Utilize Your Point of Difference to Stand Out Among the Crowd

By Wiss, Posted in General Business

By Paul Peterson How to Utilize Your Point of Difference Today’s marketplace has never been more competitive. The fierce combat for the preponderance of consumer attention has skyrocketed in the past decade. Consequently, it is imperative for establishments to acquire and apply the professional skills required to be distinct among contenders, add value to the profession, and assist in supporting clients with sculpting a more affluent future for their businesses. When casting your line in the profou... read more.

Sales Tax Nexus – Comprehending your Business' Sales Tax Obligations

By Wiss, Posted in State & Local Tax Services

By Michele Vetlov In simpler times, a New York-based industry sold its products or services within its state boundaries. As such, it was their responsibility to gather and remit sales tax to the taxing authority of The Big Apple. However, thanks to the rapid advancements in technology, today’s corporate atmosphere has become much more multifaceted. As inter-state sales are becoming routine, the same New York-based company has many more consumers to choose from, amplifying their client exploration fr... read more.

New Jersey ERG Program can Prove Lucrative for Qualifying Redevelopment Projects

By Wiss, Posted in Real Estate

By Alex Narcise and Darin Valentine Residential and commercial developers are constantly in need of funding and many qualifying New Jersey developers have taken advantage of a program offered by the New Jersey Economic Development Authority (NJEDA). If you’re considering undertaking a redevelopment project in a qualifying economic and redevelopment, and grant incentive area in New Jersey, a program offered by the NJEDA could generate a significant amount of cash assistance if you meet their eligibili... read more.

How to Take Advantage of the Grow NJ Tax Credit

By Wiss, Posted in State & Local Tax Services

By Amanda Dominguez The only bad thing about tax credits is the possibility of missing out on one. To make sure that doesn’t happen to your business, here is some background on the Grow New Jersey tax incentive and how it could affect your company.  Per-employee credits add up The Grow New Jersey Assistance Program is offered through the state’s Economic Development Authority (EDA) to encourage businesses in technology, manufacturing, warehousing, research and development and other cate... read more.

How to Assess and Resolve Business Process Issues

By Wiss, Posted in Advisory Services

By Paul Ursich As companies grow, they often fail to focus on the technology or resources required to maintain their edge in the marketplace. This can lead to a breakdown in processes, hinder productivity and impact morale. Take, for example, a construction company that approached Wiss after experiencing 300 percent growth over a five-year period. While sales had tripled, the size of the accounting department and the technology used to run the business never changed. By conducting a thorough assessment of... read more.

Classifying as Debt vs. Equity to Raise Capital

By Wiss, Posted in Life Sciences

By Bill Beiermeister It can be tempting to use financial instruments to quickly raise cash, especially for technology and life sciences companies that must go through several rounds of financing before they can develop marketable product lines and begin generating income. But if you’re thinking about going this route, tread carefully. Some financial instruments must be treated as liabilities on your balance sheet if payment is demanded at certain times or under stated circumstances. Prospective comp... read more.

Key Steps to Take When Adopting New Accounting Software

By Wiss, Posted in Technology

By Paul Ursich Accounting software has certainly changed the way industries function. These systems eliminate numerous manual components of financial organizations while offering businesses countless ways of analyzing and improving corporate performance. Hence, when a myriad of software solutions are at your fingertips, how can you capture the greatest dynamic structure for your business? Execute the following actions necessary to acquire the desired and worthwhile results: Strategize Grasping... read more.

How to Avoid Tax Penalties on Complimentary Hotel Breakfasts

By Wiss, Posted in State & Local Tax Services

By Mark Feldstein When is a free meal not really free? When a New York State hotel is offering a complimentary breakfast to its guests. While complimentary breakfasts are free – in a sense – to your guests, if your hotel is audited, you could get a tax bill. And the tax penalties for months – or years – of presumed “tax-free” food can add up. New York sales tax and occupancy tax returns are, in most circumstances, subject to audit for up to three years, longer if fraud... read more.

The Technological Evolution of the Accounting Profession

By Wiss, Posted in Technology

By Bob Risk Towards the culmination of the twentieth century as the advancement of technologies intensified, accounting organizations across the corporate province eyed a distinct change in their routine activities and interactions with clients. Attributable to these transformations, CPAs are urged to acquire the latest innovative proficiencies, freshly blended into the daily operations of each accounting specialist. Bookkeeping, the respected dialect of the business realm, continues to voice novel ways f... read more.

Manhattan taxpayers, be aware of the Commercial Rent Tax

By Wiss, Posted in State & Local Tax Services

By Kyle Pennacchia and Paul Ursich In New York City, the Commercial Rent Tax (CRT) is often overlooked, and many of those who miss it face penalites and interest for late or missed filings.    Here’s a brief introduction to the tax, basic qualifications and links to more detailed information. Are you subject to the CRT? The CRT applies to Manhattan tenants who occupy or use property south of 96th Street for most trade, business, professional and commercial transactions. As with most taxe... read more.