Retail

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...

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 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...

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...