2018 New Jersey Tax Amnesty Program

By Wiss, Posted in Tax

Starting on November 15, 2018 and ending January 15, 2019, the State of New Jersey will hold a 60-day tax amnesty program aimed towards taxpayers who have delinquent taxes owed to the state.  This will provide taxpayers an opportunity to file past tax returns and/or pay outstanding taxes due to the state, including a one-half reduction of the interest due as of November 1, 2018. The amnesty program only applies to outstanding filings and payments due for tax returns which were due on or after February... read more.

Four Strategic Decisions Holding Your Small or Mid-Market Company Back

By Wiss, Posted in Advisory Services

By Joe Cicerone Your business needs help. No, that doesn’t mean you’re doing anything wrong -- or more wrong than anyone else trying to independently run a business.  But it would help to have an experienced  CFO Advisory group who could see your company’s challenges and opportunities from a fresh perspective. That’s because the management team of young and growing companies tend to see what they’ve always seen. They only know the one way of looking at their bottom... read more.

Hardship Withdrawal Rule Changes from the New Tax Code

By Wiss, Posted in Tax

By Laura Zindel, CPA Details of the Trump Administration’s Tax Cuts and Jobs Act are so complex that it is easier for businesses to discuss the details and ramifications in smaller pieces. One specific section of the Tax Cuts and Jobs Act involves changes to rules affecting hardship withdrawals from your employees’ benefit plan account, most commonly 401(k) and 403(b) plans. The definition of a hardship withdrawal hasn’t changed. If a plan permits, a hardship is an early withdrawal of fu... read more.

Tax Bill Impact on Transportation Benefits

By Wiss, Posted in Not For Profit

Its intentions are good, but the 2017 Tax Cuts and Jobs Act (TCJA) can have a negative effect on non-profit organizations in at least a couple ways. We’ll take a look at how one of the new provisions of the TCJA complicates the provision of what might be a much-needed benefit for some of your employees. Disallowed Benefits The IRS explains the tax code change, known as section 512(a)(7), under the heading “Increase in unrelated business taxable income by disallowed fringe.” This new Inte... read more.

Exchange of Information Systems in International Commerce

By Wiss, Posted in International Tax Services

By Mary Vasilescu, CPA, MST Background In this new age of technology and ever-expanding global commerce, there is a growing need among industrialized countries for tax information sharing and cooperation among their respective tax authorities for the purposes of tax enforcement, as well as tax evasion detection and mitigation.  This can be evidenced by the recent advent of the Foreign Account Tax Compliance Act (known as “FATCA”) which has resulted in over one hundred inter-governmental a... read more.

New Jersey Employers Subject To New Paid Sick Leave law

By Wiss, Posted in Human Resources

By Lisa Calick, SPHR New Jersey employers will soon be faced with new requirements to provide paid sick leave to all employees.  Signed into law by Governor Murphy earlier this year, the new requirements will take effect on October 29th.  As stated in an earlier blog, this mandate applies to businesses of all sizes and requires employers to provide up to 40 hours of paid sick leave to employees, including part-time, temporary and seasonal employees.  Businesses that do not currently of... read more.

7 Common Mistakes Made by Early Stage Companies

By Wiss, Posted in Technology

By Donna Woronka, CPA, MBA Early stage entrepreneurs have plenty on their minds, from developing and launching their new product or service, to establishing customer and vendor relationships, to hiring employees and raising capital to make it all possible. There’s a lot that can potentially slip through the cracks. Issues related to state and federal compliance is an area that is not frequently at the top of the list.   In my 20+ years working with over one hundred early stage companies, t... read more.

Preparing Your Business for an ERP Implementation

By Wiss, Posted in Technology

There are few administrative initiatives that might prove more challenging to more of your employees in more departments than the launch or changeover of an ERP system. Don’t get me wrong -- in time you’ll all feel that it’s totally worth it in terms of enhanced productivity and accuracy. It’s just that you’ll all work up a sweat getting there. In an earlier blog post I described your Enterprise Resource Planning system as being the brain center of your company. So an ERP impl... read more.

Summer Spotlight: Joanne Spencer Goes to Puerto Rico for Mini Mission Trip

By Wiss, Posted in Wiss Gets Personal

When Tax Assistant, Joanne Spencer, is not working or studying for her Master’s in Divinity at Drew University, she finds time to volunteer. She recently had an opportunity to take a long weekend to help with Hurrican relief in Puerto Rico.     Joanne sought out this opportunity after taking a course in Educational Ministry for her Master’s, in which she chose to focus on Puerto Rican history and culture. With the knowledge from that class and the recent events of Hurricane Ma... read more.

Summer Spotlight: Kelsey Silverstein Soaks up the Antigua Sun

By Wiss, Posted in Wiss Gets Personal

Kelsey Silverstein, Talent Development Associate, spent a week in St. Mary’s Parish, Antigua vacationing with her mom and sister.  The trip was in celebration of Kelsey's recent graduation from Rutgers University as well as her sister's graduation from Concordia College's Master's Program. With school completed, the girls were excited to destress. They took full advantage of the all-inclusive resort by jet skiing, sail boating and snorkeling. Despite all of the fun activities, the highlight... read more.

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