12 Days of Giving - Day 2: March of Dimes

By Wiss, Posted in Wiss Gives Back

March of Dimes is highlighted in Day 2 of the #12DaysofGiving Celebration. Wiss is proud to highlight this organization that works to improve the health of babies by preventing birth defects, premature birth and infant mortality. The March of Dimes has led the way to discover the genetic causes of birth defects, to promote newborn screening, and to educate medical professionals and the public about best practices for healthy pregnancy. They have supported research for surfactant therapy to treat respi... read more.

12 Days of Giving - Day 1: NJ Sharing Network

By Wiss, Posted in Wiss Gives Back

NJ Sharing Network is highlighted in Day 1 of the #12DaysofGiving Celebration. Wiss is proud to highlight this organization and their very caring and dedicated employees. The NJ Sharing Network is a non-profit, federally designated organ procurement organization. They are responsible for the recovery of organs and tissue for the nearly 5,000 New Jersey residents currently awaiting transplantation. Additionally, they are also part of the national recovery system, which is in place for the more than 120,000... read more.

Bringing Companies Together Through Post-Transaction Integration

By Wiss, Posted in Advisory Services

By Paul Ursich You’ve just spent months doing due diligence and negotiating terms, and you’ve finally acquired another company — or your company has been acquired. Finally, the hard work is done. Or so you thought. Now begins the process of integrating the two companies, bringing together people, processes and procedures, culture, technologies and management responsibilities as seamlessly as possible.  Here are the next steps to managing the post-transaction integration process.&nb... read more.

These Cost Recovery Provisions Have Yet to be Renewed

By Wiss, Posted in Tax Services

By Craig Jackson It’s that time of year again, when business owners and accounting firms try to predict which federal depreciation provisions Congress will renew for 2016 — and which will not make the cut. Several depreciation provisions expired at the end of 2014, potentially impacting taxpayers who are accustomed to these accelerated depreciation provisions.  The uncertainty surrounding which provisions will renew has made the tax planning process challenging and unpredictable. To help... read more.

Top Earners Should Consider this Retirement Strategy

By Wiss, Posted in Tax Advantages

By Russ Faye If you are a high-income sole proprietor or the owner of a small business searching for a tax-advantaged retirement strategy, defined benefit pension plans could be the ideal tool for your needs. Here’s how to determine whether you should discuss this option with your trusted financial adviser.  How it works A defined benefit pension plan is a qualified retirement plan to which you make an annual contribution, which fund a chosen level of retirement income you will receive at a p... read more.

How to Tell Which New York City Apartments are Rent Regulated

By Wiss, Posted in Real Estate

By Kyle Pennacchia More than 56 percent of New York City residents are burdened by spending more than one-third of their income on rent and utilities according to a recent New York City Housing and Vacancy Survey. The challenge current landlords and city officials face is making the rental market within the city limits profitable, while also keeping rental rates affordable and readily available for all New York City residents.  Owning a residential building in New York City can be very lucrative, but... read more.

Reduce the Threat of Employee Fraud and Embezzlement

By Wiss, Posted in Advisory Services

By Paul Ursich  Employee fraud and embezzlement can devastate a company. Recently, two client companies each lost more than $100,000 to fraud by trusted senior level accountants. A few simple precautions would have saved both companies from six-figure losses.  A search of the Internet will provide details on many different fraud cases; therefore, there is not one simple solution to prevent fraud at your company. The following financial controls are just a few examples that are easy to implement... read more.

Pitfalls to Avoid when Hiring an Outsourced Accounting Firm

By Wiss, Posted in Outsourced Accounting & Tax

By Carolyn Hall and Craig Jackson Accounting is necessary in any type of business to assess a company’s revenue and resources. In some instances, businesses simply do not have the manpower or ability to conduct their own accounting, thus triggering the search for an outsourced accounting firm. As a company begins this search for a firm to handle their back office function, there are a few standout pitfalls to avoid. Lack of transparencyWith today’s cloud technology, business owners should have... read more.

Accommodating the Millennial Mindset and Bridging the Gap

By Wiss, Posted in Workplace Culture

By Wiss Associate If you’ve been working for quite a while, you know how things went when it came to accommodating new generations in the workplace. The newbies watched and learned from their wise elders, creating informal mentorships. Recent college grads paid their dues and worked their way through the ranks before gaining more authority. That’s how things have worked since … well, forever. And then came the digital age, and the balance of power tilted.   These are millenni... read more.

Exploring Charitable Gifting Options

By Wiss, Posted in Tax Services

By Kevin Kerrigan Americans donated nearly $260 billion to charitable causes last year, according to Giving USA Foundation. The impressive figure demonstrates the value that U.S. residents, businesses and nonprofits place on charitable giving, but it is an ongoing challenge for top earners to find effective gifting strategies that maximize the tax benefit of their charitable donations. Here are two gifting strategies worth exploring when making large donations.  Donor-advised funds A donor-advised... read more.