News & Events

Updated Rhode Island Sales Tax Reporting Requirements

Sales Tax Reporting Requirements

-by Cody Lange, Senior Assistant Tax Specialist Under the new Rhode Island legislation, there are certain requirements on "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...

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 Assistant 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...

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...

New Guidance for Accounting for Grants and Contributions

Grants

By Linda Marie Pearson, CPA, CFE FASB has proposed an Accounting Standards Update to the FASB Accounting Standards Codification (ASC or GAAP) related to recording contributions received and contributions made. The purpose of the proposed change is to address the diversity in practice when applying current GAAP to grants...

Even in Good Times Watch Overhead

Watch Overhead, manage Overhead

By almost every indicator, now is the time for construction businesses to be gearing up for growth and, ironically, keeping an eye out on overhead. For example: The U.S. Department of Commerce expects total annual construction spending in the U.S. will top $1.19 trillion in 2017. This is up more than...

2017 August News in Review

2017 August News in Review Header

Sansiveri’s 2017 August News in Review is a summary of news, events and links that we shared throughout the month of July. Just in case you missed an earlier post or email, this issue includes information about tax treatment of fringe benefits; the benefits of ESOPs; how state taxation of...