The Importance of Setting A Budget for Your NonProfit Organization

By Wiss, Posted in Not For Profit

By Diana Miller, CPAThe Importance of Annual Budgets for Nonprofit Organizations Sometimes the importance of writing and maintaining realistic annual budgets is not always understood -but it’s imperative for a number of reasons. For one thing, the document might find more interested readers than you suspect.   Who Cares? Let’s start with your co-workers. Staffers need to know when funds will be available, or whether belt-tightening might soon begin (or continue). Your budget will al... read more.

NJ Lawmakers Pass Equal Pay Act: What It Means For Your Business

By Wiss, Posted in Human Resources

By Lisa Calick, SPHR New Jersey lawmakers have overwhelmingly passed the Diane B. Allen Equal Pay Act, a comprehensive pay equity law that significantly strengthens employer requirements to provide equal pay for similar employment without regard to gender or other protected characteristics.  Governor Phil Murphy, a strong proponent of equal pay, has stated he will sign the legislation, which would take effect on July 1, 2018.  Once signed, New Jersey would have one of the broadest equal pay laws... read more.

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

By Wiss, 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 be the... read more.

Factors to Consider When Valuing Your Engineering Firm

By Wiss, Posted in Engineering

By Amos Gibello You’re the owner of an engineering firm which you’re thinking of selling. Or maybe you’re trying to establish its worth in consideration of securing loans, partnerships, outside investors or a merger. Or you’d like to get a better handle on your net worth for estate purposes. Whatever the reason, here are some of the leading factors to consider while estimating your firm’s value. Revenue Growth -- How have you done over recent years? Trending upward or down?... read more.

Potential 15% Increase in NJ Angel Investor Tax Credit Program

By Wiss, Posted in Tax Services

By Bill Beiermeister, CPA and Ryan Silva, CPA, CFE, CVA In January 2013, Governor Chris Christie signed legislation creating an angel investor tax credit program to spur job creation and growth in New Jersey's current and next generation of high-skill, high-wage emerging technology industries. Under the current program New Jersey offers a 10% investor tax credit for an individual that invests in a New Jersey emerging technology company up to a maximum of $500,000 for the tax year for each qualified invest... read more.

How Manhattan's Commercial Rent Tax (CRT) Changes Might Benefit Your Bottom Line

By Wiss, Posted in Tax Services

By Kerri Nelan If you rent commercial space for a company located in designated sections of Manhattan, you might soon qualify for significant tax relief. Your business could save thousands of dollars annually as a result of upcoming changes to New York City’s Commercial Rent Tax, or CRT.   First, a little background.  Manhattan’s CRT   The CRT is currently paid by commercial tenants renting space below 96th Street and above Murray Street in M... read more.

Know When an HR Assessment Is Needed - Advisory Services - Wiss

By Wiss, Posted in Advisory Services

By Lisa Calick, SPHR Are your business’s human resources starting to fall behind? Have you not reviewed HR policies and procedures in quite some time? Are you running a new startup? If you answered yes to any of these questions, you may need an HR assessment to ensure compliance with state and federal regulations, as well as reduce the risk of potential liabilities. When Should an HR Assessment Be Performed? Fundamentally, an HR assessment is an investigation of a company’s current practices,... read more.

How the General Data Protection Regulation (GDPR) Affects How You Do Business in

By Wiss, Posted in International Tax Services

If you operate a business that is in any way involved with obtaining, managing or using the personal data of residents of the European Union, note the date May 25, 2018. That’s when the two-years-in-the-making General Data Protection Regulation becomes the law of the land. Your company might be affected by the GDPR -- and subject to potentially stiff financial penalties for violations -- even if it doesn’t have a physical presence in Europe. Let’s take a closer look, first by defining ex... read more.

The New Partnership Audit Rules Effective January 1, 2018

By Wiss, Posted in Accounting and Auditing

By Mike Bodrato, CPA, JD As part of the Bipartisan Budget Agreement of 2015, Congress made significant changes in the procedures used by the IRS to conduct partnership audits (including LLCs treated as partnerships) and their partners.  Proposed regulations were issued on January 19, 2017, but prior to being released were withdrawn by executive order.  New proposed regulations were issued on June 14, 2017.  The new partnership audit rules repeal the current regime under the Tax Equity and Fi... read more.

Do You Have an Accounting Policies & Procedures Manual for Your Nonprofit?

By Wiss, Posted in Not For Profit

By Diana Miller Written documentation of your organization’s policies and procedures regarding accounting practices always makes sense, regardless of your line of business. But it’s particularly critical when yours is a not-for-profit organization. While the production of such a document can be highly detailed and time-consuming, it’s worth it. And it’s a job you’ll likely only do once -- or perhaps just tweak periodically as laws or conditions change. Let’s take a bri... read more.