Six ways not-for-profits can get value from risk management
July 7, 2014 by the Journal of Accountancy
In a recent report, 53% of public companies and 43% of financial services companies reported having complete formal enterprise-wide risk management processes in place, while only 13% of not-for-profits claimed the same. Additionally, 24% of not-for-profits have no enterprise-wide risk management in place. Robert Cummings discusses this trend and the six factors that are critical for organizations, particularly not-for-profits, in implementing ERM.
Recent Press Mentions
Your Money: NJ's "exit tax" and home sales
July 2, 2014 by NJ.com
WeiserMazars partner, Richard Bloom, answers a reader's question regarding New Jersey's exit tax and home sales under various circumstances for NJ.com's "Your Money" column. Read the specifics here.
Complex Path Ahead in Post-Deadline FATCA Universe, Practitioners Say
July 1, 2014 by Bloomberg BNA
Major challenges for both the government and the financial industry lie ahead as the first round of reporting and withholding under the Foreign Account Tax Compliance Act goes into effect on July 1. Susan Grbic comments on how you should prepare for FATCA.
How Wheels Came Off of Hertz' Accounting
June 24, 2014 by Compliance Week
$10.7 billion Hertz, the auto rental company, warned on June 6th of a massive financial restatement yet to come. Then, in a Form 8-K filing, Hertz warned that its current quarterly filing would be late and that its financial statements for 2011 should no longer be relied upon. Even worse, the 2012 and 2013 annual statements might be called into question. Our General Counsel, Scott Univer, comments.
Tyson Foods' Acquisition of Hillshire Could Drive Prices Upward
June 10, 2014 by the International Business Times
Analysts have noted that the potential purchase of Hillshire Brands Co. by Tyson Foods Inc. will cause food production industry prices to increase. WeiserMazars partner, Louis Biscotti, notes that while the deal would be good for Tyson and its shareholders due to the resulting diversification of the company's offerings it may also hurt consumers.
For Brazilian Beef Duo, a Swift Rise
June 3, 2014 by The Wall Street Journal
Fueling Pilgrim's Pride Corp.'s $6.8 billion bid for Hillshire Brands Co. this week is the ambition of a pair of Brazilian brothers who aim to dominate the global meat business. A successful deal for the maker of Jimmy Dean sausages and Ball Park hot dogs would mark the boldest bet yet by Wesley and Joesley Batista, who run Pilgrim's majority owner, JBS SA. It would be the meat industry's biggest merger. Our own Lou Biscotti comments.
Caught in the middle: Helping adult children and elderly relatives with money
May 28, 2014 by The Star-Ledger
As an increasing number of young adults are graduating from college without job offers and and greater numbers of elderly are requiring care, the "sandwich generation" that lies between must fund multiple goals with limited resources. Our own Lisa Osofsky offers tips to the sandwiched on saving for retirement despite these additional expenses.\
Your Money: Fleeing NJ to save on income taxes
May 19, 2014 by NJ.com
WeiserMazars partner, Richard Bloom, answers questions about when 401(k) plan distributions are considered retirement income for NJ.com's "Your Money" column. Read about the specifics here.
What Hedge Funds Need to Know About the May 5th FATCA Deadline
May 1, 2014 by Hedgeco.net
The complex guidelines surrounding FATCA have created confusion and led funds into unchartered territory. In a discussion with Hedgeco.com, our own Susan Grbic advises fund managers and compliance officers on how to comply with these new rules, be it registering all foreign investment entities or gathering correct information for future reporting obligations.
The new Russia sanctions: Stalled tax talks
April 24, 2014 by Politico
The U.S. based anti-tax evasion law, FATCA, requires all foreign banks to report to the IRS information on American accounts amounting to more than $50,000; banks that do not participate will see a 30% withholding tax penalty. While Russian President Vladimir Putin and his lieutenants have shrugged off formal sanctions from the United States, an informal sanction in the form of failed FATCA talks has sent them scrambling to change laws so that Russian banks can continue to work with the IRS.
Financial Businesses Gear Up for FATCA
April 23, 2014
FATCA deadlines are quickly approaching, with July 1st being the deadline for implementing new account "onboarding" procedures for U.S. withholding agents. Our own Susan Grbic explains the importance of these dates and reminds that the IRS will not be extending these FATCA deadlines.
Your Money: IRA payout conusion when more than one account, annuities, are involved
April 22, 2014 by NJ.com
Your financial questions answered. Our own Richard Bloom answers a reader's question about IRA payouts when the IRA has been transferred into two annuities.
When Clinical Transformation and Technological Change Come Down to Process and Cultural Change
April 15, 2014 by Healthcare Informatics
When attempting to achieve Triple Aim, the concept of improved quality, enhanced patient satisfaction, and improved cost-effectiveness in healthcare, the challenges can be as much cultural and process-based as technological. Our own Mary Ford discusses the importance of trust in a CIO's long-term strategy towards transformation.
The Procrastinator's Guide to Last-Minute Tax Prep
April 7, 2014 by Women & Co.
Still trying to find the time to tackle your tax return by April 15th? In this article, a panel of experts, including our own Maryann Reyes, provide tips on how to streamline your filing and maximize your return.
April 1, 2014 by The NonProfit Times
The financial crisis following the 2008 stock market crash affected the nonprofit industry as well as for-profit firms. Now that the economy has stabilized, it may be time for nonprofit executives to catch up on retirement planning. WeiserMazars partner, Ron Lagnado, discusses certain negotiation strategies that these executives can use to further their financial security.
Your Money: Newlyweds file taxes jointly, but want to keep deductions for homes they own separately
March 31, 2014 by NJ.com
WeiserMazars partner, Lisa Osofsky, answers questions about the deductions related to home ownership and marriage status for NJ.com's "Your Money" column. Read about the specifics here.
IRS' Virtual Currency Guidance May Benefit Bitcoin Users
March 28, 2014 by Accounting Today
The IRS' ruling that Bitcoin should be considered property, rather than currency, means that Bitcoin users will have to be more careful in reporting their transaction. However, the decision may help Bitcoin investors in the end. Our own Steve Brecher discusses.
Managing the Windfalls of the Rich and Techy
March 26, 2014 by Institutional Investor
More than 40 firms have gone public since the beginning of the year, making 2014 a popular year for initial public offerings. M&A activity in the technology sector has also increased and these shifts have created a new class of stock-wealthy executives. Our own Richard Bloom weighs in on what wealth managers should consider when assisting this increasing pool of clients.
Bitcoin 101: How is Bitcoin Different from the Dollar?
March 26, 2014 by USA Today
Unlike the dollar, Bitcoin is backed by nothing more than its own ability to hold value. And while Bitcoin can be used to pay for goods and services, it is not yet accepted as legal tender. The IRS recently announced that the federal government will tax digital money as property rather than currency, a move that has, as stated by our own Stephen Brecher, "given certainty to dealing in digital currency."
Yes, Bitcoin is legit, says IRS. But tax reporting could be boggling
March 26, 2014 by the Christian Science Monitor
A recent IRS ruling says that Bitcoin is property, not currency, and reassures investors but dumps major new reporting requirements on users. Will it kill the virtual currency? Not if the tech community stays involved. “There are more and more exchanges for different kinds of property,” says our own Steve Brecher, and notes that the marketplace has worked out methods for determining reporting calculations and quotations of value.
IRS Says Bitcoin Counts as Property for Tax Purposes
March 25, 2014 by Accounting Today
The IRS announcement that Bitcoin should be taxed as property rather than currency has answered many questions about virtual currencies and their treatment by the tax system. Says our own partner, Steve Brecher, "Knowing the consequences is useful. Some people have been making assumptions about it and proceeding, and they may have guessed right. There were some people who were probably hopeful it might get a different treatment. But at least they know what the treatment is.”
Can Bitcoin survive? Debate rages, but experts say regulation is possible.
February 26, 2014 by the Christian Science Monitor
The recent closure of Bitcoin exhange, Mt. Gox, has caused the crypto-currency's prices to plummet. While some argue that government regulation would stabilize the currency's value, others argue that regulation would only remove Bitcoin's key appeal. Says WeiserMazars partner, Stephen Brecher, "don't write Bitcoin's obituary just yet."
Accountants Revolt Against Oversight Plan
February 21, 2014 by Long Island Business News
Debate has intensified around a regulator's plan to require accounting firms to name the lead partners working on individual audits. Says WeiserMazars partner, David Rubenstein, "When you look at an annual auditied financial statement, it's signed off by the firm. The concept is the firm, not the engagement partner, is rendering the opinion."
James Blake Comments in Commerce Magazine
February 10, 2014
Diversity within public accounting has been a topic for many years, yet little progress towards actual improvement has been made. James Blake, our New Jersey Practice Partner-in-Charge, comments on the importance of diversity and urges that, "having a range of view points approaching a problem gives us better insight in overcoming challenges and understanding our clients' needs." View page 14 for the full comment.
Ken Pogrob Mentioned in The Secured Lender
January 15, 2013
On October 17, 2013, the Commercial Finance Association's New Jersey Chapter organized a panel discussion held at Rutgers University. The panel served as an introduction for both undergraduate and graduate students to asset-based lending. Our own partner, Ken Pogrob, was a featured panelist.
Ron Ries Responds to the CPA Journal with a Letter to the Editor
August 15, 2013
Responding to the CPA Journal's article, "The Question of Mandatory Audit Firm Rotation: Would Investors Benefit," WeiserMazars partner, Ron Ries, discusses the need to open the international audit market and decrease the market share currently held by the Big Four.
David Moise Discusses the Correct Way to Resolve Tax Issues with Fox Business
August 5, 2013
David Moise, WeiserMazars Partner-in-Charge of Tax Procedure and Controversy, discusses how to properly resolve IRS tax issues. Read the full article for advice on how to avoid scams and an overview of the resolution process.
David Wasserstrum Speaks about 401(k) Withdrawals in the New York Post
June 16, 2013
Thinking about taking money out of your 401(k)? WeiserMazars partner, David Wasserstrum, weighs the costs and benefits of taking out a loan against your 401(k) versus making a hardship withdrawal. Read the full article to learn more.
Shahab Moreh Speaks about FASB's Lease Accounting Proposal in Compliance Week
June 11, 2013
The Financial Accounting Standards Board recently released a proposal to include leases on corporate balance sheets, a move that has received much dissent. Says Shahab Moreh, head of Real Estate Services at WeiserMazars, "There's going to be a tremendous cost to companies to keep track of this, calculate this, and put it on the balance sheet.” To download the full article, click here.
Howard Dorman Speaks about WeiserMazars' Human Rights Initiative in the Wall Street Journal
June 10, 2013
The United Nations' Guiding Principles on business and human rights aim to help companies follow specific human rights practices and processes. Now WeiserMazars, in partnership with Mazars and Shift, is working to develop a way to measure companies' actual progress meeting these goals.
Elliot Ogulnick and Harry Steinmetz's Article Covered by the New York Law Journal
May 20, 2013
The most recent real estate bubble burst under the weight of a market saturated with overpriced properties and subprime mortgages. Unfortunately, this bubble likely won't be the last. When real estate values again spike to unsustainable levels, will your clients be prepared?
WeiserMazars' 2012 Insurance Finance Leadership Study Covered by the Wall Street Journal
December 13, 2012
We are pleased to announce the release of our 2012 Finance Leadership Study! This Wall Street Journal article (full article here) highlights the findings of our study: we discovered a number of interesting trends including a correlation between the approach to information technology investment and high Return on Capital among our respondents. Watch our "Tale of Two Insurance Companies" video and read more about our study here.
Andy Cohen Highlighted on LIBN.com
December 7, 2012
WeiserMazars partner, Andy Cohen, was recently elected as the vice-chair of the American Insitute of Certified Public Accountants' joint trial board. “I am honored and humbled,” Cohen said in a statement, “I am looking forward to working with my colleagues on the board to uphold the best standards and practices of our AICPA members.”
Scott Univer Quoted by CNNMoney
August 16, 2012
When millions of dollars went missing from the Peregrine Financial Group's customer accounts, regulators and shareholders began to push for the wider use of electronic confirmations in company audits. Scott Univer, general counsel at WeiserMazars, explains that these systems, currently in place at WeiserMazars, are both effective and cost efficient.
Bonnie Mann Falk Named Among LIBN's Who's Who in Professional Women
August 9, 2012
Congratulations to our own senior manager, Bonnie Mann Falk, who was named to Long Island Business News' List of Who's Who in Professional Women. An active member in WeiserMazars' various women's initiatives, Falk says that the firm is poised to provide an accommodating environment to women looking to succeed both domestically and globally.
WeiserMazars Highlighted by Spain - U.S. Chamber of Commerce
July 30, 2012
On June 28, 2012, the Supreme Court made several ground-breaking decisions regarding U.S. health care coverage. WeiserMazars’ summary of the rulings is featured in the Spain – U.S. Chamber of Commerce’s July newsletter. Read the full article here.
Howard Dorman Named President of CHHANGE
July 1, 2012
We are proud to announce that WeiserMazars partner, Howard Dorman, has been named President of CHHANGE, the Center for Holocaust, Human Rights and Genocide Education. The organization is dedicated to supporting the fight against all forms of prejudice.
Our Biscotti Toback & Company merger featured in Modern Grocer
March 12, 2012
Biscotti Toback & Company's merger with WeiserMazars LLP was a featured article in Modern Grocer's most recent issue. “We are excited to join the WeiserMazars team,” said Louis Biscotti, now a WeiserMazars partner.
Michael Flagiello and David Hurst published in Accounting Today
February 23, 2012
Many organizations rely heavily on the software program, Microsoft Excel. Some organizations even report using more than 500,000 spreadsheets. Michael Flagiello and David Hurst examine how much Excel is too much.
WeiserMazars' Excel Study Highlighted on CFO.com
January 18, 2012
In a 2011 study, WeiserMazars found that 87% of the CFOs they surveyed relied heavily on Excel spreadsheets, with several CFOs reporting that their companies use as many as 500,000 spreadsheets as part of their quarterly close. Learn more as various CFOs discuss this trend with CFO.com.