Keep the Brews Flowing Without Affecting Cash Flow

By Wiss, Posted in Food & Beverage

Understanding the NJ Alcohol Tax By Paul Lembo You’ve perfected your batch. You’ve scouted your location. You’ve raised the capital. And now you are ready to venture into the wild, wonderful world of professional brewing. But before you make that first pour, make sure you understand the state tax laws that apply to your sales. In New Jersey, alcohol producers must pay not only state and federal taxes, but also an additional alcoholic beverage tax. These taxes can be significant, so it... read more.

Social Media: The New Handshake

By Wiss, Posted in Advisory Services

Why social media has become a critical way to attract and retain customers By Shelley Lazarescu How strong is your handshake? For years, a firm handshake has been a must-have to succeed in business, for the simple reason that most business contacts have historically been made in person. Companies’ representatives usually met, vetted and negotiated with prospects or customers over lunch, on the golf course and in a variety of other social settings. There will always be a place for face-to-face netw... read more.

FASB Issues Update for Nonprofit Organizations

By Wiss, Posted in Not For Profit

By Vanessa Munoz In an effort to improve financial reporting for nonprofits, the Financial Accounting Standards Board (FASB) is implementing various changes.  Among these changes are how expenses are being reported.  Current Guidance When it comes to financial reporting, many nonprofit organizations are only required to provide expenses by their nature (i.e. salaries, travel, rent, etc.). However, voluntary health and welfare organizations are also required to present a statement of functional... read more.

Yahoo Breach Update: What You Need to Know

By Wiss, Posted in Data Security

By Robert Risk Originally in August 2013 hackers stole data associated with more than one billion user accounts. The information was account information such as names, email addresses, phone numbers, birth dates as well as hashed passwords and security questions and answers. Yahoo claimed that payment card data and bank account information was not part of the information stolen as it was not on the compromise system. On Tuesday (10/3/17), Yahoo announced it was 3 billion accounts, which were all of its us... read more.

Effective Records Retention Practices for Businesses

By Wiss, Posted in Advisory Services

By Paul Ursich Remember how things used to be? You’d carefully store all business contracts, insurance policies, tax records, purchase orders, invoices, banking statements and correspondence with vendors, customers and prospects. When your filing cabinets filled to capacity you’d buy more, move boxes of paperwork to a lonely storeroom or make a U-Haul delivery to off-site storage, never to be seen again. Things are better in the electronic age—supposedly. Now you can fill hard drives or... read more.

New Leasing Standards: Key Elements of Changes Adopted by FASB

By Wiss, Posted in General Business

By Erin Silkowski Your company’s operation might rely heavily on leasing equipment or property as a way of using assets without the burden of purchasing or disposing of them when no longer needed. Due to changes adopted by the Financial Accounting Standards Board, many of these lease agreements that take place off the balance sheets will soon find their way on to them. As a result, it is essential to familiarize yourself with the upcoming changes sooner rather than later to avoid surprises when repor... read more.

Conducting an Internal Audit: What Your Business Needs to Know

By Wiss, Posted in General Business

By Fatima Wallizadeh When an internal audit is conducted, auditors set up in a conference room with boxes of files, stacks of binders and open laptops. They might stay for a day, a week or longer. But do you really know what goes on during an audit, and why doing one is so important to a company’s operations? Here is what happens during an audit, and how auditors work with their clients to help them improve their businesses. Learning the client It’s essential for auditors to learn about your... read more.

Keep Track of Your Credit Score

By Wiss, Posted in Data Security

By Bob Risk and Joe Turk With everyone concerned about the recent Equifax Data breach, we recommend people remain vigilant and review their credit card, banking and financial transactions on-line very carefully. You can check Credit Karma for your credit scores and activity; however, the service is limited and updated from TransUnion and Equifax every 7 days. The top three credit monitoring services are LifeLock, IdentityForce and IdentityGuard--with LifeLock coming out on top in competitive ranking artic... read more.

IRS Disaster Relief: Relief for Taxpayers Affected by Hurricanes Harvey & Irma

By Wiss, Posted in Tax Services

By: Evan Gernant The IRS has published various notices granting tax relief to “affected taxpayers” of hurricanes Harvey, impacting Texas beginning August 25, 2017, and Irma, impacting Puerto Rico, the U.S. Virgin Islands, Florida and Georgia just a few weeks later. Affected taxpayers are defined as: Individuals whose principal residence is located in a covered disaster area; Businesses whose principal place of business is located in a covered disaster area; Any relief worker affiliated wit... read more.

New Extended Form 8938 Filing Requirements

By Wiss, Posted in International Tax Services

By: Mary Vasilescu For tax years starting after December 31, 2015, the Internal Revenue Service (IRS) has expanded the criteria for reporting Specified Foreign Financial Assets, or SFFAs. SFFA’s for this purpose are foreign financial accounts maintained at a foreign financial institution and other foreign financial assets held for investment purposes. Enacted in 2010 as a section of FATCA or the “Foreign Account Tax Compliance Act”, Section 6038D of the Internal Revenue Code requires U.S... read more.