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Articles & Updates

  • 08.25.2015 - Rhode Island Medicaid Retroactive Rate Adjustment
    In a meeting at the Executive Office of Health and Human Services (EOHHS) on August 20, 2015, it was disclosed that the EOHHS had not satisfied all of the technical requirements for making the change from the cost-based to the price-based methodology for nursing home payments until May 3, 2013. As a result, there will be retroactive adjustments to all providers for the period October 1, 2012 through May 3, 2013.
  • 08.21.2015 - Businesses Shouldn’t Live In Fear of Data Breaches – They Should Take Steps to Prevent Them
    Every day, hackers who wish to compromise personal information explore new methods of injecting chaos into the lives of people and businesses, often causing widespread panic. There is good news, though. There are proactive steps that can be taken to protect sensitive data from outside harm.
  • 08.21.2015 - Penalty Relief for Form 5500-EZ Late Filings
    In 2014, the IRS established a one-year pilot program that provided penalty relief for failure to timely file annual reports for one-participant retirement plans. The feedback from the pilot program was favorable, and it was suggested that a permanent penalty relief program be put in place. In June 2015, the IRS issued Revenue Procedure 2015-32, which establishes a permanent penalty relief program for filers of Form 5500-EZ, Annual Return of One-Participant (Owners and Their Spouses) Retirement Plan.
  • 08.20.2015 - 2015 Tax Extender Update
    The Senate Finance Committee (SFC) overwhelmingly approved a package of more than 50 tax breaks that expired last year. The bipartisan tax extenders package includes provisions to assist families, individuals and small businesses and incentivize research and development, along with other provisions.
  • 08.20.2015 - Lawmakers Hear From Small Businesses About Tax Complexity, Compliance
    Small business tax reform was the topic of two Congressional hearings in July. House and Senate lawmakers heard from small business owners and leaders in the tax and accounting area about concerns over tax complexity, compliance and penalties. After the hearings, the chair of the Senate Small Business Committee said that he is moving forward with a small business tax compliance reform bill.
  • 08.06.2015 - Multigenerational Travelers
    A number of societal trends have combined in recent years to change the hospitality industry dynamics as Americans spend some of their leisure time differently than they once did. According to recent studies, longer, healthier lives, greater disposable income and dispersed personal networks have combined to bring more families together for multigenerational vacations.
  • 07.22.2015 - Dark Fiber, Loss of Control or Significant Revenue Opportunity?
    The continual competition among the country's technology giants has been moving into a new arena as companies try to position themselves to profit from burgeoning demand for telecommunication services.
  • 07.21.2015 - Opportunities Remain to Make the Tangible Property Regulations Work for your 2014 Taxes
    There has been much conversation about the final “repair” regulations since their implementation became mandatory. The final analysis, however, is that many of the rules are the same but “the names have been changed to protect the innocent”. Betterments, Restorations and Adaptations are the new buzzwords. There are some opportunities that should not be overlooked for those businesses and individuals who find themselves currently on extension for 2014.
  • 07.21.2015 - Tibble v. Edison: Lessons for 401(k)/403(b) Plan Sponsors
    In 2007 a lawsuit was brought against the Edison International company sponsored 401(k) plan. The suit alleged that the plan sponsor and its fiduciaries failed to monitor the fees charged to the company retirement plan. There are five key outcomes from this case that plan sponsors and fiduciaries should pay close attention to. These lessons, outlined below, should be implemented by all sponsors of company retirement plans.
  • 07.21.2015 - Ten Tips to Help Businesses Avoid Payroll-Related Fraud
    Payroll is one of the largest, if not the largest, expense on a corporate income statement. Accordingly, companies should design, implement and maintain a system of controls over payroll in order to ensure that transactions are properly authorized and recorded. Payroll-related fraud is not industry specific and can be difficult to detect. It is also one of the most common.
  • 07.21.2015 - Short-Term Rentals Now Subject to Rhode Island Sales and Hotel Taxes
    Beginning July 1, 2015, the State of Rhode Island amended its definition of “hotel” to include all residential dwellings that are used and/or advertised for rent or occupancy. The term “hotel” is defined to include hotels, motels, tourist homes, tourist camps, lodging houses and inns. The term has now been expanded to include houses, condominiums and other residential dwelling regardless of the number of rooms to rent.
  • 07.10.2015 - Malloy Signs Connecticut Budget, Many Tax Increases Remain
    On June 30, 2015, following up on its regular session ending on June 3, 2015, the Connecticut General Assembly passed a $40 billion biennium budget (Senate Bill, 1502, a budget implementation bill, amending House Bill 7061) and the governor has signed it.

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