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Articles & Updates




  • 01.26.2015 - Tax Implications of the Final Massachusetts Market-Based Sourcing Regulations
    The Massachusetts Department of Revenue (“DOR”) recently released a final regulation 830 CMR 63.38.1 addressing the 2013 statutory change to its sourcing rules for the sale of services and transactions involving intangible property in Massachusetts. Under the new statute, all entity taxpayers (including C corporations, S corporations and partnerships) are required to use market-based sourcing rather than cost of performance for the assignment of these gross receipts in the income apportionment calculation. The final regulations are effective for taxable years beginning on or after January 1, 2014 and are extremely important for companies and practitioners to review based on the level of complexity and wide range of taxpayers who will be impacted by the change.
  • 01.26.2015 - IRS Releases 2015 Standard Mileage Rates
    Each year the IRS sets standard mileage rates that taxpayers can use to calculate the deductible costs of operating an automobile. The IRS works with an independent contractor to establish standard business, medical and moving expense rates based on average vehicle operating costs.
  • 01.26.2015 - ASU 2015-01 Eliminating Extraordinary Items
    On January 9, 2015, the Financial Accounting Standards Board (FASB) unanimously voted to approve Accounting Standards Update (ASU) 2015-01, which eliminates the concept of extraordinary items in an entity’s income statement.
  • 01.26.2015 - Top Tax Developments of 2014 with Impact on Individual Taxpayers in 2015
    2014 was a notable year for tax developments for individual taxpayers on a number of fronts; unfortunately, many of the significant decisions were not made until very late in 2014. Selecting the "top” tax developments requires judgment calls based upon uniqueness, taxpayers affected and forward-looking impact on 2015 and beyond—there were certainly others that may prove more significant to any particular client.
  • 01.26.2015 - Top Tax Developments of 2014 with Impact on Businesses in 2015
    2014 was a notable year for tax developments on a number of fronts, and selecting the "top" 2014 tax developments affecting businesses in 2015 requires judgment calls based upon uniqueness and forward-looking impact on 2015 and beyond. There certainly were others that may prove more significant to any particular business, so please feel free to contact any of our tax professionals for a more customized look at the impact of 2014 developments upon your organization’s unique tax situation.
  • 01.23.2015 - Five Tips to Help Construction Companies Avoid Cash-Related Fraud
    Cash is one of the most important assets on a corporate balance sheet. Accordingly, companies should implement a system of controls that protects cash from a multitude of threats. Cash-related fraud is not industry specific and there are numerous frauds that occur with regularity across organizations of all types, from Fortune 500 companies to small non-profits.
  • 01.22.2015 - Obama’s State of the Union Proposes Major Tax Changes
    During the January 20th State of the Union message, President Obama addressed a series of significant tax measures. The president proposed a number of tax increases that would generate revenue of approximately $320 billion over the next decade. He also suggested new and revised tax credits as well as a program to promote retirement savings. Many of the president's tax-related proposals are discussed in this article.
  • 12.22.2014 - 2014 Tax Increase Prevention Act - Key Individual and Business Tax Breaks
    Congress has passed the 2014 Tax Increase Prevention Act (2014 TIPA), and the president is expected to sign the act into law shortly. The 2014 TIPA extends a variety of individual and business tax provisions that had previously expired in 2014.
  • 12.10.2014 - Five Tips to Help Businesses Avoid Cash-Related Fraud
    Cash is one of the most important assets on a corporate balance sheet. Accordingly, organizations should implement a system of controls that protects cash from a multitude of threats. Cash-related fraud is not industry specific and there are numerous frauds that occur with regularity across organizations of all types, from Fortune 500 companies to small non-profits.
  • 12.10.2014 - Retirement Plan Fund Revenue Equalization
    Since the issuance of the fee disclosure regulations related to employee retirement plans, more transparency of fees and revenue-sharing agreements has resulted. This transparency has prompted a number of questions regarding the fees being paid, who they are being paid to and how revenue-sharing agreements play a role in the administration of the plan.
  • 12.09.2014 - Workforce Science and Big Data
    Workforce science is the application of Big Data methodologies to predict employee performance. In case you need a review, the value of Big Data lies in our ability to leverage massive computational scale to process massive amounts of structured and unstructured data and arrive at a simple prediction.
  • 12.09.2014 - The Importance of Making an Entity Classification Election
    The nature of today's global society propels an increasing number of U.S. companies to operate lines of business internationally as they seek new markets or try to cut costs. This movement into foreign countries can bring with it unintended consequences unless the appropriate entity classification election is made for U.S. tax purposes.

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Advisors | Auditors | Consultants | CPAs - Blum Shapiro is one of the premier public accounting firms in the northeast and a Top 100 CPA Firm in the U.S. Our professionals serve businesses, individuals and organizations in Boston (MA), Hartford (CT), Providence (RI), Shelton (CT) ,Quincy (MA) and Newton (MA) with audit, tax and business consulting services. Our firm has developed practice areas in automotive, construction, education, government, healthcare, hospitality, manufacturing, nonprofit organizations and professional service firms. New Haven CT, Fairfield CT, Norwalk CT, Waterbury CT.

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