Fraud Prevention – A Necessary Evil

By Wiss, Posted in General Business

By Timothy Kennedy, CPA Do you trust your bookkeeper? This is a question you have to ask yourself periodically. Not only do you want to feel confident that they wouldn’t steal from you, but you also want comfort in knowing that they can properly journalize and manage the accounting information that comes through the door each day. Poor accounting record maintenance and overall sloppy accounting by a lackluster bookkeeper can take you to the point of no return—and force your hand into considerin... read more.

Christie Launches NJ Gas Spike to End Road Funding Crisis

By Wiss, Posted in State & Local Tax Services

By Christopher Colyer After an extensive three-month long political and financial stalemate, New Jersey Governor, Chris Christie and Democratic leaders reached a deal to renew the Transportation Trust Fund, reviving dozens of construction plans that remained lifeless for months on end. By proposing to raise the gas tax by 23 cents a gallon to replenish the fund, which is recycled and applied to road, rail, and bridge improvements for the state, New Jersey’s transportation projects can swiftly resume.... read more.

How Proposed Changes to Form 5500 Could Impact Your Filing Requirements

By Wiss, Posted in Employee Benefit Plan Audits

By Dewang Sanjanwala  If your company has an employee benefit plan, you should be familiar with IRS Form 5500, the form you use to report activity regarding your retirement and welfare plans. On July 11, 2016, the U.S. Department of Labor (DOL) proposed revisions to Form 5500 and the related schedules in an effort to promote more thorough monitoring of plans by employers, fiduciairies, participants and, of course, the DOL. Here are some of the changes and how they could significantly increase the ann... read more.

Ignite Passion and Inspire Others: Becoming a Transformational Leader

By Wiss, Posted in Workplace Culture

By Andrea Saenz Being a leader often comes with great responsibilities and rather high expectations to maintain. We are often our own worst critics, as we feel an arduous pressure to perform. But, what we fail to do at times, is to take a moment to pause and reflect—look introspectively and ask ourselves, “Why am I in a position of leadership? What can I bring to the table? What are some short and long-term goals that I would like to see accomplished in my own personal growth as a leader,... read more.

Income Tax Pact Dismantled: Gov. Christie Terminates Tax Covenant with PA

By Wiss, Posted in State & Local Tax Services

By Philip London Do you cross the Delaware River on the way to work? By next year, your commute will be even more expensive. For the past 38 years, neighbor states Pennsylvania and New Jersey have preserved a reciprocity pact that allows taxing solely where workers reside, not where they work. Thus, NJ does not collect tax on PA residents working in New Jersey, and vice versa. However, last week, Governor Christie withdrew from the tax agreement. Consequently, roughly a quarter-million commuters from New... read more.

How to Make Sure Your Bookkeeping is Efficient and Accurate

By Wiss, Posted in Outsourced Accounting & Tax

By Laura Melville Get organized. Stay timely. Be informed. These three mandates can change the way you manage your books and free you up to focus on other tasks needed to grow your company. Here are some effective bookkeeping strategies to help keep your business on track.  Understand and communicate the importance of timely and accurate financial reports. Make sure responsible parties are trained on how to keep records,  how to create reports and when those reports are due for review by man... read more.

Why Business Owners Should Consider Estate and Gift Tax Saving Strategies Now

By Wiss, Posted in Estate and Business Succession Planning

By Leo Matarazzo The Treasury Department recently issued proposed regulations targeting the use of discounts that reduce the value of a family-owned business and any other family controlled entity for estate and gift tax purposes, which lowers a taxpayer’s ultimate tax liability at death. Potentially millions of dollars of estate tax savings are at stake if these regulations are adopted so it is important to remain informed and proactive on the issue. The regulations aim to eliminate virtually... read more.

International Entrepreneurs Welcomed Per USCIS Proposal

By Wiss, Posted in International Tax Services

By Mary Vasilescu The U.S. Citizenship and Immigration Service (USCIS) recently announced a groundbreaking new proposal to award temporary admission to international industrialists looking to cultivate their business within the United States. USCIS Director, Leon Rodriguez believes that “America’s economy has long benefitted from the contributions of immigrant entrepreneurs, from Main Street to Silicon Valley," thus, the proposal when finalized, is expected to strengthen the country’s eco... read more.

New Guidance for Nonprofits: Be Aware of FASB's Changes in Nonprofit Reporting

By Wiss, Posted in Not For Profit

By Diana Miller Following several years of examination and modification, the Financial Accounting Standards Board (FASB) released its long-awaited update this month on nonprofit financial reporting. The revision is expected to transform the way nonprofit organizations categorize net assets and construct financial statements. To prepare, nonprofit organizations should familiarize themselves with the following developments: Phase 1 (effective for fiscal years beginning after December 15, 2017) - Improvemen... read more.

What Foreign Business Owners Need to Know When Starting to Work in The U.S.

By Wiss, Posted in International Tax Services

By Mark Feldstein and Mary Vasilescu When international businesses are considering doing business in the U.S., the first question is usually, “Where do we start?” Whether the company is considering an acquisition or opening a facility in this country, there are a number of things to know before stepping foot on U.S. soil. Here are some things to consider. Type of Entity Will the company be a Corporation, an LLC or something else? Each class of entity has its advantages and disadvantages, an... read more.