Key Steps to Take When Adopting New Accounting Software

By Wiss, Posted in Technology

By Paul Ursich Accounting software has certainly changed the way industries function. These systems eliminate numerous manual components of financial organizations while offering businesses countless ways of analyzing and improving corporate performance. Hence, when a myriad of software solutions are at your fingertips, how can you capture the greatest dynamic structure for your business? Execute the following actions necessary to acquire the desired and worthwhile results: Strategize Grasping... read more.

How to Avoid Tax Penalties on Complimentary Hotel Breakfasts

By Wiss, Posted in State & Local Tax Services

By Mark Feldstein When is a free meal not really free? When a New York State hotel is offering a complimentary breakfast to its guests. While complimentary breakfasts are free – in a sense – to your guests, if your hotel is audited, you could get a tax bill. And the tax penalties for months – or years – of presumed “tax-free” food can add up. New York sales tax and occupancy tax returns are, in most circumstances, subject to audit for up to three years, longer if fraud... read more.

The Technological Evolution of the Accounting Profession

By Wiss, Posted in Technology

By Bob Risk Towards the culmination of the twentieth century as the advancement of technologies intensified, accounting organizations across the corporate province eyed a distinct change in their routine activities and interactions with clients. Attributable to these transformations, CPAs are urged to acquire the latest innovative proficiencies, freshly blended into the daily operations of each accounting specialist. Bookkeeping, the respected dialect of the business realm, continues to voice novel ways f... read more.

Manhattan taxpayers, be aware of the Commercial Rent Tax

By Wiss, Posted in State & Local Tax Services

By Kyle Pennacchia and Paul Ursich In New York City, the Commercial Rent Tax (CRT) is often overlooked, and many of those who miss it face penalites and interest for late or missed filings.    Here’s a brief introduction to the tax, basic qualifications and links to more detailed information. Are you subject to the CRT? The CRT applies to Manhattan tenants who occupy or use property south of 96th Street for most trade, business, professional and commercial transactions. As with most taxe... read more.

Why Leaders Need to Create a Compelling Vision

By Wiss, Posted in Workplace Culture

By Kim Bustamante When it comes to the corporate environment, leadership vision should be far-sighted. It requires the ability to see beyond the day-to-day realities of business to determine where the company is intent on going, then finding an effective way to share that image with your team. Beyond the day-to-day All businesses can get caught up in daily operations. There are client needs to be met, supplies to be ordered, bills to pay and new relationships to build and defend. It can be a chaotic envi... read more.

How the Permanent QSBS Capital Gains Exclusion Benefits Investors

By Wiss, Posted in Tax Advantages

By Kevin Kerrigan The relatively unknown Qualified Small Business Stock (QSBS) capital gains exclusion was permanently extended in December 2015, giving many investors and entrepreneurs much reason to celebrate. While the QSBS tax break has been around since early 2009, the 2015 permanent extension incentivizes small business investors to look more closely at the QSBS. Here are some of the advantages, conditions and drawbacks of QSBS. Overview of the QSBS The QSBS tax incentive was established to offer... read more.

Using QuickBooks Apps and Features to Boost Accuracy and Productivity

By Wiss, Posted in Technology

By Donna Woronka Millions of companies use QuickBooks (QB) software for accounting because it is affordable, intuitive and user friendly. The majority of users may not know that there are an abundance of apps available on the market today that sync directly into QB.  These apps fill in the holes between QB’s functionality and how your business operates.  The right apps will reduce manual data entry and make your bookkeeping or accounting department more efficient.  If you find that you... read more.

How to Get the Most Out of Your Nonprofit Board Experience

By Wiss, Posted in Not For Profit

By Diana Miller  Being asked to join the board of a nonprofit, whether it’s with a prestigious organization or one that’s relatively unknown, is an honor. Joining gives you the opportunity to do good for the arts, the underprivileged, the advancement of medicine or another worthy cause. And let’s be honest: It looks good on your resume, and the boardroom can be a great place to network. Saying yes to a board appointment is a no-brainer, right? While board membership is a great oppo... read more.

How to Make 2016 Your Most Organized Tax Year Ever

By Wiss, Posted in Tax Services

By Paul Ursich So you and your company survived another tax deadline. Congratulations. Now, while the memory is still fresh, is the ideal time to conduct a post-mortem of your current process to identify shortcomings and strategies that will help you boost efficiency and accuracy next year. Here are a few suggestions you can use to kick-start your new processes. Review withholding allowances Large tax refunds seem like a good thing when you get them, but it means the government has been using your funds... read more.

How to Find and Develop Top-Performing Millennial Employees

By Wiss, Posted in Getting Hired 101

By Paul Peterson Attracting innovative, young hires is very essential to Wiss. These workers maintain the vibrant, creative culture we strive to preserve, which is why we often search for young professionals in their 20’s that exhibit these dynamic characteristics. Through numerous interactions with many millennials, there are several tendencies that are found within business youths of today, such as open-mindedness and the ability to harvest valuable relationships. Here are four strategies that can... read more.