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.

The Maturing Cybersecurity Dangers in Commercial Real Estate

By Wiss, Posted in Real Estate

By Alexander J. Narcise and Robert Risk The real estate world has become increasingly exposed to cyber-attacks given the increase in the amount of multi-family properties that have been developed over the last few years. Developers who were never before in the multi-family market are now collecting personal data from thousands of individuals. Even commercial properties possess very private tenant financial information that could cause harm if penetrated, and regular insurance alone does not cover a loss fr... read more.

Moving Your Business to the Cloud: Increase Flexibility, Savings and Security

By Wiss, Posted in Technology

By Jessica Manas By now you’ve heard about the cloud — that invisible vault that allows you to store data on the internet instead of keeping it on hardware devices. And you likely already use the cloud – whether you realize it or not. If you’ve ever scheduled a meeting on your laptop and it then popped up on your smartphone calendar, or if you’ve ever been relieved to find that your photos still exist after you’ve dropped your iPhone, you have the cloud to thank. Busin... read more.

Meals and Entertainment: How to Classify Business Expenses for Tax Purposes

By Wiss, Posted in Tax Services

By Louann Cassano Whether it’s drinks with a client or dinner during a work trip, meals and entertainment are generally tax-deductible business expenses. However, the size of the allowable write-off depends on the circumstances of the expenditure, including the purpose of the meal or entertainment, who the recipient is and where the expense takes place. If you don’t understand the IRS rules that govern these deductions, you may be tempted to lump all meals and entertainment into one category.... read more.

The Art of the Contract Schedule

By Wiss, Posted in Construction

By Mike Andriola When accountants hear the word “estimate,” most go into a panic. In an industry where accuracy and precision are paramount, the mere thought of a number not being exact can create a sense of unrest. However, in the construction industry, estimates are unavoidable. A slight one to two percent change in an estimate on a large contract could add or subtract a substantial amount of profit or loss to or from the bottom line. At Wiss, we work with our clients to strike the perfect b... 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.

Accounting and Finance: A Forbidden Love

By Wiss, Posted in Accounting and Auditing

By Connor Doyle Accounting, our Romeo, and Finance, our Juliet. Two houses, both alike in dignity, in fair New York City, where we lay our scene, from ancient bond break to new maturity, where credit balance makes cash on hand burst seams. Accounting and finance, though both safely under the business umbrella, are divergent in ideology. Finance wants to spend and raise money for the future of a business while accounting wants to keep track of all that has happened in the past. But, both often use informati... read more.

10K Plus in Your Foreign Account? File an FBAR to Avoid a Tax Penalty

By Wiss, Posted in Tax Services

If you maintain a foreign financial account, which could be a bank account, a mutual fund, a brokerage account, or any other sort of account, that contains a collective value of $10,000, you may be requested by the Bank Secrecy Act to report your account annually to the Department of Treasury through electronic filing. The Report of Foreign Bank and Financial Accounts, FBAR, is a form that must be recorded directly with the office of Financial Crimes Enforcement Network, or FinCEN. Those who complete this... read more.

Take Your Inventory Management System Out of the Spreadsheet Age

By Wiss, Posted in Advisory Services

By Donna Woronka Many businesses start up so modestly that they can fit their full inventory in their garage, a slice of rented warehouse or in that dark, cobwebby storeroom in their building—and easily keep track of it via a spreadsheet. But as businesses grow and inventory expands, all that manual input catches up with them.   In the first place, spreadsheet inventory management is a laborious operation that takes key people away from what they should be doing. And manual input is ripe for th... read more.

If You’re Self-Employed, You May Qualify for Insurance Deductions

By Wiss, Posted in Tax Advantages

For myriad professionals, becoming an entrepreneur can be a dream come true. Fortunately, health insurance deductions can make maintaining that dream much easier. The Self-Employed Health Insurance Tax Deduction within the Affordable Care Act can assist in lowering your adjust gross income by your payment quantity in premiums on dental, medical, and qualified long-term care insurance for you and your loved ones. For self-employers unable to access a partner’s insurance plan, taking on this career path... read more.