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Articles & Updates

  • 02.09.2016 - IRS Audits on the Rise for Tax Exempt Organizations
    Whether you are a board member, executive director, accounting manager or CFO of a non-profit organization, you should be aware that the Internal Revenue Service is increasing their audits of the Form 990.
  • 02.04.2016 - New Affordable Care Act (ACA) Information Forms for 2016 Filing Season
    As the 2016 filing season gets underway, many individuals will be receiving new information returns from their employers and/or health insurance providers. The information returns reflect new ACA reporting requirements. Some taxpayers will need to wait to file their returns until they receive their information returns, but most taxpayers will not.
  • 02.04.2016 - Transit Benefits Parity Made Retroactive and Permanent
    The Protecting Americans from Tax Hikes Act of 2015 extended and enhanced many popular tax breaks for individuals and businesses. Included in the large number of extended incentives is transit benefits parity.
  • 02.04.2016 - How Long Should I Keep My Tax Records?
    One record retention guideline is often misconstrued; the retention guideline pertaining to tax returns and related documents. A common misconception is that the Internal Revenue Service can only audit tax returns related to the last three years.
  • 01.14.2016 - It’s Tax Time Again and the IRS Sent Me a Personal Identification Number
    If your 2014 tax return was rejected by the IRS because a return had already been filed, then you should have submitted Form 14039, Identity Theft Affidavit. Once you file Form 14039, the IRS will assign you a six digit Identity Protection Personal Identification Number (IP-PIN). You will need to use your assigned IP-PIN number for the subsequent year’s tax return.
  • 01.06.2016 - Connecticut December Special Session Passes Tax Legislation
    On December 8, 2015 the Connecticut General Assembly passed the state’s third major budget and revenue bill (Senate Bill 1601). Subsequently, on December 29, 2015 the governor signed Public Act No. 15-1 containing a number of significant retroactive and prospective tax law changes that address tax legislation passed earlier this year (see Malloy Signs Budget and CT Tax Budget articles) as well as including new tax legislation to provide tax relief to individuals and Connecticut-based businesses.
  • 01.05.2016 - Protecting Americans from Tax Hikes Act of 2015
    Included in the fiscal year 2016 Appropriations Package was the “Protecting Americans from Tax Hikes Act of 2015” (PATH). This legislation extends and in some cases modifies existing law permanently or at least for a few years. The PATH legislation covered extender, administrative, miscellaneous and trade relation topics among other items in its many pages. Selected tax items we believe are of interest to our clients and their peers follow:
  • 12.18.2015 - Congressional Budget Agreement Means Tax-Saving Opportunities for Businesses
    Now that Congress has reached an agreement on a variety of key tax provisions, once President Obama signs them into law, it should mean a number of beneficial tax deduction extenders are available to businesses if they choose to take advantage of them. In particular, here are five key provisions that could provide businesses with opportunities for tax savings.
  • 12.17.2015 - As End of Year Approaches, Tax Planning Opportunities Exist
    As the end of the year draws near, there are a number of opportunities people have to take advantage of to ease their tax burden, as well as a few tax “pitfalls” of which to be aware. With tax season right around the corner, taking advantage of these opportunities now—as well as heeding potential issues that could arise—could make it a happier new year for everyone.
  • 12.16.2015 - FASB Reaches Tentative Decisions Concerning Its Exposure Draft on the Presentation of Financial Statements for Nonprofit Organizations
    In December 2015 the Financial Accounting Standards Board (FASB) reached the following decisions regarding its proposal advocating changes in financial reporting for non-profit organizations:
  • 12.15.2015 - Knowing Your Pension Plan’s Fiduciary Responsibility
    Planning for retirement is a source of stress for countless professionals around the world. Retirement should be a reward for your decades of hard work, but, before you throw away your alarm clocks and start polishing your golf clubs, you need to make sure you are financially ready to stop working. Retirement plan sponsors must know their fiduciary responsibilities. The prudency of plan fiduciaries is at the forefront of the Department of Labor’s priorities.
  • 12.15.2015 - Elements of a Plan to Sell to Insiders
    Today we discuss the essential elements of a plan owners use to transfer a business to insiders (with the help of skilled advisors) that keeps the owner in control until he or she is paid the sale price. If you suspect that the children, key employees or co-owners you would pick to succeed you do not have the funds to cash you out, consider the following 10 elements that make insider transfers successful.

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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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