Tax Consulting & Compliance

Small Business Tax Documentation Retention Guidelines

Document Retention

You may have breathed a sigh of relief after filing your 2017 income tax return (or requesting an extension). But if your office is strewn with reams of paper consisting of years’ worth of tax returns, receipts, canceled checks and other financial records (or your computer desktop is filled with...

Impact of TCJA Changes to Employee Benefits Tax Breaks

TCJA Changes to Employee Benefits Tax Breaks: Four Negatives and a positive The Tax Cuts and Jobs Act (TCJA) includes many changes that affect tax breaks for employee benefits. Among the changes are four negatives and one positive that will impact not only employees but also the businesses providing the...

Recent Tax Law Change Made 2017 Net Operating Loss More Beneficial

Net Operating Loss

A Net Operating Loss on Your 2017 Tax Return Isn’t All Bad News. The Tax Cuts and Jobs Act (TCJA) makes some significant changes to the tax treatment of net operating loss (NOL), which is (generally) when a company’s deductible expenses exceed its income. If when filing your 2017 income...

“IRS Refunds” ID Theft Scam

Yesterday, at a Security Summit in Providence, the Rhode Island Division of Taxation, the Internal Revenue Service, and other partners  warned taxpayers and tax professionals to be alert to identity theft (ID) scams. They shared information about a new email ID scam currently pretending to be from “IRS...

Key 2018 Second Quarter Tax Deadlines

Key deadlines for businesses and other employers for 2018 Q2 tax calendar:  Listed below are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. Please keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply...

Business or Hobby? New Tax Law Affects Deductions

Can you deduct hobby expenses under the new tax law? The quick answer is no. We will be happy to answer any additional questions you have about whether or not you are operating a business. Call us at 401-331-0500.