High Net-Worth Individuals

RI Self (Managed) Audit Program – for Use Tax

The Rhode Island Division of Taxation is mailing letters to 9,600 businesses and individuals stating that they have been selected and may qualify for a voluntary self-audit program.  This self-audit program provides a participant with the opportunity to perform an examination of their records (with supervision from the RI Division...

Short-Term Residential Rentals Follow-up

As a follow-up to a post we shared on our social profiles on June 18, 2015 regarding Rhode Island vacation home renters, there have been some adjustments made to the originally proposed tax verbiage. Here is the signed tax change as it now stands: SHORT-TERM VACATION RENTALS: Someone who...

Use-Tax May Soon be Enforced on RI Residents

You may need to start keeping your receipts for any out-of-state, mail order or on-line purchases, or you may owe the state an amount they deem fair, based on your income. Rhode Island is looking to enforce an existing law that requires residents to pay the use-tax on any out-of-state...

How Do the New Estate Tax Rules Affect You?

In early 2013, there were new rules enacted on federal estate taxes. Effective January 1, 2013 the top tax rates on estates rose from 35% to 40%, but tax would NOT be imposed on the first $5.25 million of an estate (adjusted for inflation to $5.34. million in 2014). While...

Warning Warwick Property Owners-Errors in Bills

Check your property tax bill carefully if you pay Warwick property tax. The recently issued 2013 property tax bills for both home and motor vehicle, mailed to Warwick property tax owners in late June 2013, included the following errors: For Those Paying the Tax Bill in Full: Tax bills are payable...