How Exporters Can Take Advantage of IC-DISC Tax Benefits

By Wiss, Posted in Tax Services

By Chris Colyer  It’s not often that you hear good news on the U.S. tax front, but if you have a small to medium-sized company that sells product into markets outside the United States, forming an Interest Charge – Domestic International Sales Corporation (IC-DISC) could offer tax advantages. The federal government established the IC-DISC classification many years ago, but many businesses eligible to take advantage of the tax incentives are failing to do so. That’s at least in part... read more.

Stay Lean

By Wiss, Posted in Food & Beverage

How food and beverage entrepreneurs can ramp up production without going broke in the process By Jim Duffy  You’ve just sold your leading food or beverage product to a major supermarket chain and it wants to conduct a test run in 50 stores. Your hard work is finally paying off. Your company just got bigger in terms of sales and opportunity, and now you need the workforce to match. Right? Not so fast.  The power of outsourcing The true cost of an employee is much greater than a salary,... read more.

Removing the Veil

By Wiss, Posted in International Tax Services

How FATCA will affect your foreign financial dealings By Mary Vasilescu  If you have offshore financial interests or make payments to foreign entities, you need to know about the Foreign Account Tax Compliance Act, which removes the veil from foreign banks and other entities that enable U.S. citizens to evade taxes on assets accumulated in other countries. Foreign entities are required to satisfy payment documentation and reporting requirements. Lacking the cooperation of those entities, 30 percent o... read more.

An Evolving Role

By Wiss, Posted in Advisory Services

Look for a diversified skill set when choosing a CFO By Paul Ursich Today’s CFOs need a firm grounding in accounting, financial reporting and tax planning as a starting point. They also need an understanding of computer software systems, a good working relationship with your company’s IT department and the ability to develop company strategies. An effective CFO must also be a smart manager and a team builder who can engage your controller and accounting department. This combination can be dif... read more.

Make the Numbers Add Up

By Wiss, Posted in Advisory Services

How to ensure successful implementation of new accounting software By Robert Risk  At some point, nearly every company will start thinking about upgrading its accounting system when the pain points become difficult to dismiss. Here are a few things to think about before making a complex, long-term decision that affects your entire enterprise.  Know when it’s time. Frantic energy — a lot of it — can be one of the first signs that your accounting software system is overdue for... read more.

Hitting Close to Home

By Wiss, Posted in Wiss Gives Back

By Dylan D'Alessio Wiss Partner, Craig Erickson had a special bond with his wife’s Uncle Dom, or as she called him, Zio, meaning “Uncle” in Italian. At the age of 17, he took an immediate liking to the man who was always ready to play basketball, have a catch or talk sports. Dom and Craig always had plenty to talk about, seeing as Uncle Dom was a huge Yankees fan and Craig was less than fond of them. Even though Uncle Dom was family, Craig was extremely thankful for how he treated him as... read more.

Maintaining Control

By Wiss, Posted in Food & Beverage

How to retain ownership and control while bringing on investors By Arnold Macalintal  Your food or beverage business is going well, but you’re thinking it may need a cash infusion. Taking on investors can ease your financial burden, but at what cost? You’re the one with the dream, the plan and the sweat equity invested in the business, so why should you cede control to outsiders?  Here are some tips for getting the cash you need without losing the ability to run your business your... read more.

Protecting Your Personal Information During Tax Season

By Wiss, Posted in Accounting and Auditing

Protecting Your Personal Information During Tax Season By Wiss Associate  As accountants, we understand that your identity is just as important as your financial well-being.  With tax season just around the corner, scammers will use this opportunity to get access to personal information.  Some common strategies include receiving calls from: A self-proclaimed “Governmental Agency” U.S. Treasury or IRS Sweepstake entry representative We’ve all heard stories of s... read more.