New Extended Form 8938 Filing Requirements

By Wiss, Posted in International Tax Services

By: Mary Vasilescu For tax years starting after December 31, 2015, the Internal Revenue Service (IRS) has expanded the criteria for reporting Specified Foreign Financial Assets, or SFFAs. SFFA’s for this purpose are foreign financial accounts maintained at a foreign financial institution and other foreign financial assets held for investment purposes. Enacted in 2010 as a section of FATCA or the “Foreign Account Tax Compliance Act”, Section 6038D of the Internal Revenue Code requires U.S... read more.

Protect Your Identity: How to Recover from a Data Breach

By Wiss, Posted in Data Security

By: Bob Risk If you maintain a credit score, there is a high chance you are one of the 143 million Americans whose sensitive information was uncovered in the recent data breach at Equifax, one of the country’s three largest credit reporting agencies. This breach, which lasted from May to July, swiped people’s names, birthdates, Social Security numbers, addresses, and in many cases, driver’s license numbers. What’s more, these cybercriminals accessed millions of people’s person... read more.

Brewing Up Compliance: How Changes to NJ Laws affect Microbreweries & Brewpubs

By Wiss, Posted in Food & Beverage

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 rest of the country. So... read more.

Nonprofit Accounting - Don't Get Tripped Up by Form 990 Requirements

By Wiss, Posted in Not For Profit

By Linda Curro What’s in the price of a ticket?  For nonprofit organizations that hold fundraising events and for the people who attend them, the answer is more complicated than it might appear. It’s important to get special event reporting correct because Form 990 has specific lines on the Revenue Statement to report fundraising events. The ticket price of every event carries two components within it – the donation amount and the entertainment benefit. Whether it’s a dinner,... read more.

Wiss: Where Family Comes First

By Wiss, Posted in Workplace Culture

By: Fatima Wallizadeh 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 top of it. Already being in a different state,... read more.

Wiss’ Trailblazing Female Figures: Celebrating National Women's History Month

By Wiss, Posted in Wiss Gets Personal

By: Danielle Patton The observance of National Women’s Equality Day not only celebrates the adoption of the 19th Amendment, but commemorates women’s remarkable and courageous efforts towards absolute equality in the workforce and all aspects of life. To honor this historic day, we would like to highlight Ugochi Oguh, an Audit Senior and inspiration leader at Wiss. Ugochi has a vast history of stimulating diversity and helping nonprofits conquer their financial and business challenges. After re... read more.

End-of-Year Tax Planning: How to Lessen Year-End Stress

By Wiss, Posted in Tax Services

By Laura Melville We are more than halfway through 2017 – and that means the fourth quarter is already on the horizon. When those final three months of this year arrive, it’s time for your business to focus on planning for 2018 in earnest. Unfortunately, many businesses wait to begin year-end planning until then, as well. Your team will already have its hands full preparing budgets and mapping out your company’s strategies for the following year, and an end-of-year tax preparation-planni... read more.

Utilizing Job Costing to Help Manage the Bottom Line

By Wiss, Posted in Construction

By: Mike Andriola Is your bottom line understated simply because you don’t have the necessary documentation or lack the accounting insight to allocate job costs to contracts? Or are you paying too much in taxes because you have an overly aggressive cost allocation strategy? If you are in either situation, the lack of a sound job costing strategy is costing you money. In the construction industry, there are three main types of costs: direct costs, indirect costs, and general and administrative expens... read more.

You Cannot Automate a Relationship

By Wiss, Posted in General Business

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 a person can.  Th... read more.

Business Leaders: Give Yourself an 85 Percent Chance of Success

By Wiss, Posted in General Business

Dr. Nick Molinaro, Ed.D., P.C. CEOs and other top business executives have it tough. We read about their challenges all the time. Sometimes they are called heroes and sometimes goats for taking actions in the face of a possible downside – or for refusing to do so. Ah, the magic of 20-20 hindsight. An accountant’s main job consists of narrowly focusing on the specific task in front of them. CEOs, on the other hand, must have the ability to shift awareness to different items perhaps several tim... read more.