September 28, 2023

Employee Benefit Plan Guidance: Form 5500 Changes

To encourage more small business employers to offer workplace retirement accounts for their employees and to reduce expenses for small plan filers, the Department of Labor (DOL) has streamlined and eliminated certain requirements for Form 5500. The changes and impacts are outlined below: The counting methodology for defined contribution retirement plans is now based on…

April 6, 2023

Understanding New Accounting Rules for Common Control Leases

Last month, the Financial Accounting Standards Board (FASB) issued amendments for common control leasing arrangements. These accounting rules help clarify issues for rental agreements between businesses that have the same owner. Determining leases The update – Accounting Standards Update (ASU) No. 2023-01, Leases (Topic 842) Common Control Arrangements – clarifies how business entities controlled by…

February 25, 2023

It’s March. Have You Scheduled Your 401(K) Audit Yet?

Never mind that we’re in the middle of tax season and you have a million other things to think about. If you own a business that offers a 401(k) or another retirement plan, you need to be thinking about your annual audit – scheduling it, preparing for it, and successfully completing it. Now is the…

April 21, 2021

Q&A: Dennis W. Anderson on Business Challenges and 401(k) audits

With more than 22 years of experience at Weiss, partner Dennis W. Anderson has built an enviable track record providing assurance, consulting, and tax services to an impressive roster of business clients. He sat down recently to discuss a wide range of topics, including the challenges of working through the pandemic and the upcoming 401(k)…

August 31, 2020

New IRS Guidance For Calculating PPP Loan Forgiveness Costs

Last week, the IRS issued new guidance regarding loan forgiveness under the Paycheck Protection Program (PPP) that significantly impacts certain businesses in calculating their loan forgiveness costs. Some examples include: Owner-employees with less than a 5 percent ownership stake in a C- or S- Corporation are not subject to the owner-employee compensation rule, which caps…

June 5, 2020

PPP Flexibility Act: Key Points and Guidance

On Wednesday evening, the Senate unanimously passed the much-anticipated Payroll Protection Plan Flexibility Act and sent it to the White House for President Trump’s signature. The primary purpose of the bill is to give business owners more time and flexibility to use loan money obtained through the original PPP and still qualify for loan forgiveness….

May 27, 2020

Important Clarification to the PPP Loan Forgiveness Application Process

Last week, the U.S. Treasury Department released extensive new guidance regarding loan forgiveness for businesses participating in the Paycheck Protection Program (PPP). Much of the guidance focused on the application process and instructions for completing the on-line form. In this article, we offer some important clarifications to specific points in the loan forgiveness application and…

August 22, 2019

Weiss Announces Two New Associates, Six Promotions

Weiss & Company LLP is pleased to welcome two new associates to the firm’s tax accounting team. Katherine Chung has joined as a senior tax manager, and Anna Lomeyko has joined as a tax accountant. “We’re excited to bring Katherine and Anna onboard as Weiss continues to grow,” said Weiss & Company Managing Partner Dan…

January 29, 2019

Speaking Your Language: Multilingual Weiss staff connect with clients

Sometimes speaking English alone isn’t enough to make complex business and tax topics clear to clients. That’s why Weiss & Company LLP offers bilingual services in several languages, including Spanish, Polish, Hebrew, Hindi, Korean, Russian, Romanian, Turkish and Kyrgyz. In fact, over a dozen of its staff members are bilingual. “We don’t make clients fit…