By Wiss Employee
Numbers don’t lie, but they also don’t talk. Instead, clearly documented words in a work paper speak for the numbers, and in the case of audit documentation, this is how an auditor proves to others — including, perhaps, a court of law — that an audit was thoroughly and effectively executed.
Despite the critical nature of this task, auditors often question whether the effort it takes to provide sufficient documentation is worth the end result. A competent...
Understanding the NJ Alcohol Tax
By Paul Lembo
You’ve perfected your batch. You’ve scouted your location. You’ve raised the capital. And now you are ready to venture into the wild, wonderful world of professional brewing.
But before you make that first pour, make sure you understand the state tax laws that apply to your sales.
In New Jersey, alcohol producers must pay not only state and federal taxes, but also an additional alcoholic beverage tax. These taxes can be significant,...
By Fatima Wallizadeh
Updated 7/30/2019. When an internal audit is conducted, auditors set up in a conference room with boxes of files, stacks of binders and open laptops. They might stay for a day, a week or longer.
But do you really know what goes on during an audit, and why doing one is so important to a company’s operations? Here is what happens during an audit, and how auditors work with their clients to help them improve their businesses.
Learning the client
It’s essential for...
By Paul Lembo
In recent years, the American alcohol scene has been overtaken by the rise of microbreweries and brewpubs. Entrepreneurs across the country have been taking advantage of the evolving tastes of a beer-drinking population willing to pay a premium for flavorful ports, pilsners, IPAs and other brews.
But because of the archaic, limiting laws that were in place until late 2012, the state of New Jersey is behind the craft brew times and is only beginning to catch up to the...
By: Fatima Wallizadeh, former Audit Staff member
Life never prepares you for a loss. When a personal tragedy suddenly pierced my family and I, it was one of the toughest experiences we have ever encountered. Unfortunately, this tragedy occurred in the midst of busy season at Wiss, the most frenzied and exigent time of year at any accounting firm. Now not only would I have to cope with the tragedy—I would have to steady the myriad responsibilities that occur during this period on...
By Ruth Raftery
“Hello! My name is Samantha and I am an automated voice recognition answering service. You can speak to me as you would with a live representative. Please tell me, what are you calling about today?”
It seems many calls I make lately– whether to credit card companies or to other businesses – are answered by the type of technology that runs programs like “Samantha.” In my experience, these systems can never actually answer the types of questions...
By Connor Doyle
Hindsight is 20/20, but sometimes it takes time to get the full picture.
My story begins at college graduation. I was bright eyed, bushy tailed, and without a job. One of my top accounting firm choices, Wiss & Company, had just turned me down for an internship. After an overly anxious two months, a last minute drop from the temporary positions in the Wiss tax department opened up with what I came to know as one of the most unglamorous jobs in accounting. I took...
By Connor Doyle
There are few things done in the business world that are performed at a leisurely pace. Owners don’t wander through their fiscal year, money doesn’t change hands without intent, and bosses don’t demand 10% of one’s abilities within a project. More often than not, there’s an urgency to requests. There’s an unspoken agreement that a concerted effort will be made towards completion in a timely manner. With that request comes pressure, and with that pressure often comes...
By Danielle Patton, former Marketing intern
Stepping into a brand new position in the accounting industry can be both exciting and intimidating. Even if you have acquired internships in the past, clocking in on your first official day as a Staff 1 will unlock access to a completely divergent domain full of new experiences and opportunities.
To prepare yourself, here is some inspirational advice from our very own Wiss team, sharing some pointers on how to make your Staff 1 experience...
By Wiss Associate
You may assume that when a broker, advisor, insurance agent, or consultant makes recommendations about your retirement account, the advice is in your best interest.
But that hasn’t always been the case. While the majority of advisers act in the best interest of their clients, not all have been legally required to do so, and some have been swayed by hidden fees or commissions to recommend investments that weren’t necessarily the best choice for their clients’ individual...