Tax Consulting & Compliance

New Business Travel Per Diem Rates

Business Travel Per Diem Rates

Should your business use per diem rates for travel reimbursement? Updated business travel per diem rates go into effect October 1. To simplify recordkeeping, they can be used for reimbursement of ordinary and normal business expenses incurred while employees travel away from home. Per diem advantages As long as...

If Sir-Tax Could Write Prescription Drug Warnings

by David Lichtenstein, CPA, MST PROCRASTINATE DRUG: Notifying your accountant at the last minute that you are selling your business, and you just want him/her to "review" the purchase & sale documents, just to make sure that you aren't missing anything. DRUG WARNING: Engaging in such an activity...

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...

Material Participation Key to Deducting LLC and LLP Losses

Losses

If your business is a limited liability company (LLC) or a limited liability partnership (LLP), you know that these structures offer liability protection and flexibility as well as tax advantages. But they once also had a significant tax disadvantage: The IRS used to treat all LLC and LLP owners as...

Rhode Island Tax Amnesty Program

Tax Amnesty Program

-by Cody Lange, Senior Tax Specialist Individuals and businesses who owe back taxes to the State of Rhode Island have a rare opportunity to pay their tax debt with a reduced interest rate and will not be subject to penalties. The tax amnesty program provides for a complete waiver of penalties,...

State Taxation of Online Sales Could be Thwarted

RI Statehouse, online taxes

-by David Gobeille, Partner, CPA, MST Taxprotoday reported on July 26, 2017 that Congress is reviewing a bill that would make taxing internet sales more challenging. This comes after years of proposals which allow states to tax e-commerce; which resulted due to the landmark Supreme Court decision in...

The Benefits of ESOPs

Benefits of ESOPs

ESOPs Offer Businesses Tax and Other Benefits With an employee stock ownership plan (ESOP), employee participants take part ownership of the business through a retirement savings arrangement. Meanwhile, the business and its existing owner(s) can benefit from some potential tax breaks, an extra-motivated workforce and potentially a smoother path for...

All Fringe Benefits Aren’t Created Equal for Tax Purposes

Fringe Benefits

According to IRS Publication 5137, Fringe Benefit Guide, a fringe benefit is “a form of pay (including property, services, cash or cash equivalent), in addition to stated pay, for the performance of services.” But the tax treatment of fringe benefits can vary dramatically based on the type of benefit.