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.

Why Leaders Need to Create a Compelling Vision

By Wiss, Posted in Workplace Culture

By Kim Bustamante When it comes to the corporate environment, leadership vision should be far-sighted. It requires the ability to see beyond the day-to-day realities of business to determine where the company is intent on going, then finding an effective way to share that image with your team. Beyond the day-to-day All businesses can get caught up in daily operations. There are client needs to be met, supplies to be ordered, bills to pay and new relationships to build and defend. It can be a chaotic envi... read more.

How the Permanent QSBS Capital Gains Exclusion Benefits Investors

By Wiss, Posted in Tax Advantages

By Kevin Kerrigan The relatively unknown Qualified Small Business Stock (QSBS) capital gains exclusion was permanently extended in December 2015, giving many investors and entrepreneurs much reason to celebrate. While the QSBS tax break has been around since early 2009, the 2015 permanent extension incentivizes small business investors to look more closely at the QSBS. Here are some of the advantages, conditions and drawbacks of QSBS. Overview of the QSBS The QSBS tax incentive was established to offer... read more.

Using QuickBooks Apps and Features to Boost Accuracy and Productivity

By Wiss, Posted in Technology

By Donna Woronka Millions of companies use QuickBooks (QB) software for accounting because it is affordable, intuitive and user friendly. The majority of users may not know that there are an abundance of apps available on the market today that sync directly into QB.  These apps fill in the holes between QB’s functionality and how your business operates.  The right apps will reduce manual data entry and make your bookkeeping or accounting department more efficient.  If you find that you... read more.