Make the Outsourced Accounting Transition and Watch your Business Soar

By Wiss, Posted in Outsourced Accounting & Tax

By Carolyn Hall Many companies consider outsourcing their accounting services at some point in their development, whether it is to support growth, improve efficiency or simply ease the administrative burden on their staff. There are a number of advantages, but it is a big decision to outsource part of your operations. Here are five key reasons to consider making the transition.  With that responsibility out of the way, you can focus on your core strengths. The primary reason to consider hiring an o... read more.

How to Reduce Risk Using Fidelity Bonds and Fiduciary Liability Coverage

By Wiss, Posted in Employee Benefit Plan Audits

By Craig Erickson  Managing an organization’s employee benefit and retirement plan comes with risks, and potential missteps can affect both the plan administrator and participants. To protect you from those risks, insurance companies offer fiduciary bond — often called fidelity bond — and fiduciary liability coverage. And while the two terms sound similar, there are distinct differences.  Assets and administrators at risk The plan administrator can act, or fail to act, in ways... read more.

CFOs and Controllers Guide for Year-End Reporting and Tax Compliance

By Wiss, Posted in Advisory Services

By Paul Ursich For CFOs and Controllers, the end of the year is typically a hectic and sleepless time. No matter how prepared you are, end-of-year planning inevitably brings surprises and last-minute complications.  To create an accurate, timely and surprise-free planning experience, you need to stay organized throughout the year, by preparing detailed monthly and quarterly financial reporting packages that include reconciliations and detailed back-up schedules.  In addition, you should work wit... read more.

New York Sales Tax and Cloud Computing: What you Need to Know

By Wiss, Posted in Tax Services

By Phil London  One of my guiding principles for giving clients strategic tax advice is don’t make a move simply to minimize the tax impact without making sure that your decision makes sense from all other business perspectives. For example, an opinion issued by the New York State Department of Taxation and Finance has businesses considering the tax ramifications of moving operational software to the cloud. The cloud The cloud includes servers, programs and computing services that work off you... read more.

Fishbowl and QuickBooks Advanced Inventory Comparative Review

By Wiss, Posted in Advisory Services

Companies using a combination of QuickBooks and Excel are oftentimes looking to find a more robust system alternative, but are not ready for an enterprise-level ERP system. For these types of firms looking for a low-cost option that will not require the replacement of QuickBooks, we recommend Fishbowl—a manufacturing and inventory control system that integrates seamlessly with QuickBooks. Fishbowl Manufacturing is designed for small to mid-sized companies looking for a complete inventory management sy... read more.

What’s your Responsibility to Find Missing 401(k) Plan Participants?

By Wiss, Posted in Employee Benefit Plan Audits

By Craig Erickson  As the fiduciary of a 401(k) plan, you are responsible for retirement plan participants, even if they’ve left your company with no forwarding addresses or you have contact information that’s no longer valid.   If employees work at your company long enough to take part in your 401(k) plan, and then disappear, moving from state to state, taking a series of jobs,  how responsible are you for tracking them down?  When a participant cannot be located via rout... read more.

How to Take Advantage of the 45L Energy Efficient Home Tax Credit

By Wiss, Posted in Real Estate

When and why residential real estate developers should consider it By Alexander Narcise  The Federal Section 45L Energy Efficient Home Tax Credit is relatively new and little known, but those who take advantage of it can reap substantial benefits.  Here are two examples of 45L tax outcomes:  After due diligence, a housing developer in Connecticut received a tax credit of $2,000 for each of its 144 units. A 296-unit development in New Jersey is in the process of receiving a $592,000 tax... read more.

Ecommerce Sales Tax Terms you Need to Know

By Wiss, Posted in State & Local Tax Services

By Kyle Pennacchia  If your company conducts business in a number of states, you understand how convoluted the sales tax process can be. Traditionally, you started with figuring out how to adhere to the tax collection standards of your own state, then you determined in which other states you were deemed to have a legal presence and, therefore, a tax obligation.  Then came the Internet.  Ecommerce is a great way to find customers globally that you couldn’t have in the bricks-and-morta... read more.

What to Look for When Hiring a 401(k) Plan Auditor

By Wiss, Posted in Employee Benefit Plan Audits

By Craig Erickson  As the number of participants in your company’s 401(k) plan grows, at some point the plan will require an audit. Also known as an employee benefit plan (EBP) audit, the U.S. Department of Labor generally requires one when the number of participants in your employee benefit plan reaches 100, though there are some exceptions.  This audit, a result of the Employee Retirement Income Security Act of 1974, assesses whether an employer’s plan has the liquidity to meet cur... read more.

Finding the Right Accounting Software for your Professional Services Firm

By Wiss, Posted in Advisory Services

By Paul Ursich Emerging engineering firms and other professional services companies quickly outgrow the rudimentary accounting system software they buy off the shelf to get started. Although these starter systems can handle the basics, such as financial reporting, accounts payable processing and accounts receivable, they have limited capability for handling employee time reporting, expense reports, project reporting and related functions. However, there are several software packages specifically designed... read more.