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.

A Cost Segregation Study May Save you Thousands on your Commercial Real Estate

By Wiss, Posted in Real Estate

By James Jenco  If you own virtually any kind of new construction or existing commercial real estate — housing, retail, industrial, institutional, health care, etc. — you may be able to realize tax and cash flow benefits that can come from conducting a cost segregation study. As an owner, you are already taking advantage of depreciation for tax purposes. For instance, if you own a $10 million building, you can depreciate that asset and take an annual federal tax deduction of that value ov... read more.

Are you Taking Advantage of IC-DISC Tax Benefits for Exporting?

By Wiss, Posted in Accounting and Auditing

By Chris Colyer If you are an exporter, IC-DISC is worth taking notice of — especially under current economic conditions resulting from a strong U.S. Dollar. The acronym stands for Interest Charge – Domestic International Sales Corporation, and small- to medium-size American exporting companies can take advantage of this tax classification to their advantage. The dollar’s strength is not an advantage for sellers of U.S. goods. In fact, it’s just the opposite — an economic rea... read more.

Miracle on the Diamond - A Wiss Softball Tale

By Wiss, Posted in Workplace Culture

By Jim Gerhard In the now famous 1980 Winter Olympics, the United States Olympic Ice Hockey Team played host to the Soviet Union Nationals. The Soviet team arrived in Lake Placid riding the tailwind of four consecutive Gold Medals, dating all the way back to 1964. At the time of the 1980 Winter Games, the Soviets hadn’t placed anything below 1st in nearly two decades.  In contrast, the US National hockey team consisted of amateur and collegiate players that coach Herb Brooks scrabbled together... read more.

Maintaining FAR Compliance of Overhead Rates for Engineering Firms

By Wiss, Posted in Engineering

By Amos Gibello For accounting departments of engineering firms that regularly seek government contracts, there are unique accounting practices that must be followed. One challenge is found in submitting overhead rates that are in compliance with Federal Acquisition Regulations (FAR). For firms unfamiliar with the process, this is unexplored territory; even the vast majority of CPAs are unaware of this area of accounting that’s not particularly complex but is highly specialized. Engineering firms wo... read more.

Building a Future for Families: Wiss' Recap of Habitat for Humanity Build Day

By Wiss, Posted in Wiss Gives Back

By Abby Blecker, Former Marketing Intern Wiss employees gathered in Morristown on July 1st to volunteer for the Habitat for Humanity of Morris County. Habitat is a nonprofit that provides homes with interest free mortgages for qualifying families, where the land is bought from the city at extremely low costs, and most of the materials used for each house are donated.  Homeowners embrace the Habitat process, especially their “sweat equity” concept, which requires homeowners to help build th... read more.

Are you Ready if the Not-for-Profit Financial Statement Standards Change?

By Wiss, Posted in Not For Profit

By Diana Miller  Changes are finally coming in the content and presentation of financial statements for not-for-profit entities for the first time in almost 20 years. Although nothing has yet been finalized, these fairly significant proposed changes could affect classification requirements, liquidity, financial performance and cash flow, according to the Financial Accounting Standards Board (FASB), the regulatory body that oversees these standards.  The package of proposed Accounting Standards U... read more.

When I Came to America: A Kickball Tale

By Wiss, Posted in Workplace Culture

By Connor Doyle Walking into the Indoor Sports Pavilion in Randolph, you could just tell there was a different atmosphere. The air was crisper, water fountain water was colder, and the staff was more indifferent than I’ve ever seen them in my 5 year history with the building. Sporting our overused-yet-still-trendy “Keep Calm and Kick Balls” slogan t-shirts, Wiss was loose and in high spirits. Some of us reminisced on years previous and fallen teammates, others went out to practice some ki... read more.