Professional Services

FASB Proposes to Simplify the Classification of Debt

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...

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,...

Catherine Parente Appointed to RICCA Board

Catherine M. Parente, CPA/ABV/CFF, CVA, CFE, MAFF and partner of the firm, was recently appointed by Governor Gina M. Raimondo and confirmed by the Rhode Island Senate, to the board of the Rhode Island Convention Center Authority (RICCA). Her four-year term began officially on July 1, 2016 and runs through...

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...

Accounting for Goodwill to Change

By Linda Marie Pearson, CPA, CFE Does your entity have goodwill on its balance sheet? If so, a change simplifying the accounting for goodwill impairment proposed by the Financial Accounting Standards Board (FASB) may affect your entity. The Financial Accounting Standards Board (FASB) is proposing changes to accounting...

The Overtime Rule

By Linda Marie Pearson, CPA, CFE On May 18, 2016, the U.S. Department of Labor (DOL) published final regulations defining those employees exempt from overtime.  The new rule (aka The Final Rule) updated the salary and compensation levels of executive, administrative and professional employees. ...

Attention Massachusetts Businesses

If you are a corporation or business entity taxable as a corporation, April 1, 2016 is the deadline to certify your tax status in order to qualify for local personal property tax exemptions according to the Department of Revenue (DOR). The certification is required for federal and state tax purposes...