Tax Consulting & Compliance

New RI Personal Income Tax Modification for Pension Income

A new Rhode Island personal income tax modification applies for income from private‐sector pensions, government pensions, 401(k) plans, 403(b) plans, military retirement pay, annuities, and other such sources.   Approved by the Rhode Island General Assembly, and signed into law by Rhode Island Governor Gina M. Raimondo on June 24,...

President Trump’s Tax Reform Framework Summary

Tax Reform Framework

The following is a summary of the key points of the proposed tax reform framework; future changes can be expected. We will keep you informed of any significant legislation that would affect you, and/or your business. Business 20% corporate tax rate 25% maximum tax rate applied to business income...

More Details Shared Regarding RI Tax Amnesty

RI Tax Amnesty

-By David Lichtenstein, CPA, MST On September 27, 2017, the Rhode Island Division of Taxation ("The Division") provided a summary of amnesty information (see below) so taxpayers can be prepared when the program begins in December. In November, approximately 90,000 Rhode Islanders will be receiving account balance statements (along...

R&D Tax Credit: Could Your Company Qualify?

R and D Tax Credit

Is your company overlooking a potentially lucrative tax credit? Many contractors don’t realize that some of the work they do might qualify for the federal Credit for Increasing Research Activities, more commonly referred to as the R&D tax credit. In fact, some experts estimate that less than a third of...

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...