Transaction Advisory Archives - Wiss & Company, LLP

2021 Cryptocurrency Market: Year In Review

Written on December 29, 2021. Posted in Advisory Services, Cryptocurrency, Investing, Tax, Tax Alerts.

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...

PPP Processing Delays – More Communication Required from SBA

Written on February 5, 2021. Posted in Financial Planning, General Business, PPP, State & Local Tax Services, Tax, Tax Alerts.

By Travis Miskowitz, Manager CFO Advisory When the Small Business Administration rolled out the Paycheck Protection Program in 2020, there was an immediate need to stem the losses and financial difficulties that small business owners were facing due to the pandemic and government-mandated shutdown orders. The early days of PPP were fraught with processing issues, incomplete or inconsistent guidance, and a lack of reliable resources for small business owners to reference when applying...

Capital Formation Advisory

Written on February 2, 2021. Posted in Advisory Services, Financial Planning, General Business.

Whatever stage your company is in, Wiss Capital Advisors can help you make the right financing decisions. We can advise on securing equity capital for growth-oriented companies, including expansion capital and pre-IPO financing. We can help you secure financing for a management buyout, management buy-in, or corporate divestiture. And we have the experience and expertise needed to help you in special situations, including acquisition financing, public-to-private transactions, and...

Straight Outta Congress: How to Maximize the Employee Retention Credit (ERC) & Paycheck Protection Program (PPP)

Written on January 19, 2021. Posted in General Business, PPP, State & Local Tax Services, Tax, Tax Alerts.

By Travis Miskowitz, Manager, CFO Advisory This is a developing story; updates will be published as additional information becomes available. Update: March 3, 2021 As we enter March, we would like to remind our clients and friends that they may be eligible for 2 very beneficial programs: Employee Retention Credit (ERC) and a 1st Draw or 2nd Draw PPP loan. The ERC is a refundable credit which can now be claimed retroactively by PPP borrowers to 2020 if the company meets 2 main eligibility...

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...

Preparing Your Company for Sale (Even If You Aren’t Ready)

Written on November 17, 2020. Posted in General Business.

By William Haemmerle, Director of Transaction Advisory Services “Luck favors the prepared mind.” – Louis Pasteur Most business owners never really worry about selling their company until something happens – they decide to retire, there is a succession issue, or they receive an unsolicited offer. Unless preparations have been made, none of these situations provide significant time to get the financial, operational, or legal house in order. If you fall in this category, it is...

Accounting Department Red Flags: Is It Poor Training, Incompetence or Theft?

Written on April 3, 2018. Posted in Advisory Services.

When things go wrong in your accounting department, you’re sure to feel the pain — especially if errors are common. Problems and irregularities can crop up for several reasons. For instance, your accounting staff might be inadequately trained, or they’re just not suited for the job. But the cause could also be much worse: someone is stealing from your company. Let’s take a closer look at both scenarios. Innocent Mistakes Everything from inadequate training to incompetence could...

Keep Track of Your Credit Score

Written on September 21, 2017. Posted in Technology.

By Joe Turk With everyone concerned about the recent Equifax Data breach, we recommend people remain vigilant and review their credit card, banking and financial transactions on-line very carefully. You can check Credit Karma for your credit scores and activity; however, the service is limited and updated from TransUnion and Equifax every 7 days. The top three credit monitoring services are LifeLock, IdentityForce and IdentityGuard–with LifeLock coming out on top in competitive...

Goal 2017: To Start Painlessly Building Your Accounting Technology Ecosystem

Written on January 4, 2017. Posted in Advisory Services.

By Paul Ursich If the end of one calendar year and the beginning of the next is when your company starts planning the future and prioritizing investments in technology, I hope you’ll spend some of this time considering your accounting system. Call it your Y2K17 effort if you will, but it’s your strategic efforts to improve your technology footprint in order to increase productivity, financial accuracy and, ultimately, profitability. If you’re like a lot of our clients, you’re likely...

3 Reasons Why It’s Important to Understand Your Cap Table

Written on November 1, 2016. Posted in Early Stage.

By Ryan S. Silva Very often some of the most promising early stage growth companies find themselves challenged when asked about their cap table. Simply put, the cap table should list all the securities of the company (i.e., stock options, warrants, convertible debt, SAFE, etc.) and who owns them. This isn’t difficult when it’s just a few people, but as the capital structure becomes more complex from financing transactions, the cap table usually does as well. This is generally because...

Manhattan taxpayers, be aware of the Commercial Rent Tax

Written on June 14, 2016. Posted in State & Local Tax Services.

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...

Using QuickBooks Apps and Features to Boost Accuracy and Productivity

Written on May 17, 2016. Posted in Technology.

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...

How to Make 2016 Your Most Organized Tax Year Ever

Written on May 5, 2016. Posted in Tax.

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...

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

Written on March 22, 2016. Posted in Real Estate.

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...

Bringing Companies Together Through Post-Transaction Integration

Written on December 8, 2015. Posted in Advisory Services.

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...

Pitfalls to Avoid when Hiring an Outsourced Accounting Firm

Written on November 11, 2015. Posted in Outsourced Accounting & Tax.

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...

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

Written on October 6, 2015. Posted in Advisory Services.

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...

Ecommerce Sales Tax Terms you Need to Know

Written on September 8, 2015. Posted in State & Local Tax Services.

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...

Tag: Transaction Advisory