Focus on Your Process: Take Full Advantage of Your Accounting Software

By Wiss, Posted in Accounting and Auditing

By Carolyn Hall  Your business can be using the best accounting software in the world, but unless your team is following standard processes, you’re not taking full advantage of your investment. Here’s how to make sure your system is running efficiently and that you have the right people and processes in place. When setting up a new system, lay out all of the steps involved and continue to communicate to team members throughout the lifecycle of a product or service. Project management s... read more.

Building Customer Relationships: Today's Clients Demand More

By Wiss, Posted in General Business

By Paul Peterson  Your relationship with your customers has never mattered more than it does today. Customers no longer just expect you to sell them a product or service. Instead, they want you to be one step ahead of them, understanding their pain points and bringing issues -- and solutions -- to the table. To do that, you need to understand your customer and bring transparency to the relationship. Today’s consumers have more access than ever to information about your company, your reputatio... read more.

How IRS Revenue Protocol 2016-37 Will Impact Retirement Plans

By Wiss, Posted in Employee Benefit Plan Audits

By Cindy Sandomenico  Approved in June 2016, IRS Revenue Protocol 2016-37 alters the way individually designed retirement plans must file amendments and submit determination letters to the IRS. This will be effective Jan. 1, 2017. Previously, retirement plans were subject to a five-year cycle involving remedial and formal adoption of amendments, and submission of determination letters every five years, regardless of whether the plan was amended. This process was time-consuming for both plan sponsors... read more.

With the Gas Tax Bill Comes the Elimination of the NJ Estate Tax

By Wiss, Posted in Estate and Business Succession Planning

By Ruth Raftery The much discussed bill raising the New Jersey gas tax by 23 cents per gallon was signed by Governor Christie on Friday October 14th.  Although not as widely publicized, the new law provides for another major change – the complete elimination of the New Jersey state estate tax.       Up to now, and for the remainder of 2016, New Jersey has the lowest estate tax exemption in the country, subjecting estates worth more than $675,000 to estate tax at the time of death... read more.

Fraud Prevention – A Necessary Evil

By Wiss, Posted in General Business

By Timothy Kennedy, CPA Do you trust your bookkeeper? This is a question you have to ask yourself periodically. Not only do you want to feel confident that they wouldn’t steal from you, but you also want comfort in knowing that they can properly journalize and manage the accounting information that comes through the door each day. Poor accounting record maintenance and overall sloppy accounting by a lackluster bookkeeper can take you to the point of no return—and force your hand into considerin... read more.

Christie Launches NJ Gas Spike to End Road Funding Crisis

By Wiss, Posted in State & Local Tax Services

By Christopher Colyer After an extensive three-month long political and financial stalemate, New Jersey Governor, Chris Christie and Democratic leaders reached a deal to renew the Transportation Trust Fund, reviving dozens of construction plans that remained lifeless for months on end. By proposing to raise the gas tax by 23 cents a gallon to replenish the fund, which is recycled and applied to road, rail, and bridge improvements for the state, New Jersey’s transportation projects can swiftly resume.... read more.

How Proposed Changes to Form 5500 Could Impact Your Filing Requirements

By Wiss, Posted in Employee Benefit Plan Audits

By Wiss Associate If your company has an employee benefit plan, you should be familiar with IRS Form 5500, the form you use to report activity regarding your retirement and welfare plans. On July 11, 2016, the U.S. Department of Labor (DOL) proposed revisions to Form 5500 and the related schedules in an effort to promote more thorough monitoring of plans by employers, fiduciairies, participants and, of course, the DOL. Here are some of the changes and how they could significantly increase the annual repor... read more.

Ignite Passion and Inspire Others: Becoming a Transformational Leader

By Wiss, Posted in Workplace Culture

By Andrea Saenz Being a leader often comes with great responsibilities and rather high expectations to maintain. We are often our own worst critics, as we feel an arduous pressure to perform. But, what we fail to do at times, is to take a moment to pause and reflect—look introspectively and ask ourselves, “Why am I in a position of leadership? What can I bring to the table? What are some short and long-term goals that I would like to see accomplished in my own personal growth as a leader,... read more.

Income Tax Pact Dismantled: Gov. Christie Terminates Tax Covenant with PA

By Wiss, Posted in State & Local Tax Services

By Philip London Do you cross the Delaware River on the way to work? By next year, your commute will be even more expensive. For the past 38 years, neighbor states Pennsylvania and New Jersey have preserved a reciprocity pact that allows taxing solely where workers reside, not where they work. Thus, NJ does not collect tax on PA residents working in New Jersey, and vice versa. However, last week, Governor Christie withdrew from the tax agreement. Consequently, roughly a quarter-million commuters from New... read more.

How to Make Sure Your Bookkeeping is Efficient and Accurate

By Wiss, Posted in Outsourced Accounting & Tax

By Laura Melville Get organized. Stay timely. Be informed. These three mandates can change the way you manage your books and free you up to focus on other tasks needed to grow your company. Here are some effective bookkeeping strategies to help keep your business on track.  Understand and communicate the importance of timely and accurate financial reports. Make sure responsible parties are trained on how to keep records,  how to create reports and when those reports are due for review by man... read more.