Retail

Updated Rhode Island Sales Tax Reporting Requirements

Sales Tax Reporting Requirements

-by Cody Lange, Senior Tax Specialist Under new Rhode Island legislation, there are certain requirements for "non-collection retailers", "referrers", and "retail sale facilitators" with regards to collecting and reporting sales tax. These rules will apply to any taxpayer who in the immediately preceding calendar year had (1) over $100,000 of...

AICPA Addresses Three Revenue Recognition Implementation Issues

-by Andrew de Labry, CPA In May 2014 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers (Topic 606), which outlines a single comprehensive model to use in accounting for revenue arising from contracts with customers. The ASU supersedes and replaces nearly...

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...

FASB Focuses on Inventory Disclosures

-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...

Minimum Wage Hike for Neighboring States

Effective January 1, 2017, a number of states will see increases in their minimum wages across the country. Connecticut and Massachusetts are among the states seeing minimun wage hikes. The list includes: Alaska – $9.80 Arizona – $10.00 Arkansas – $8.50 California - $10.00 an hour for small...

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,...

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...