Articles Tagged - CPA

From Collator to Colorado

By Wiss, Posted in Wiss Gets Personal

By Connor Doyle Hindsight is 20/20, but sometimes it takes time to get the full picture. My story begins at college graduation. I was bright eyed, bushy tailed, and without a job. One of my top accounting firm choices, Wiss & Company, had just turned me down for an internship. After an overly anxious two months, a last minute drop from the temporary positions in the Wiss tax department opened up with what I came to know as one of the most unglamorous jobs in accounting. I took a job as a Collator. It... read more.

Advice for Accounting Newbies: Words of Wisdom for Future Staff 1’s

By Wiss, Posted in Workplace Culture

By Danielle Patton Stepping into a brand new position in the accounting industry can be both exciting and intimidating. Even if you have acquired internships in the past, clocking in on your first official day as a Staff 1 will unlock access to a completely divergent domain full of new experiences and opportunities. To prepare yourself, here is some inspirational advice from our very own Wiss team, sharing some pointers on how to make your Staff 1 experience as unique and beneficial as possible! “B... read more.

Update to Fiduciary Rule Improves Retirement Advice

By Wiss, Posted in Employee Benefit Plan Audits

By Wiss Associate You may assume that when a broker, advisor, insurance agent, or consultant makes recommendations about your retirement account, the advice is in your best interest. But that hasn’t always been the case. While the majority of advisers act in the best interest of their clients, not all have been legally required to do so, and some have been swayed by hidden fees or commissions to recommend investments that weren’t necessarily the best choice for their clients’ individual... read more.

Borrowing from Your 401(k): What to Know Before Making the Decision

By Wiss, Posted in Employee Benefit Plan Audits

By Cindy Sandomenico Borrowing money from your 401(k) account can be tempting. You know the money is there, and it’s yours, so why not use it? Before you pull the trigger, however, consider the limitations and consequences. Here are some important points to keep in mind. Know the rules Generally, you can borrow from a 401(k) for any reason, such as paying educational expenses or buying a home for the first time -- although employers are not required to offer a loan option within the 401(k) plan.... read more.

How to Minimize Your Fiduciary Liability

By Wiss, Posted in Employee Benefit Plan Audits

By Craig Erickson Those with discretionary authority or administrative control over their organization’s retirement and 401(k) plan face significant risks. If fiduciaries make decisions that negatively affect plan participants or beneficiaries, they can be held personally liable for breaching their fiduciary duties, even if the action was unintentional. Although fiduciaries cannot entirely eliminate the risks associated with their role, there are several things they can do to protect themselves and... read more.

PILOT Programs in New Jersey

By Wiss, Posted in Real Estate

By Alexander J. Narcise and Michael Kroll Under New Jersey’s Payment In Lieu of Taxes (“PILOT”) program (N.J.S.A. 40A:20-1), many distressed areas of the state are seeing a resurgence. The PILOT program allows municipalities to exempt developers from property taxes for a set period of time when making improvements to existing buildings or creating new projects in areas in need of redevelopment, aiming to encourage commercial, residential, and industrial development. Developers would pay a... read more.

Goal 2017: To Start Painlessly Building Your Accounting Technology Ecosystem

By Wiss, Posted in Advisory Services

By Paul Ursich If the end of one calendar year and the beginning of the next is when your company starts planning the future and prioritizing investments in technology, I hope you’ll spend some of this time considering your accounting system. Call it your Y2K17 effort if you will, but it’s your strategic efforts to improve your technology footprint in order to increase productivity, financial accuracy and, ultimately, profitability. If you’re like a lot of our clients, you’re likel... read more.

Preparing for a Financial Audit

By Wiss, Posted in Accounting and Auditing

By Randy Cohen “We’re being audited.” Those three little words can strike fear into the heart of any executive. Nobody likes the prospect of an outsider combing through the books and potentially exposing errors. Yet as unpleasant as a financial audit can be, with the right attitude and approach, it can prove a valuable tool for improving your business — and an auditor can be viewed as a trusted adviser instead of as an adversary. The key to an efficient and successful financial au... read more.

Trump & Republican Tax Proposal

By Wiss, Posted in Tax Services

By Evan Gernant With Donald Trump set to move into the United States Presidency in January of 2017 and Republicans retaining control of both houses of Congress, the chances of us seeing significant tax legislation in the near term are likely. During his campaign, president-elect Trump put forward various proposals for substantial changes to the United States tax code. Furthermore, in June of 2016, House Republicans issued their “blueprint” for tax reform. Many of the Trump and House tax proposa... read more.

Alleviate Additional Year-End Reporting Stress by Simplifying the 1099 Process

By Wiss, Posted in Advisory Services

By Felice Rudolph If your company works with nonemployee service providers “in the course of business,” you may be subject to 1099 reporting requirements. Failing to file these forms may result in penalties, so here’s what you need to know to keep your business in compliance. 1099 reporting requirements You’re required to send 1099-MISC forms to vendors when payments to them total $600 or more during the calendar year for: Services performed for your business by someone who&rsq... read more.