Blogs

5 Types of Insurance Every NJ Executive Needs to Avoid the Risks

By Dale Newell posted 05-27-2021
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Before starting your business in New Jersey, it’s important to understand the regulations and requirements for things like business practices, licensing, and insurance. If you’ve just started, there’s no denying one of the most important things you can do to protect your small business assets is business insurance. But which one? There is no “one-size-fits-all” when it comes to ensuring your business, just as there are no two businesses alike. The chance is, your business needs will vary depending on a variety of factors, like the industry you operate in, the type of business you run, and trade. It will also be influenced by the location and size of your business ...
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WHEN WILL OUR PROFESSION START LOOKING OUT FOR "OUR" INTEREST?

By Anthony R. Romano, CPA posted 01-22-2021
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.....As CPA's we continuously get requests for "comfort letters".....sometimes at the very last hour by a client about ready to close on a piece of property.....All the bank requests is a simple letter telling them that Jane Doe is "still" self-employed and "still owns" 50% of the business.....when we say we cannot do that we are met by a "pissed off" (a technical accounting and tax term) client..... ......Help us here.....this is the kind of help we need, NOT making sure we ticked off a box or included a piece of paper on "peer review!" Anthony R. Romano, C.P.A.
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Attention IP Owners: Ways to Protect Your Intellectual Property

By Dale Newell posted 12-12-2020
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The term “intellectual property” or IP is commonly used these days that is of importance to business owners and people looking to sell a product or service. In these modern times, though, protecting your intellectual property is not so easy.  With so much information available in an instant, it can be easy to copy one’s idea or service without the original owner being aware of it. There are ways, though, to protect your intellectual property. Be aware of the kinds of IPs One of the first ways to protect your intellectual property is to be aware of the different kinds of IPs and the rights you have. For a rundown of the   types of IP , check out NetLawman.co.uk ...
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Top 5 Financial Challenges Facing Small Businesses

By Dale Newell posted 12-04-2020
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Good financial management is what keeps a small business running profitably, whereas a lack of control over finances usually results in failure. Improving the financial health of a small business is possible by understanding some common challenges and learning how to handle them.  Cash flow problems Managing cash flow is often one of the biggest challenges for any business . Small businesses have many expenses to cover, including recurring ones like rental and payroll. It doesn’t matter how many assets the business has, when it comes to paying monthly expenses, there has to be enough cash available to pay them.  When running a small business ...
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Realistic Asset Drawdown Rates for Retirees

By Dale Newell posted 10-29-2020
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People’s greatest fear (besides death) is outliving their retirement assets. They want to know how to make their money last. Accountants can help. Some Applicable Assumptions Let’s assume the following: They Have Substantial Assets:  Your client has followed instructions and saved money with retirement in mind. Retirement is About 30 Years:  Your money should last that long. Spending It All is Okay:  Your client is fine not leaving a windfall for their heirs. There Will be About 3 Percent Average Inflation:  Research by Ibbotson Associates shows a 2.9 percent average rate between 1926 and 2019. One more optional assumption: Your client ...
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Looking for a valuation of a pizza shop in Central NJ.

By Arnold M. Mayberg, CPA posted 12-10-2019
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A lawyer acquaintance of mine is looking for a valuation of a pizza shop in Central NJ, for an estate matter. Our firm does not do them. If  interested, please call Seth Kurs, ESQ at 609-448-2500. Thank you!
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Is PMI deductible in 2018

By Raymond B. Cohen, CPA posted 02-15-2019
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Hello, I thought I read that PMI is deductible for 2018 income tax returns. . Articles mention this. IRS.gov/Extenders . does not discuss this. What is the answer? Thank you. Ray
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Protecting from Cyberattacks

By Nicholas M. Ilacqua, CPA posted 10-02-2018
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Security threats are growing more aggressively every day and cyber criminals are getting smarter. The cost of disruption caused by breaches and the general loss of important data can cripple a business. That’s why security concerns are now more top of mind for business owners than ever before. DATA AND BUSINESS PROTECTION Don’t put your company at risk. Work with TeamLogic IT. We do more than protect your data—we focus on business protection. Technology can go a long way to protecting your data yet policies and procedures around access, securing data, and dealing with breaches must be a part of a comprehensive cybersecurity plan. Our approach to security ...
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The accountant as trusted advisor

By John J. Cox, CPA posted 08-05-2018
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If anyone missed the article in the July / August issue of "New Jersey CPA Magazine", here it is for your convenience.   The Enchanted Accountant: Three Ways to Become a Trusted and Strategic Advisor My primary business is a business broker or intermediary for main street and local middle market.  This article outlines several things practitioners should consider implementing with all of their clients.  As the trusted advisor, the practitioner is in a unique position to provide objective feedback and help the client maintain the business' health during the years before the formal exit planning.       As the client approaches the 2-3 years prior to looking ...
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Independence when fees are due

By Joseph J. Gormley, CPA posted 07-23-2018
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I know the answer but i cannot find a site for it. I have a client who owes me more than one year in fees. I want to present him with documentation showing that I cannot issue a financial statement under those circumstances. Can anyone guide me in the appropriate direction?
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Tax Attorney New York

By Peter P. Gilleece, CPA, CFE, CGMA, MS posted 12-01-2017
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I am hoping the membership can help me. A friend of a friend is looking for a Tax Attorney as he has not filed tax returns in a number of years as is looking to make things right. The taxpayer is a Unionized Tradesman and lives in New York State and works in NYC and New York State and lives in Dutchess County. Any referrals would be greatly welcomed. Sincere thanks to the membership for their continued help. Thanks, Pete
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Performance Metrics to Keep Your Firm Healthy

By Ira S. Rosenbloom, CPA posted 11-03-2017
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Tracking the right performance indicators and addressing what they reveal will make a big impact on your firm's health. I recently shared some metrics in a blog post for the CPA Firm Management Association, and thought others might find them useful, as well. Read more here .
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Accounting Student - Struggling to find my place in the industry

By Michael D. Purrazzella, CPA posted 02-15-2017
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Hello and welcome! This is a general blog to talk about my problems breaking into the industry of Accounting. So let me start at the beginning of my college career. I started my college career in Computer Programming (C++) and did alright in it. While I enjoyed it has a hobby I didn't see it as a career path for me. Eventually the death of my mother gave me grief time to revaluate my life. A professor at my community college, an auditor by trade, talked with me after class some nights. I understood debts and credits easier then most others and liked the idea of Accounting and he told me I was one of the few he could see becoming an Accountant.. This then ...
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AVERAGE TAX PREPARATION FEES IN NJ – HOW MUCH DOES IT REALLY COST?

By Andi Oparaku, CPA posted 11-07-2016
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LET’S BREAKDOWN THE AVERAGE TAX PREPARATION FEES IN NJ How much will my tax return cost? This is the question on everyone’s mind at the beginning of each tax season. We will breakdown the average tax preparation fees in NJ as well as review IRS published averages for each form and each region. Prices vary greatly, and the actual amount of your income tax preparation fees will be determined by the region where you live, the size of the accounting firm that you hire, and also the complexity of your actual tax return. Our focus in this post will be primarily on average tax preparation fees in NJ, with increased focus in Northern NJ. We ...
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Internship at Nisivoccia LLP: Blog #2

By Nicole S. Wiesenfeld posted 06-10-2016
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This is my second post about my six-week internship at Nisivoccia LLP in Mount Arlington, New Jersey. I just had my first client visit, which was very exciting. My main tasks were to complete the Accounts Receivable (through Subsequent Cash Testing) and Accounts Payable workpapers. I worked closely with others on the audit team, as they provided me with direction. I had a sense of achievement when the numbers on my workpaper tied out. I really appreciated that Nisivoccia took me to a client because it gave me a much better perspective on how audits are performed. I liked working offsite at the client location. As part of the audit team, I learned ...
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Internship at Nisivoccia LLP: First Two Weeks

By Nicole S. Wiesenfeld posted 05-23-2016
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My name is Nicole Wiesenfeld and I recently completed my freshman year at the University of Michigan- Ann Arbor. I will be posting a bi-weekly blog about my six-week internship at Nisivoccia LLP in Mount Arlington, New Jersey. Nisivoccia has been named one of the best places to work in New Jersey by NJBIZ for the fourth consecutive year in 2016. The firm offers traditional accounting and tax services while specializing in areas such as the following: employee benefit plans, governmental entities, not-for-profit organizations, and private enterprise and family owned businesses. This summer, I am an intern in the Audit Commercial Department. Over the past ...
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The Top Policy Issues in New Jersey

By Ralph Albert Thomas, CPA (DC), CGMA posted 05-06-2016
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The legislative news and tracking website CQ Roll Call recently asked local reporters and policy observers one question: “What are the top 5 policy issues in your state?” According to Matt Arco of The Star-Ledger , New Jersey’s top 5 policy issues are: Pensions: No consensus as pension problem grows Transportation: The well has nearly run dry Budget/Taxes: All silent on the tax front Gambling: The tale of Atlantic City Elections: A lame duck governor with little support Not surprisingly, the NJCPA has taken positions on several of these policy issues. Here’s a summary: PENSIONS The NJCPA opposes a constitutional ...
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The Journey to Self-Accountability: Lessons from the NJCPA Managing Partner Retreat

By Carolyn Hook posted 04-04-2016
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Sam Allred, CPA, is a Director at Upstream Academy , Founder of Upstream Academy Network, an international association of accounting firms, and was the central figure in the development of methodology and best practices now practiced by hundreds of firms throughout the United States and Canada. Sam Allred has been regularly recognized as one of the major influencers of the accounting profession and has been listed for the past six years as one of Inside Public Accounting’s “Most Recommended Consultants.” So when, at the NJCPA Managing Partner Retreat, Allred told of a time when he was his firm’s “least accountable partner,” New Jersey’s top CPA firm leadership ...
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Acting NJ State Treasurer Opens Up a Conversation to Empower New Jersey Businesses

By Ralph Albert Thomas, CPA (DC), CGMA posted 03-14-2016
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The New Jersey Chamber of Commerce and the New Jersey Business and Industry Association hosted an event on March 9 where New Jersey’s acting State Treasurer Ford M. Scudder shared his remarks about the economic issues affecting the state, including the estate tax, inheritance tax, public pensions and other issues stunting economic growth. Scudder says the administration created the 2017 Fiscal Year budget to be business positive and resident friendly. On Taxes, Outmigration and the State's Economy Scudder argued that taxes are what people should pay to earn the right to live where they are. Taxes shouldn't be designed to penalize behavior. ...
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Checklist of small business tax changes for 2015

By Tony Novak, CPA posted 12-17-2015
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A practical guide to the tax forms that have changed reporting requirements this year Tax return preparers and small business owners filing federal tax returns for 2015 need to be aware that the instructions for several IRS tax forms have changed as a result of the phased-in implementation of the Affordable Care Act. (Perhaps it is just coincidental but it is interesting to note that all of the substantial tax changes affecting small business taxes this year relate to ACA). In some cases additional forms need to be added to the business tax return filing for the first time. In other cases the rules have changes so that even the same numbers and fact pattern ...
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