Common Accounting Terms Explained

By Wiss, Posted in General Business

By Louann Cassano Feel like your accountant is speaking another language? We won’t make you feel that way. Here are some common accounting terms to help you sound like an accounting pro: The Balance Sheet is the financial statement that includes your assets, liabilities and equity.  Assets always equal Liabilities plus Equity. Income Statement (also known as the P&L) is the financial statement that includes your sales and expenses.  The expenses are subtracted from... read more.

Here's Why Your Tax Refund Might Not Be What it Once Was

By Wiss, Posted in Tax

This 2018 U.S. federal tax filing season, the good news might actually be the smaller refunds seen by many Americans. However, you might be understandably hard to convince if you, your employees or family members fall into this category.  At this point in the tax return season, many are dismayed to find their refunds are smaller than expected. Or non-existent, in the case of those shocked to find that they owe more. Spoiler alert: the culprit is most likely to be the Tax Cuts and Jobs Acts and the som... read more.

3 Areas Contractors Should Focus on to be Successful in 2019

By Wiss, Posted in Construction

By Timothy Kennedy As we formally say good bye to 2018, we enter a new year that brings lots of promise. In order to seize the opportunities that will be presented to you in 2019, consider solidifying your approach to the following areas of your business: Accounting software A robust accounting software that is customized for your needs is a must in 2019. Contractors have unique needs that need to be addressed in order to have an accurate financial picture. Some of the items that you should consider when... read more.

Trust Nexus Tax Case on SC Docket Could Have Wide Ranging Implications

By Wiss, Posted in Tax

By Arfa Scott Following its June 2018 decision in Wayfair, the U.S. Supreme Court continues to focus on cases that deal with how much taxation states can impose and in what circumstances.  In January 2019, the nation’s highest court agreed to look at under what circumstances a state can impose its income tax on a trust by granting certiorari in the case of North Carolina Dept. of Revenue v. Kaestner Family Trust.   The Kaestner Trust case involves a New York trust whose only contact w... read more.

HR ALERT: NJ Paid Family Leave

By Wiss, Posted in Human Resources

Governor Murphy has yet again signed a bill into law providing New Jersey employees with greater benefits. This new law expands the already existing paid family leave program in New Jersey, which has been in place since 2009.   The existing program has provided paid leave to workers for up to six weeks, at a benefit equal to two-thirds of their pay, with a maximum benefit of $650 per week.  Under this new law, which takes effect July 1, 2020, employees will be able to take 12 weeks of paid... read more.

Inventory Management Systems

By Wiss, Posted in Advisory Services

By David Singletary  Are you still using Excel spreadsheets to keep track of your company’s inventory? You’ll know it’s time to upgrade when your business grows to the point where you or your people are spending way too much time inputting static data.   A good inventory management system should do the heavy lifting. Here are a few features and capabilities a good solution should offer.  Multiple costing method options -- You shouldn’t be limited to just one me... read more.

HR ALERT: NJ Minimum Wage Increase

By Wiss, Posted in Human Resources

Updated February 4, 2019 Governor Murphy has now signed the bill raising the minimum wage in New Jersey, something we have started to see in other states.  The state’s legislature had only passed the bill last week, but Governor Murphy quickly signed it, having been a strong advocate for this change.  The new law will raise the minimum wage in increments.  The first increase is set for July 1, 2019 when it rises to $10 an hour for most workers, with future increases each year in Janua... read more.

The Critical Importance of Effective Cybersecurity in Your Business

By Wiss, Posted in Advisory Services

Cybersecurity does not offer a return on investment -- unless you count stable client relations, peace of mind, insurance against the financial, and public relations disaster that can result from digital criminal activity. In other words, cybersecurity is something that your business will hardly notice if it’s functioning well, and deeply regret if it goes wrong. The Real Costs of Intrusion Data breach can be a crisis for your business in a number of ways. Here are some of the leading financial and... read more.

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.