finally, the hard work is done. Or so you thought. Now begins the process of integrating the two companies, bringing together people, processes and procedures, culture, technologies and management responsibilities as seamlessly as possible. Here are the next steps to managing the post-transaction integration process. If...

Continue reading

These Cost Recovery Provisions Have Yet to be Renewed

By Craig Jackson It’s that time of year again, when business owners and accounting firms try to predict which federal depreciation provisions Congress will renew for 2016 — and which will not make the cut. Several depreciation provisions expired at the end of 2014, potentially impacting taxpayers who are accustomed to these accelerated depreciation provisions.  The uncertainty surrounding which provisions will renew has made the tax planning process challenging and unpredictable. To...

Continue reading

Top Earners Should Consider this Retirement Strategy

By Russ Faye If you are a high-income sole proprietor or the owner of a small business searching for a tax-advantaged retirement strategy, defined benefit pension plans could be the ideal tool for your needs. Here’s how to determine whether you should discuss this option with your trusted financial adviser.  How it works A defined benefit pension plan is a qualified retirement plan to which you make an annual contribution, which fund a chosen level of retirement income you will receive...

Continue reading

How to Tell Which New York City Apartments are Rent Regulated

By Kyle Pennacchia More than 56 percent of New York City residents are burdened by spending more than one-third of their income on rent and utilities according to a recent New York City Housing and Vacancy Survey. The challenge current landlords and city officials face is making the rental market within the city limits profitable, while also keeping rental rates affordable and readily available for all New York City residents. Owning a residential building in New York City can be...

Continue reading

How to Reduce the Threat of Employee Fraud and Embezzlement

By Paul Ursich  Employee fraud and embezzlement can devastate a company. Recently, two client companies each lost more than $100,000 to fraud by trusted senior level accountants. A few simple precautions would have saved both companies from six-figure losses. A search of the Internet will provide details on many different fraud cases; therefore, there is not one simple solution to prevent fraud at your company. The following financial controls are just a few examples that are easy...

Continue reading

Pitfalls to Avoid when Hiring an Outsourced Accounting Firm

By Carolyn Hall Accounting is necessary in any type of business to assess a company’s revenue and resources. In some instances, businesses simply do not have the manpower or ability to conduct their own accounting, thus triggering the search for outsourced accounting services. As a company begins this search for a firm to handle their back office function, there are a few standout pitfalls to avoid. Lack of transparency With today’s cloud technology, business owners should have...

Continue reading

Accommodating the Millennial Mindset and Bridging the Gap

By Wiss Associate If you’ve been working for quite a while, you know how things went when it came to accommodating new generations in the workplace. The newbies watched and learned from their wise elders, creating informal mentorships. Recent college grads paid their dues and worked their way through the ranks before gaining more authority. That’s how things have worked since … well, forever. And then came the digital age, and the balance of power tilted.   These are millennial times A...

Continue reading

Exploring Charitable Gifting Options

By Kevin Kerrigan Americans donated nearly $260 billion to charitable causes last year, according to Giving USA Foundation. The impressive figure demonstrates the value that U.S. residents, businesses and nonprofits place on charitable giving, but it is an ongoing challenge for top earners to find effective gifting strategies that maximize the tax benefit of their charitable donations. Here are two gifting strategies worth exploring when making large donations. Donor-advised funds A...

Continue reading

A Startup’s Guide to Seeking Investments

By Matt Barbieri Updated 7/30/2019. With every investment deal comes risks and questions waiting to be answered. If you are seeking investments, it is important you are as prepared as possible when it comes time to present your case. The following recommendations will increase confidence, but more importantly, make sure you are prepared for anything investors throw at you. Be prepared to discuss the numbers To an investor, your story matters, but ultimately every investment boils...

Continue reading

Millennials: One word to describe us, but we’re not all the same

By Abby Blecker, Former Marketing Intern The term “millennial” is not only a noun pertaining to a specific age group, but a trending buzzword that has been permeated with assumptions about personal preferences in our interests, career goals, and culture. I have personally come to dislike the word, as I find I am continually lumped into a large group almost solely based on age.  I have found our age dictates an assumed culture we all want to have in our working life. ...

Continue reading

Make the Outsourced Accounting Transition and Watch your Business Soar

By Carolyn Hall Many companies consider outsourced accounting services at some point in their development, whether it is to support growth, improve efficiency or simply ease the administrative burden on their staff. There are a number of advantages, but it is a big decision to outsource part of your operations. Here are five key reasons to consider making the transition. With that responsibility out of the way, you can focus on your core strengths. The primary reason to consider...

Continue reading

How to Reduce Risk Using Fidelity Bonds and Fiduciary Liability Coverage

By Craig Erickson Managing an organization’s employee benefit and retirement plan comes with risks, and potential missteps can affect both the plan administrator and participants. To protect you from those risks, insurance companies offer fiduciary bond — often called fidelity bond — and fiduciary liability coverage. And while the two terms sound similar, there are distinct differences. Assets and administrators at risk The plan administrator can act, or fail to act, in ways that...

Continue reading

CFOs and Controllers Guide for Year-End Reporting and Tax Compliance

By Paul Ursich For CFOs and Controllers, the end of the year is typically a hectic and sleepless time. No matter how prepared you are, end-of-year planning inevitably brings surprises and last-minute complications. To create an accurate, timely and surprise-free planning experience, you need to stay organized throughout the year, by preparing detailed monthly and quarterly financial reporting packages that include reconciliations and detailed back-up schedules.  In addition, you...

Continue reading

New York Sales Tax and Cloud Computing: What you Need to Know

By Phil London One of my guiding principles for giving clients strategic tax advice is don’t make a move simply to minimize the tax impact without making sure that your decision makes sense from all other business perspectives. For example, an opinion issued by the New York State Department of Taxation and Finance has businesses considering the tax ramifications of moving operational software to the cloud. The cloud The cloud includes servers, programs and computing services that...

Continue reading

What’s Your Brand?

By Wiss Associate Personal Branding is the process of developing a “mark” that is created around your personal name or your career. You use this “mark” to express and communicate your skills, personality and values with the end goal being that the personal brand you develop will build your reputation and help you to grow your network in a way that interests others. They will then seek you out for your knowledge and expertise. Below are some guidelines you should follow when developing...

Continue reading

Fishbowl and QuickBooks Advanced Inventory Comparative Review

Companies using a combination of QuickBooks and Excel are oftentimes looking to find a more robust system alternative, but are not ready for an enterprise-level ERP system. For these types of firms looking for a low-cost option that will not require the replacement of QuickBooks, we recommend Fishbowl—a manufacturing and inventory control system that integrates seamlessly with QuickBooks. Fishbowl Manufacturing is designed for small to mid-sized companies looking for a complete...

Continue reading

What’s your Responsibility to Find Missing 401(k) Plan Participants?

By Craig Erickson  As the fiduciary of a 401(k) plan, you are responsible for retirement plan participants, even if they’ve left your company with no forwarding addresses or you have contact information that’s no longer valid. If employees work at your company long enough to take part in your 401(k) plan, and then disappear, moving from state to state, taking a series of jobs,  how responsible are you for tracking them down? When a participant cannot be located via routine delivery...

Continue reading

The 45L Energy Efficient Home Tax Credit and How to Take Advantage it

When and why residential real estate developers should consider it By Alexander Narcise The Federal Section 45L Energy Efficient Home Tax Credit is relatively new and little known, but those who take advantage of it can reap substantial benefits. Here are two examples of 45L tax outcomes: After due diligence, a housing developer in Connecticut received a tax credit of $2,000 for each of its 144 units. A 296-unit development in New Jersey is in the process of receiving a $592,000...

Continue reading

Ecommerce Sales Tax Terms you Need to Know

By Kyle Pennacchia If your company conducts business in a number of states, you understand how convoluted the sales tax process can be. Traditionally, you started with figuring out how to adhere to the tax collection standards of your own state, then you determined in which other states you were deemed to have a legal presence and, therefore, a tax obligation. Then came the Internet. Ecommerce is a great way to find customers globally that you couldn’t have in the bricks-and-mortar-only...

Continue reading

What to Look for When Hiring a 401(k) Plan Auditor

By Craig Erickson  As the number of participants in your company’s 401(k) plan grows, at some point the plan will require an audit. Also known as an employee benefit plan (EBP) audit, the U.S. Department of Labor generally requires one when the number of participants in your employee benefit plan reaches 100, though there are some exceptions. This audit, a result of the Employee Retirement Income Security Act of 1974, assesses whether an employer’s plan has the liquidity to meet...

Continue reading

Finding the Right Accounting Software for your Professional Services Firm

By Paul Ursich Emerging engineering firms and other professional services companies quickly outgrow the rudimentary accounting system software they buy off the shelf to get started. Although these starter systems can handle the basics, such as financial reporting, accounts payable processing and accounts receivable, they have limited capability for handling employee time reporting, expense reports, project reporting and related functions. However, there are several software packages...

Continue reading

A Cost Segregation Study May Save you Thousands on your Commercial Real Estate

By James Jenco If you own virtually any kind of new construction or existing commercial real estate — housing, retail, industrial, institutional, health care, etc. — you may be able to realize tax and cash flow benefits that can come from conducting a cost segregation study. As an owner, you are already taking advantage of depreciation for tax purposes. For instance, if you own a $10 million building, you can depreciate that asset and take an annual federal tax deduction of that...

Continue reading

Inside the Life of an Intern

We can’t believe it’s already time for our summer interns to go back to school. We really enjoyed having them around and wish them the best of luck in the upcoming school year! Here are some of the highlights of their experiences: What was it like interning in a mid-sized firm? “Working for a mid-sized firm allows for an intern to get the opportunity to work on various types of clients and audits.  I found it extremely interesting to experience how different the clients were and...

Continue reading

Are you Taking Advantage of IC-DISC Tax Benefits for Exporting?

By Chris Colyer If you are an exporter, IC-DISC is worth taking notice of — especially under current economic conditions resulting from a strong U.S. Dollar. The acronym stands for Interest Charge – Domestic International Sales Corporation, and small- to medium-size American exporting companies can take advantage of this tax classification to their advantage. The dollar’s strength is not an advantage for sellers of U.S. goods. In fact, it’s just the opposite — an economic reality...

Continue reading

Maintaining FAR Compliance of Overhead Rates for Engineering Firms

By Amos Gibello For accounting departments of engineering firms that regularly seek government contracts, there are unique accounting practices that must be followed. One challenge is found in submitting overhead rates that are in compliance with Federal Acquisition Regulations (FAR). For firms unfamiliar with the process, this is unexplored territory; even the vast majority of CPAs are unaware of this area of accounting that’s not particularly complex but is highly specialized. Engineering...

Continue reading

Miracle on the Diamond – A Wiss Softball Tale

By Wiss Associate In the now famous 1980 Winter Olympics, the United States Olympic Ice Hockey Team played host to the Soviet Union Nationals. The Soviet team arrived in Lake Placid riding the tailwind of four consecutive Gold Medals, dating all the way back to 1964. At the time of the 1980 Winter Games, the Soviets hadn’t placed anything below 1st in nearly two decades. In contrast, the US National hockey team consisted of amateur and collegiate players that coach Herb Brooks scrabbled...

Continue reading

Building a Future for Families: Wiss’ Recap of Habitat for Humanity Build Day

By Abby Blecker, Former Marketing Intern Wiss employees gathered in Morristown on July 1st to volunteer for the Habitat for Humanity of Morris County. Habitat is a nonprofit that provides homes with interest free mortgages for qualifying families, where the land is bought from the city at extremely low costs, and most of the materials used for each house are donated.  Homeowners embrace the Habitat process, especially their “sweat equity” concept, which requires homeowners to help...

Continue reading

Are you Ready if the Not-for-Profit Financial Statement Standards Change?

By Diana Miller  Changes are finally coming in the content and presentation of financial statements for not-for-profit entities for the first time in almost 20 years. Although nothing has yet been finalized, these fairly significant proposed changes could affect classification requirements, liquidity, financial performance and cash flow, according to the Financial Accounting Standards Board (FASB), the regulatory body that oversees these standards. The package of proposed Accounting...

Continue reading

When I Came to America: A Kickball Tale

By Wiss Associate Walking into the Indoor Sports Pavilion in Randolph, you could just tell there was a different atmosphere. The air was crisper, water fountain water was colder, and the staff was more indifferent than I’ve ever seen them in my 5 year history with the building. Sporting our overused-yet-still-trendy “Keep Calm and Kick Balls” slogan t-shirts, Wiss was loose and in high spirits. Some of us reminisced on years previous and fallen teammates, others went out to practice...

Continue reading

A Business Owner’s Duty to Protect Sensitive Company Data

By Paul Peterson, Managing Partner, Wiss & Co. LLP  No two companies are the same in culture, work environment or the vulnerabilities inherent in their digital landscape. This makes it very difficult to implement a standard way of protecting workers and customers from external data threats to their privacy and security. But nothing is more important to your company’s credibility and positive relationships with customers and employees than safeguarding their sensitive data. After...

Continue reading

Accounts Payable Software Could Help your Business Take Off

By Floriana Allen  Your bill-paying process should not be confusing, labor-intensive or prone to error. That’s why we at Wiss & Company, LLP, use cloud-based accounting programs such as Bill.com for our clients. It’s an ideal tool for handling your accounts payable workflow, and the software syncs with many leading accounting systems, allowing accountants and clients to stay involved in the process in real time. Here are the some of the advantages of the system.    The software...

Continue reading

How to Get Off on the Right Foot – Perfecting Your Elevator Pitch

By Wiss Associate What is it? An Elevator pitch is a quick (30 – 60 second), clear message about you. Why is it called an Elevator Pitch? It should be short enough to share with anyone, anywhere, at any time- even in a short elevator ride, which would be about 30 seconds (Oohhhh). It tells a recruiter a bit about who you are, what your experience is and what you’re looking for. Why do you need it? It will be very handy to use in a number of situations in order to make a powerful...

Continue reading

Business Insurance Coverage your Physician Practice Should Have

By Russ Faye Your greatest exposure and risk as a Physician is in the area of Professional Services. Most doctors are aware of coverages in this area, but there is liability when it comes to the business side of a medical practice and this is where other types of coverage become important. Through consultation with a reputable insurance agent, we encourage our clients to consider the following types of coverage: ERISA/Fidelity Bond This coverage is specific to your practice’s retirement...

Continue reading

Choosing the Entity that’s Right for your Startup

By Wiss Associate As a startup business, one of the most important decisions you have to make is under what type of corporate entity you’ll operate. There are three basic choices of entities. S Corporations Characteristics. This entity is only for corporations with 100 or fewer individual owners and no foreign shareholders are permitted. S Corporations can issue common stock, not preferred, and there are no corporate taxes paid at the entity level. Advantages. S Corporations are...

Continue reading

How to Assimilate Millennial Employees into your Workplace Culture

By Wiss Associate This year, the 34-and-under generation will surpass baby boomers as the largest slice of the U.S. population — and they are a steadily growing segment of the business startup class. As their influence expands in entrepreneurial America, it becomes important to understand how they differ from the boomers and Generation X workers who preceded them. Studies have shown that millennials want to think of their work lives as furthering a purpose, not just bringing home...

Continue reading

Beware the Temptation of Offshore Consulting Services

By Paul Ursich Outsourcing accounting consultancy services overseas can be a tempting strategy for gaining expertise at a highly competitive cost. But as someone who’s previously done that, here are a few precautions I learned along the way. Language can be a barrier. I admire anyone with any degree of fluency in a second language. But while you can easily find English-speaking talent almost anywhere, there are degrees of familiarity with the language. When addressing, in person,...

Continue reading

How to Have a Successful Internship

By Wiss Associate For many of you college students, your summer internships are starting soon or have already started. For those who have internships, it may be your first time working in a corporate environment. Being nervous is understandable, but you should also be excited! This is a great opportunity for you to leave a good impression on your employers, grow your network, and maybe even walk away with a job offer! Here are some tips so you can make the most out of your internship. Have...

Continue reading

Employees or Independent Contractors? Here’s How to Differentiate

By Donna Woronka You think you’ve hired an independent contractor, but the IRS or State Department of Labor may see that you’ve hired an employee. If there’s any uncertainty, chances are good that you’ll lose that argument, and at a high cost in back payroll taxes and penalties. That’s why it’s critical that you understand the differences between the two legal classifications and that you keep your independent contractors independent. Here are some questions to help you determine ...

Continue reading

My Journey to RESULTS!

By Diana Miller As a leader in the field of public accounting, I partner with clients to find solutions to even the most challenging problems while overseeing the direction and strategy of my own team. As a CPA, I work together with organizations to achieve business solutions which optimize each organization’s potential based on their own unique strengths. I am dedicated to empowering individuals to make a difference and build rewarding successes, which is why I’d like to share...

Continue reading

Y2K15 Technology Assessment

By Paul Ursich  Remember what you went through in the late 1990s as you frantically sought to assure yourself and others that your computer systems would survive the turnover to the year 2000? Fifteen years later, this is a good time to review your technology and infrastructure haves, have-nots and should-haves. But this time around, you don’t have to be frantic. Take your time in 2015 to assess your needs and determine how to invest to meet the demands and embrace the exciting...

Continue reading

Resume Pointers

By Wiss Associate We all want a chance to interview and show what we are made of. But first, we have to make a good impression. Here are some Resume tips to help you get that interview! Keep it direct: You don’t have to make your resume extremely detailed. Think of it as a tool for getting your foot in the door, you will have time to elaborate when you have your interview. Don’t worry about including your objective, the employer should be able to figure out what your objective is...

Continue reading

Fighting for a Cause

By Jessica Brandt Dylan D’Alessio joined Wiss as an Intern and has since been hired to the Human Resources team. Throughout Dylan’s time at Wiss during workdays and participating in Wiss-letics, many people have noticed him sport a wristband and tattoo, both that read the name, “Kyleigh.” In speaking more with Dylan, some have come to find out that Kyleigh was a beautiful, fun-spirited, ambitious student-athlete at West Morris Central High School. Kyleigh is also Dylan’s older sister...

Continue reading

Transitioning to the Cloud

By Wiss Associate What if you lost your company’s computers, servers and phone system? The culprit could be hackers, natural disaster or technology breakdown, but the end result is the same: You lose nearly everything of importance to your business for an unspecified length of time. Your business is at a standstill until you hire an army of IT specialists to get you up and running again. They’ll get right to it — or at least as soon as they can fit your company into their busy schedule. Because...

Continue reading

Why Diversity Matters and How you can Achieve It

By Lori Graham The American business world is being challenged to diversify its talent pool to better reflect the changing face of America. To some extent, businesses are already making headway in this effort. Today, about 60 percent of college graduates with a bachelor’s degree are female. While women are still relatively rare in positions of corporate leadership, the glass ceiling is starting to shatter, and progress will continue to be made as this current group gains traction...

Continue reading

Helping the Next Guy

By Dylan D’Alessio In April 2010, the small Pinecliff Lake Community in West Milford, NJ was swarmed with a sea of green of those participating in the first ever Irish Whisper Lymphoma Walk. Thanks to the community’s help, the Irish Whisper team, walking in memory of beloved Danny Kane, brought in over $36k and 350 attendees their first year in Pinecliff—grabbing the title of the leading fundraising team in the state of New Jersey. Fast forward a few years…the Irish Whisper...

Continue reading

Seize that Opportunity!

By Diana Miller When asked if I’d be interested in co-authoring an anthology book called “Results! – Impactful Solutions to Drive Business”, my first thought was “Is this something I can do?” Immediately, I stopped my “old Diana” thinking and said “Of course I can and I should take this opportunity.” Too often we let opportunities like this pass us by, and my word of advice would be, if you are truly passionate about achieving a goal you must believe in yourself,...

Continue reading

Seven Critical Steps to Upgrading your Accounting Software

By Robert Risk  Corporate accounting software generally lasts about 10 years before users get bogged down with a system that’s out of touch with current needs. Perhaps your people use Excel spreadsheets for processes that should be easily automated. Or the company has grown to where your existing software can’t keep pace. Or — worst of all — you can no longer trust the numbers on your reports. As you look for a cost-effective system that will serve your needs now and into the future,...

Continue reading

Instilling Core Values

By Dylan D’Alessio Don Logan has been with Wiss for eight years, but his involvement in his local community started long before that. Up until recently, before its relocation, Don was part of the South Shore Karate Club since the age of 10. Don excelled in the club and started teaching younger kids when he was just 13 years old. The Karate club’s teachings incorporated excellent core values and one of the things the instructors strongly encouraged was community involvement....

Continue reading

Interviewing to Your Full Potential

By Wiss Associate Here’s a quick guide on how to succeed in your next interview! Interview Prep: A great interview starts with preparation. Research the company, find out what they do and find out what their culture is like to see if it’s a good fit. They will ask you what you know about their company during the interview. You can’t prepare for every single question that will be asked but there are a lot of similar questions that companies generally ask and you can prepare for...

Continue reading

How to Avoid Risk and Stay Lean in the 2015 Construction Boom

By Wiss Associate Historically, the U.S. construction industry trails the economy by about a year. So when the economy tanks, the industry hangs on by finishing existing projects. And when things begin to improve, construction firms lag while investments are made, new projects are green-lighted and contracts are signed. Today, the economy, from the viewpoint of the construction industry, is 80 to 90 percent back to where it was before the recession. So now it’s time to figure out...

Continue reading

Leading by Example

By Dylan D’Alessio Carolyn Hall is the Director of Outsourced Accounting for our firm, but she doesn’t just use her financial talents for us, she also uses them for her family’s church, St. Matthew the Apostle in Randolph, NJ. Church has always been an important part of Carolyn’s life where she taught religious education for 10 years, but still wanted to do more. With this, she accepted a position on the Finance Committee where her duties include monitoring the financial status...

Continue reading

Finding the Right IT Tool for Real Estate Management

By Alexander J. Narcise  If you own a real estate investment or property management firm and are reluctant to take on the time-consuming hassle of running a financial report, it’s time to upgrade your accounting software system. Off-the-shelf accounting software systems don’t know your business. They don’t speak your language. They can’t respond to requests for construction project accounting or help you manage leases, issue tenant arrears reports or run a partner distribution schedule....

Continue reading

Welcome to Silicon Alley

Tech start-ups meet funding in the Big Apple By Ryan S. Silva, CPA, CFE, CVA  Start-up technology entrepreneurs and investors need to take a close look at New York City’s Silicon Alley, if they haven’t already. There’s a reason the name is so similar to Silicon Valley on the opposite coast. Both are geographic centers of tech innovation, but in addition to the young brainpower in early-stage technology development, this tech hub is as much about access to the nearby capital markets. It’s...

Continue reading

A Means to an End

By Dylan D’Alessio For most of us, a week vacation to an island or the beach is what we look forward to; but for Erin Silkowski and her family, the week they spend volunteering to help others is the best vacation they could ask for. Erin Silkowski is a Staff Associate here at Wiss. Each summer, Erin and her family participate in the Appalachian Service Project, an organization dedicated to building warmer, safer and drier homes for those who live below the poverty line in...

Continue reading

Six Ways to Tell if Your Company is Ready for Series A Funding

By Ryan Silva It’s an exciting — and nerve-wracking — time as your young company prepares to draw investor interest in Series A funding. It’s most likely your company’s first in-depth contact with the venture capital world, but how do you know your business is ready to take such a step? Here are some things to consider:  You’ve put out feelers. VC firms don’t just show up on your doorstep when you need them most. Start your meet and greets long before your company is ready for that...

Continue reading

Sincerely Selfless

By Dylan D’Alessio During work hours, Joanne Spencer is a Tax Assistant within our firm. Away from work, she is much more than that to her community, whole-heartedly involved in a number of different ways. For Joanne, it is volunteering with organizations related to her personal interests and experiences. Even if it’s helping out in the smallest way and making a difference in one person’s life, for her, it is worth it. The subject of domestic violence is one that is particularly...

Continue reading

How Exporters Can Take Advantage of IC-DISC Tax Benefits

By Chris Colyer It’s not often that you hear good news on the U.S. tax front, but if you have a small to medium-sized company that sells product into markets outside the United States, forming an Interest Charge – Domestic International Sales Corporation (IC-DISC) could offer tax advantages. The federal government established the IC-DISC classification many years ago, but many businesses eligible to take advantage of the tax incentives are failing to do so. That’s at least in part...

Continue reading

Stay Lean

How food and beverage entrepreneurs can ramp up production without going broke in the process By Jim Duffy You’ve just sold your leading food or beverage product to a major supermarket chain and it wants to conduct a test run in 50 stores. Your hard work is finally paying off. Your company just got bigger in terms of sales and opportunity, and now you need the workforce to match. Right? Not so fast. The power of outsourcing The true cost of an employee is much greater than a salary,...

Continue reading

Removing the Veil

How FATCA will affect your foreign financial dealings By Mary Vasilescu  If you have offshore financial interests or make payments to foreign entities, you need to know about the Foreign Account Tax Compliance Act, which removes the veil from foreign banks and other entities that enable U.S. citizens to evade taxes on assets accumulated in other countries. Foreign entities are required to satisfy payment documentation and reporting requirements. Lacking the cooperation of those entities,...

Continue reading

An Evolving Role

Look for a diversified skill set when choosing a CFO By Paul Ursich Today’s CFOs need a firm grounding in accounting, financial reporting and tax planning as a starting point. They also need an understanding of computer software systems, a good working relationship with your company’s IT department and the ability to develop company strategies. An effective CFO must also be a smart manager and a team builder who can engage your controller and accounting department. This combination...

Continue reading

Make the Numbers Add Up

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....

Continue reading

Hitting Close to Home

By Dylan D’Alessio Wiss Partner, Craig Erickson had a special bond with his wife’s Uncle Dom, or as she called him, Zio, meaning “Uncle” in Italian. At the age of 17, he took an immediate liking to the man who was always ready to play basketball, have a catch or talk sports. Dom and Craig always had plenty to talk about, seeing as Uncle Dom was a huge Yankees fan and Craig was less than fond of them. Even though Uncle Dom was family, Craig was extremely thankful for how he...

Continue reading

Maintaining Control

How to retain ownership and control while bringing on investors By Arnold Macalintal  Your food or beverage business is going well, but you’re thinking it may need a cash infusion. Taking on investors can ease your financial burden, but at what cost? You’re the one with the dream, the plan and the sweat equity invested in the business, so why should you cede control to outsiders? Here are some tips for getting the cash you need without losing the ability to run your business your...

Continue reading

Protecting Your Personal Information During Tax Season

Protecting Your Personal Information During Tax Season By Wiss Associate  As accountants, we understand that your identity is just as important as your financial well-being.  With tax season just around the corner, scammers will use this opportunity to get access to personal information.  Some common strategies include receiving calls from: A self-proclaimed “Governmental Agency” U.S. Treasury or IRS Sweepstake entry representative We’ve all heard stories of someone who have fallen...

Continue reading


Copyright 2020, Wiss & Company, LLP Accountants & Consultants. All rights reserved.