Retirement Savings and Tax Deduction Strategies for 2018 Filers

By Wiss, Posted in Tax

Whether you’re self-employed or working for someone else, tax filing season is a great excuse to start thinking about strategies to lower your taxable income and maximize your retirement savings.  You still have time. You have until April 15 to make contributions to your retirement accounts and have it apply to the 2018 tax year. If you file for an extension, your deadline for doing this in 2019 is October 15. The following information will be especially useful if you discover or suspect you&rs... read more.

Why Your Business Should Embrace Digital Transformation

By Wiss, Posted in Advisory Services

The term “digital transformation” probably sounds a bit intimidating. Like something beyond your capabilities and a drag on your business in trying to undertake it. So let’s start with a basic definition that’s not quite so off-putting. Digital transformation is simply your efforts to integrate digital technology into all areas of your business. The right mix of digital technology solutions will make your company run smoother and more productively internally, and yield bottom-line,... read more.

12 Days of Self-Care - Day 12: Paul Lembo

By Wiss, Posted in Wiss Gets Personal

When you hear about self-care, the first things that usually come to mind are exercising, spending time with family and friends and other types of activities that make you feel at peace. Don’t get me wrong, I love hanging out with my daughter just as much as the next dad, maybe more. I also try very hard to be in the gym 4-5 days a week. However, there is one hobby that I participate in which most people probably don’t think of when they talking about self-care. In fact, I am willing to be that... read more.

12 Days of Self-Care - Day 11: Laura Grigoriew

By Wiss, Posted in Wiss Gets Personal

In this fast paced world that we live in it is far too easy to forget about self-care. As the holiday season and year end approaches, the to-do lists are only getting longer which is why I love working for a company who cares about prioritizing self-care on that list! When I think of self-care, I think of the pre-flight safety cards that stress the importance of putting your own oxygen mask on first. My favorite form of self-care is backcountry camping. Day hikes are great for a short escape, but backpacki... read more.

Denial of Expense Deductions for Marijuana Businesses Is Reinforced

By Wiss, Posted in Food & Beverage

In the most recent in a now developing line of Tax Court cases involving the application of Section 280E of the Internal Revenue Code, a hard blow struck the ever-expanding cannabis industry.  In Patients Mutual Assistance Collective Corp. (dba Harborside Health Center) (“Harborside”), v. Commissioner, 151 T.C. No. 11 (November 29, 2018), the Tax Court rejected a variety of arguments in support of ordinary and necessary business deductions and costs of goods sold taken by a taxpayer running... read more.

12 Days of Self-Care - Day 10: Floriana Allen

By Wiss, Posted in Wiss Gets Personal

I have many way that I de-compress after a stressful day at work.  I love being outdoors and being physically active and I am very lucky that my family wants to participate.  We go for long bike rides, take our dog for a walk, play basketball, play soccer, go swimming, etc.  There is something about the fresh air outside that rejuvenates and energies us as the same time creating memorable memories.  I really enjoy cooking with my family. My daughter especially loves assis... read more.

12 Days of Self-Care - Day 9: Carol Mott

By Wiss, Posted in Wiss Gets Personal

The most wonderful time of the year has arrived and with it most often comes the most stressful time of year! Especially during this time of year, we need self-care or as I like to refer to it “me” time. This does not come easy for me. It’s something I need to make a conscious effort to do. One way I practice self-care is by exercising. Sometimes I may do it alone and other times I’ll do it with a friend. Either way, I always feel better after doing it. Spending time with my girlfrie... read more.

12 Days of Self-Care - Day 8: Jill Clancy

By Wiss, Posted in Wiss Gets Personal

Christmas is my favorite time of year. It has so much magic, a peaceful glow of love surrounds it. The joy and memories it brings to my family is everlasting. With that being said please don’t think my home looks like it came out of a HGTV Christmas Special! I have never been an overall “Martha Stewart” type of person. In that I mean, I can cook with the best of them but when it comes to crafts, decorating and gift wrapping I fall short. So I play to my strengths, shopping and cooking. Sh... read more.

Update - “Parking Tax” Alert! Interim Guidance Released

By Wiss, Posted in Not For Profit

By: Linda Curro, Karen Henderson and Diana Miller On December 10th, the IRS issued Notice 2018-99 (“Notice”) addressing guidance with respect to the tax treatment of qualified transportation fringe (“QTF”) benefits; specifically how employers should determine the amount of any nondeductible parking expense for employer provided parking.  The Notice has provided guidance as to the disallowed parking expenses associated with the 2017 Tax Cuts and Jobs Act which currentl... read more.

2019 Maximum Limitations for Retirement Plans

By Wiss, Posted in Employee Benefit Plan Audits

The IRS has announced that the amounts employees can contribute to retirement plans will increase in 2019.  Following is a table detailing some of those increases:   - Source - Notice 2018-83 (https://www.irs.gov/pub/irs-drop/n-18-83.pdf)    Provided by Wiss’ Employee Benefit Plan Group Craig R. Erickson – Partner Cindy Sandomenico – Director Laura Zindel – Manager   Craig Erickson is the Partner-in-Charge of our Employee Benefit Plan... read more.