ALERT: Supreme Court Expands States Ability To Collect Sales Tax

By Wiss, Posted in Tax Services

The Supreme Court cleared the way Thursday for state and local governments to collect new sales taxes from online retailers and others with substantial sales into a state. The ruling in the South Dakota v. Wayfair case opens the door for states to require out-of-state online retailers and other remote sellers to collect sales tax from their customers, overturning a prior court decision that states have fought for years and that the court upheld in 1992's Quill case. In 1992, the court r... read more.

Finding Tax Advantages in Opportunity Zones

By Wiss, Posted in Real Estate

By Michael Kroll, CPA and Larry DiPasquale, CPA, MST The Tax Cuts and Jobs Acts has been a popular topic this year where the focus has been mainly on tax cuts. However, there is a lot more to the new tax law than just tax cuts.  There are new provisions providing significant tax benefits for investments in so-called Opportunity Zones and below are the details you need to know. Distressed Area Investment The idea behind the Opportunity Zones program is to create tax incentives for investments ta... read more.

Net Asset Presentation on Not-for-Profit Entity Financial Statements

By Wiss, Posted in Not For Profit

Prior to the adoption of ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, not-for-profit entities (NFPs) were required to segregate net asset disclosures between temporarily restricted, permanently restricted and unrestricted.  To reduce confusion and enhance transparency, ASU 2016-14 reduces the number of classes of net assets from the above three to two – net assets without donor restrictions and net assets with donor restrictions.  A NFP must present total net... read more.

When and Why Your Business Needs a Business Process Review

By Wiss, Posted in Advisory Services

By David Singletary Have you ever really noticed a process at your business that’s been in place seemingly forever? As you take a closer look it doesn’t appear to be the best way of doing things, so you ask the logical question: “Why?” In response, your team collectively shrugs and says, “Well…that’s how we’ve always done it.” It’s time for a business process review. Third-Party Overview Business process reviews are important because they&rsq... read more.

Be Substantially Compliant or Face Monetary Penalties

By Wiss, Posted in International Tax Services

By Mary Vasilescu, CPA, MST File complete forms 5471 and 5472 to avoid penalties and extension of statute of limitation. The IRS Practice Unit (IPU) “The Meaning of “Substantially Complete” with Reference to International Information Return Penalties,” addresses substantial compliance related to international information returns. This release follows a 2015 issued IPU: “Failure to File the Form 5471 – Category 4 and 5 Filers – Monetary Penalty,” which focuse... read more.

KPI Checklist for Evaluating Your CFO or Controller

By Wiss, Posted in Advisory Services

By Paul Ursich, CPA How do you grade the accomplishments of your Chief Financial Officer or Controller? Not only at review time, but whenever you’re thinking of the value this key management team member brings to your company. What are the key performance indicators, or KPIs, that really matter to you? Does your CFO or Controller know the KPIs that define success in your eyes? How could they know if you don’t? Here’s what to do: For starters, review the job description you created befor... read more.

Reading Financial Statements 101 - Quick Tips To Identify Potential Errors

By Wiss, Posted in Accounting and Auditing

The last thing your company or organization wants is unreliable financial statements. Your partners, investors, lenders and especially your company’s bottom line depend on numbers from your accounting department that you can comprehend and trust. To minimize the potential for errors, make sure that the following criteria are met when reporting your numbers:  Balance Sheet Asset accounts should have debit balances and liability accounts should have credit balances. As long as your outstandin... read more.

New Jersey & New York Attempt Work-around on the SALT Deduction Limitation

By Wiss, Posted in State & Local Tax Services

New Jersey Governor Phil Murphy signed legislation this past Friday (May 4, 2018) which attempts to work-around the state and local tax deduction limitation imposed by the Tax Cuts and Jobs Act, which was enacted in December of 2017.  Under that federal legislation, the aggregate state and local tax deduction (which includes state income, property and sales tax) an individual taxpayer may claim is limited to $10,000 per year.  New York already has their version of a work-around on the books, as Go... read more.

Governor Murphy Signs Statewide Paid Sick and Safe Leave Bill

By Wiss, Posted in Human Resources

By Lisa Calick, SPHR Governor Murphy has signed a Paid Sick Leave Law, which will now require New Jersey employers of all sizes to provide up to 40 hours of paid sick leave to employees each year.  Several municipalities already have existing ordinances requiring similar leave, however this new act will preempt those individual ordinances and provide a uniform benefit requirement statewide.  The new law will take effect 180 days from the date signed, and will cover employers of all sizes.  ... read more.

Ideal Minimum Requirements for Your Accounting Department

By Wiss, Posted in Advisory Services

By Angelique Zitz, CPA One of the most common causes of chronic problems in accounting departments is having the wrong people on board - or the right people in the wrong positions. In other words, things can go terribly wrong when the education, work experiences and career trajectories of your personnel do not match up with your expectations. With that in mind, here are some of the ideal minimum requirements you should look for under most circumstances during your recruiting process. With the right people... read more.