The Benefits of a Clean Chart of Accounts

By Wiss, Posted in Accounting and Auditing

By Wiss Associate As a business owner or executive, year-end processes and reporting can be a nightmare – but it doesn’t have to be. You don’t need to scramble when your accountant asks for your tax deductible items or when your auditor requests various reports so they can perform testing. It should be a simple process to go into your accounting system and run reports with 100% confidence they are complete and accurate. But how do you know if they are truly complete and accurate? It start... read more.

Holy Matrimony: Contractors and New Jersey Sales Tax

By Wiss, Posted in State & Local Tax Services

By Tim Kennedy Not all work performed on a property is created equal in the eyes of the tax collector. Some improvements fall into the realm of capital improvement, while others are considered repairs, and still others are maintenance services. Because New Jersey sales tax rules differ based on the type of work performed, it is important to understand the classifications to avoid paying too much or too little in taxes. Here’s what you need to know. What work is exempt from sales tax? For owners of... read more.

EB-5 Legislation Could Spell Change for Foreign Investors

By Wiss, Posted in International Tax Services

By Mark Feldstein The Immigrant Investor Program, more commonly known as EB-5, found itself in the news recently due to the introduction of a Congressional bill in July 2017 that could change qualifying terms. But first, let’s review the EB-5 program and how it currently affects foreign investors and entrepreneurs. Program Overview The federal EB-5 Program has been in effect since 1992. Its purpose is to provide U.S. visas and a path to citizenship for immigrants who invest at least $1 million in a... read more.

The Importance of Audit Documentation

By Wiss, Posted in Accounting and Auditing

By Zul Kareem Numbers don’t lie, but they also don’t talk. Instead, clearly documented words in a work paper speak for the numbers, and in the case of audit documentation, this is how an auditor proves to others -- including, perhaps, a court of law -- that an audit was thoroughly and effectively executed. Despite the critical nature of this task, auditors often question whether the effort it takes to provide sufficient documentation is worth the end result. A competent auditor always believes... read more.

Breaking the Accountant Stereotype

By Wiss, Posted in Accounting and Auditing

By Wiss Associate Think of an accountant, and what do you picture? If you follow the common societal stereotype, you may envision someone with a pocket protector and a beige plastic raincoat who goes to bed cuddling his calculator, with no emotion and no social competence. A person who would rather recite the square root of pi than eat pie. Think of an entrepreneur, and you probably picture an entirely different image. Beyond the sheer sophistication of the word “entrepreneur” itself, these a... read more.

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.