Manufacturing & Distribution

2017 May be the Year for Manufacturing in R.I.

Students working on engineering class project

In January 2017, Governor Gina M. Raimondo announced her intentions of focusing on the manufacturing industry as part of her efforts to ensure that every Rhode Islander has an opportunity. Governor Raimondo’s new Rhode Island Manufacturing Initiative will be focusing on providing “manufacturing companies the tools they need to invest...

FASB Proposes to Simplify the Classification of Debt

long-term goal

by Linda Marie Pearson, CPA, CFE On January 10, 2017, FASB issued an exposure draft to simplify the classification of debt in a classified balance sheet (current versus noncurrent). The amendments in this proposed Update will replace the current, fact-specific guidance with “an overarching, cohesive principle” – the...

FASB Focuses on Inventory Disclosures

Businessman working on logistic inside stock room with touchscreen tablet.

-by Linda Marie Pearson, CPA, CFE, Principal On January 10, 2017, FASB issued an exposure draft to change the disclosure requirements of inventory. The proposed main provisions include required disclosures for: Disaggregating inventory by component (for example, raw materials, work-in-process, finished goods, and supplies). Note: While many companies...

Good News for Non-Mainstream Trades

A wage reimbursement incentive has been signed into legislation Last Thursday, Gov. Gina M. Raimondo signed into law bills which direct the Governor’s Workforce Board (GWB) to build a nontrade apprenticeship program and annually award funding to at least one new initiative on a competitive basis. Depending on...

Potential Payroll Tax Savings for RI Employers

-by David Gobeille, Tax Partner It appears that Rhode Island will have a sufficient level of reserves in our unemployment insurance trust fund as of September 30, 2016 that (under the new law) the state will be able to move to a lower tax schedule beginning January 1,...

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...