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Articles & Updates

  • 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.
  • 07.06.2015 - Rhode Island’s New Budget: What Does it Mean for Taxpayers?
    On June 14, Governor Gina Raimondo’s inaugural budget breezed unanimously through the House of Representatives in around the same amount of time as a typical Boston Red Sox game. A week later, the state senate quickly gave the 500-page bill its seal of approval with a 35-3 floor vote. And last Tuesday afternoon, with a sweep of Governor Raimondo’s pen, the state of Rhode Island officially began operating under a brand-new $8.67 billion budget. So what does this year’s state budget mean for Rhode Island taxpayers and business owners?
  • 07.02.2015 - Accounting Standards Update
    The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting and provides decision-useful information to investors and other users of financial reports. The Accounting Standards Updates (ASU) discussed in this article were issued during 2015 and could affect manufacturers, distributors and retailers.
  • 06.30.2015 - How will the New Mortality Tables Affect Your Retirement Plan?
    In October 2014, the Society of Actuaries issued new mortality tables, which use updated data related to life expectancies in the United States. A full comprehensive study has not been conducted prior to this study conducted for use in the 2014 mortality tables since year 2000. As expected, the new mortality tables indicate increased life expectancies and this trend is expected to continue.
  • 06.30.2015 - Connecticut Manufacturing Innovation Fund Voucher Program (MVP)
    Earlier this year, the State of Connecticut’s Department of Economic and Community Development (DECD), along with the Connecticut Center for Advanced Technology (CCAT), developed a matching grant program to assist Connecticut manufacturers and allied service providers who undertake innovative projects that improve productivity, efficiency and competitiveness. This program, labeled the Connecticut Manufacturing Innovation Fund Voucher Program, or CT MVP, is being administered on a first-come, first-served basis. Grant awards from the program range from $5,000 to $50,000 and must be matched dollar for dollar by the applicant.
  • 06.29.2015 - Managing and Controlling Your Parts Department
    When was the last time you walked through your parts department? Did you just cut through there or did you actually walk every aisle and maybe even look at the shelves and bins? I bet you have never actually walked into your parts department, up and down each aisle slowly, looking at each shelf, bin and drawer to see what you actually own and how your cash is tied up. Organization in your parts department is central to having a well-run parts department so your employees working there can find the parts quickly, as every minute they make a technician wait costs you gross profit.
  • 06.29.2015 - Tax Tip – Interest Expense on Loan Secured by Residence
    IRS Ruled in TC Memo 2015-56 that interest expense on loan proceeds secured by the taxpayers' residence was not deductible as investment interest expense when the proceeds of the loan were loaned to the taxpayers' C Corporation.

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