Proper Management Gets Ambitious Projects Over the Finish Line

By Wiss, Posted in Advisory Services

What could be more intimidating to a business than the prospect of launching a new ecommerce website? Or merging with a competitor? Or implementing a new business process management software solution that will touch virtually every department in the company? Lots of thoughts go through your head as you consider taking on a project that might take months or years, and will impact your company and your people for a long time to come.  Just think of the prospects of establishing goals, developing a budg... read more.

Toss Your Paper Receipts for a Better Digital Solution

By Wiss, Posted in General Business

Is your wallet stuffed with business receipts that you just don’t have time to organize? Do you dread preparing expense reports? Does your bookkeeper spend an inordinate amount of time chasing down those tiny pieces of paper and explanations from salespeople in far-flung regions? How often do your employees feel cheated out of reimbursement because they lost proof of valid expenditures? In other words, is your business still being held hostage to the dreaded paper receipt? It needn’t be. Not wh... read more.

Governor Murphy Signs State Budget

By Wiss, Posted in Tax Services

On July 1, 2018, Governor Murphy signed New Jersey's 2019 budget. Here are a few highlights of which you should be aware.  Main highlights: Increased income tax rate, effective for the 2018 tax year, to 10.75% for individual taxpayers whose incomes are at or above $5M A temporary corporate business tax surcharge of 2.5% for 2018 & 2019 and 1.5% for 2020 & 2021 Effective for the 2018 tax year, an increase in the state property tax deduction cap from $10,000 to $15,000 There will be no inc... read more.

Business Process Reviews-the First Step to Positioning Your MSO or DSO for Fast

By Wiss, Posted in Advisory Services

By Carolyn Hall, CPA, MBA Business owners with an entrepreneurial spirit welcome growth without necessarily focusing on the bottom line. MSO and DSO professionals who own and operate medical and dental service organizations that are experiencing patient gains and revenue growth can often lose sight of the details that go into back-end processes. Your accounting system can be your first and most visible sign of trouble. When billing is slow or error-filled, processes are broken, locations aren’t comm... read more.

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.