Professional Services

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...

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...

Changes to Lease Recognition

By Linda Marie Pearson, CPA, CFE Financial Accounting Standards Board (FASB) has just amended the FASB Accounting Standards Codification (ASC) related to leases. FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) to communicate how the ASC was amended. Here are the highlights of the change: Main...

FASB Proposes Two Accounting Standard Updates

FASB Issues Proposed Improvements To Financial Reporting of Pension and Other Post-Retirement Benefit Plans The Financial Accounting Standards Board (FASB) has issued two proposed Accounting Standards Updates (ASUs) intended to improve financial reporting by employers related to defined benefit pension and other postretirement benefit plans. They are: The proposed...

Executive Sessions: What They Are and Why You Should Have Them

By Linda Marie Pearson, CPA, CFE A private conversation among board members seems to contradict the openness and transparency expected of today’s nonprofits. Managed appropriately, however, executive sessions are a vital part of the board process. An executive session is essentially a meeting-within-a-meeting — a special closed session of the...

FASB Simplifies Balance Sheet Presentation of Deferred Taxes

FASB issues Accounting Standards Update (ASU) No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes simplifying the presentation of deferred income tax assets and liabilities by eliminating the requirement to present current and noncurrent amounts on the statement of financial position. Deferred income tax assets and liabilities...

Tax Incentives May Benefit Your Business

Rhode Island offers a number of tax incentive programs to the employers of this state. There may be something of value to your business. Check out this comprehensive summary prepared by Commerce RI which lists incentives in the following categories: General Business Incentives Real Estate Incentives Manufacturing...

ACA Reporting Will Be Required for the 2015 Year

What should you be prepared to file? Year-end  2015  will  bring  new  reporting  requirements  for employers  for the Affordable  Care  Act (ACA).  You may think this reporting only applies to organizations subject to the Employer Mandate (otherwise known as "Applicable Large Employers" (ALEs)) - those with over 50 full-time-equivalent employees...