Tax Consulting & Compliance

The R&D Tax Credit: IT’S NOT just ROCKET SCIENCE!

Rocket Science crp

- by David Lichtenstein, CPA, MST You know that guy, right? The one who always manages to blurt out “It’s not rocket science!”, when you are struggling to figure something out. Don’t be that guy. Don’t be that guy who loves to state the obvious. I mean really, does anyone...

Amazon Makes Friends With the RI Division of Taxation

Online Shopping

Just what is use tax? -by David Lichtenstein. CPA, MST You know that silly question that your accountant asks you every year about out-of-state or online purchases that you made, which may be subject to Rhode Island use tax? Cue the sound of crickets chirping. Well, let me briefly and...

Introducing Sir-Tax

Dave L

THIS JUST IN: RHODE ISLAND CPA DAVID LICHTENSTEIN HAS EPIPHANY: STARTS TAX BLOG (SIR-TAX) DURING TAX SEASON! The Five Most Common New Year's Resolutions: • Exercise (I personally like to add a few pounds to keep warm in the winter.) • Eat healthy (Doesn't pizza contain all the major...

Amazon to Collect RI Sales Tax

Amazon package

Things just got a little bit more expensive. Rhode Islanders will have to pay sales tax when making purchases on Amazon, just like our neighbors, Massachusetts and Connecticut. The company voluntarily agreed to collect Rhode Island’s 7% sales tax beginning on February 1, 2017. Amazon currently collects sales tax...

Avoid Misclassifying Employees as Independent Contractors

Businesses that use independent contractors must be careful to observe federal tax laws regarding who does and who does not qualify for that designation — or they risk incurring significant financial penalties. Though sometimes the line between the two categories of workers can blur, the problem of misclassified independent contractors...

New 2017 Mileage Rates Announced

Mileage Rates for 2017 The IRS has revised its optional standard mileage rates to be used to calculate the deductible costs of operating an automobile, van, pick-up or panel truck that is used for business, medical or moving purposes, or charitable service.  Beginning on January 1, 2017, the...

2017 Social Security Wage Base and Retirement Plan Contribution Limits

The Social Security Administration and the IRS have announced the cost-of-living adjustments that apply to the Social Security tax and retirement plan contribution limits for 2017. The most notable increase affects Social Security taxes. Social Security Wage Base Wages and self-employment compensation are subject to a 6.2% Social...