High Net-Worth Individuals

IRS Announces 2018 Tax Benefits and Limitations

-by Mike Raftery, CPA The IRS recently released the 2018 figures under current tax law for the following tax benefits and tax limitations that we wanted to pass along. Note that these figures come with the caveat that pending “tax reform” legislation may change these results. Personal Deductions -Personal...

Can Partners Be Considered Employees?

Not according to the IRS. Last month, the IRS issued temporary regulations T.D. 9766 clarifying the employment tax treatment of partners in a partnership owning a disregarded entity. In the past, some partnerships treated the partners as employees of the disregarded entity, thereby allowing the partners to participate in...

SEP and SIMPLE IRA Plans –

Avoiding Common Errors The IRS recently identified a number of common errors seen in two of the most popular retirement plans used by small businesses — the SEP plan and the SIMPLE IRA plan. General Rules for SEPs With a SEP (Simplified Employee Pension) plan, employers establish individual retirement accounts...

Not All Bequests Are Created Equal

The National Philanthropic Trust estimates that upwards of $27.4 trillion in charitable bequests will be made in the U.S. through 2052. In fact, interest in planned giving has grown in the wake of the Great Recession. Donors have found that committing future gifts from their estate allows them to support...

Tax Scam Notification

The Rhode Island Division of Taxation has cautioned Rhode Island businesses owners about a scam in which individuals claim to be collections agents of the Rhode Island Division of Taxation and request immediate payment. Please note that the Division of Taxation does not request cash or other payment by businesses...

RI Self (Managed) Audit Program – for Use Tax

The Rhode Island Division of Taxation is mailing letters to 9,600 businesses and individuals stating that they have been selected and may qualify for a voluntary self-audit program.  This self-audit program provides a participant with the opportunity to perform an examination of their records (with supervision from the RI Division...

Short-Term Residential Rentals Follow-up

As a follow-up to a post we shared on our social profiles on June 18, 2015 regarding Rhode Island vacation home renters, there have been some adjustments made to the originally proposed tax verbiage. Here is the signed tax change as it now stands: SHORT-TERM VACATION RENTALS: Someone who...