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2| 11| 02.01.2011 - Going Green Can Bring Benefits
As building contractors and construction companies continue to navigate a difficult economy, they should be aware that some solid financial possibilities do exist for "green" construction, and can provide incentives for both home and business owners and more work for builders.
2| 01.12.2011 - Financial Statements – an Integral Player in Surety Credit
As a contractor, you are aware of the importance of obtaining, maintaining or increasing your surety credit. However, the underwriting of a surety bond can be subjective and is not actuarially driven. The most common factors that are considered during the underwriting process include capacity, character and capital.
2| 1|7|11| 01.03.2011 - How To Profit During Tough Times: Strategies for Helping Contractors Get the Most out of Their Business
During tough economic times like these, it is important to keep a focus on areas where improvements can be made involving a company's business processes, policies and even profits.
1|2|5|6| 2|6| 10.10.2010 - Putting The Right Price On A Business
A well-constructed buy-sell agreement among owners of a particular business entity can prove to be invaluable to that particular business and can often help to avoid shareholder disputes and litigation.
2|8| 7|9|12| 03.08.2010 - Expanding the Tool Belt for Today's Successful Contractors
While technology may not be a tool you wear on your tool belt, or erect a building with, for today's generation of construction business owners it is one of the most important tools of success.
2| 11| 11.02.2009 - Connecticut Goes Green with the "Green Buildings Credit"
On October 7, 2009, the Governor signed legislation that created a green buildings credit. The credit is applied to the Connecticut business tax and based on a percentage of allowable costs. The credit will be administered through the Office of Policy and Management and is available for income years beginning on or after January 1, 2012.
2| 1|11| 01.04.2010 - Digging Through the American Recovery and Reinvestment Act of 2009
The American Recovery and Reinvestment Act of 2009 ("The Act") was signed into law by President Barack Obama on February 17, 2009. The Act includes measures to modernize our nation's infrastructure, enhance energy independence, expand educational opportunities, preserve and improve affordable health care, provide tax relief and protect those in need. The following are incentives that will prove beneficial to businesses and owners in the construction industry.
1| 11| 05.02.2011 - Tax Tip: Plug-In Electric Vehicles
Congress created tax incentives for the purchase of plug-in electric vehicles in the Emergency Economic Stabilization Act of 2008 and revised them in the 2009 Recovery Act. The amount of the credit is equal to the sum of $2,500 plus $417 for each kilowatt hour of traction battery capacity in excess of four kilowatt hours.
1| 1| 01.05.2011 - It's Here! Time to Get Going!
Yes, another year is here. Whether you are ready or not, time will keep going. It is time to figure out how you are going to use it to maximize your financial strengths and minimize your financial weaknesses.
1| 11| 05.02.2011 - Tax Tip: Whether Severance Payments are Subject to FICA Tax
An employer who made severance payments to terminated employees or terminated employees who received severance payments — should consider filing a timely claim — for refund if FICA taxes were withheld and paid by the employer.
1| 01.11.2011 - Keeping Track of Your Competitor's Parts & Service Prices
Ask your new or used car manager, and they can probably tell you what your competitors' pricing is on the various models that you offer. However, do you have confidence that your service and parts managers can do the same?
1|9|7|6|5|4|3|2| 11| 04.15.2011 - Health Care Reform Requires Employers to Disclose the Cost of Health Care on Form W-2
Beginning in tax year January 1, 2012, The Patient Protection and Affordable Care Act (PPACA) requires that employers disclose the aggregate value of employer-sponsored health coverage to each employee on form W-2, Box 12D. Employers do not need to specify the cost of the different types of health coverage, but only report the total cost of coverage.
1| 1| 02.01.2011 - Impact of IFRS on Automobile Dealerships
During 2009, the IASB released IFRS for Small and Medium-sized Entities (SMEs). IFRS for SMEs is intended to ease some of the burdens of compliance and reduce the number of required disclosures. Most privately held automobile dealerships will qualify for reporting under this simplified method.
3|7| 1| 09.01.2008 - Non-Profit Update on Form 990 and UPMIFA Changes
Important details regarding changes to Form 990 and UPMIFA implementation issues.
1| 4| 12.01.2009 - Employee Fraud: Many Scams Start In the Finance Department
Employee fraud, sadly, can strike any kind of business, including auto dealerships, and it costs consumers and business owners millions of dollars each year.
1|2|6|8| 7|9|12| 01.01.2011 - White Paper: Dashboards & Scorecards - What Exactly Are They?
As companies continue to invest in business intelligence, analytical tools are becoming more commonplace. Performance reports are no longer enough. For effective performance management, the numbers need to be accompanied by how and why so that managers know what to do next. Dashboards and scorecards are analytical tools that allow you to focus on the measurements that are important to your business. Before you implement either of these tools, you need to understand the differences between them to determine which one is most appropriate for your needs.
1|2|6|8| 7|9|12| 01.01.2011 - White Paper: Escaping the Spreadsheet Quagmire
Now more than ever, effective use of scarce financial resources is essential to driving higher levels of business performance. Unfortunately finance teams spend too much time on the physical machinations of consolidation, internal reporting and external reporting. As a result, finance can’t spend enough time with business leaders analyzing performance and identifying new opportunities. Companies can escape this “Spreadsheet Quagmire” by implementing a Performance Management (PM) solution.
1|2|3|4|5|6|7|8| 1|7| 01.01.2011 - White Paper: The Strategic Role of Finance
Finance organizations can be a catalyst for improved business performance by providing actionable information to a company’s most valuable assets – its leaders. Leaders possess a keen knowledge of the marketplace and critical competencies. They combine their market knowledge with internal company information to make operational, tactical and strategic business decisions. The sum of these decisions dictates how well a company performs. For finance to rise to its growing role, it must transform to overcome its current orientation of skills, processes and tools towards transaction processing and historical analysis.
9| 11| 08.09.2018 - Trump, House GOP Lawmakers Discuss Tax Cuts 2.0
President Donald Trump and U.S. House of Representatives Republican tax writers discussed "Tax Cuts 2.0" in a July 17 meeting at the White House. Here is a look at what could be on the table.
8|1|2|3|4|5|6|7|9| 12| 12.01.2016 - Investing in Technology Helps Businesses Stay Ahead
Everywhere we look, both here in Connecticut and throughout the nation, the largest internal investment being made by businesses is in new technology. Find out how this investment in technology can lead to success for your organization.
1|2|5|6| 10| 02.01.2011 - Hiring Trends for 2011 – Growing or Going?
As an Accounting and Finance staffing firm, every day we are asked about hiring and employment trends. While we have found most companies either laid off or did very little hiring in 2009 and 2010, we anticipate 2011 will look completely different.
1|2|5|6| 11| 02.02.2011 - Which Business Entity Is Best for You?
As you are probably well aware, there are several different types of business entities. Which type best suits your current needs?
1|2|5|6| 11| 02.03.2011 - Age-related Milestones
In an era filled with uncertainty, you can count on one thing for sure: Time marches on! This article covers some important age-related tax and financial planning milestones that you should keep in mind for yourself and loved ones.
1|2|5|6|9| 11| 01.31.2011 - New Year Brings With It Significant Tax Law Changes
With the new year now here and the focus soon turning to the upcoming tax season, there are a number of significant changes to state and federal tax laws of which people should be aware. Knowledge of these important changes could prove beneficial as state residents soon prepare to begin their 2010 tax returns.
1|3|4|6|7|8| 8|12| 02.04.2011 - A Cloud Full of ESI
Cloud computing is alive and flourishing. It has become the popular technology tool for many who want to shift from local PC/Network computer storage and processing to external computers in "the cloud" (on the Internet) handling these types of services.
1|2|3|4|5|6|7| 11| 01.26.2011 - How Do I Implement the 2011 Payroll Tax Cut for Employees?
In 2011, millions of employees will receive a significant boost in their take-home pay as a result of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act) enacted December 17.
1|2|5|6| 11| 01.13.2011 - Businesses Get Boost With 100-percent Bonus Depreciation and Code Sec. 179 Expensing
Businesses will benefit from a number of extended and enhanced tax breaks under the recently enacted Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (2010 Tax Relief Act).
1|2|3|5|6|7|9| 1| 01.13.2011 - Changes Ahead for Organizations with Operating Leases
In August 2010, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued exposure drafts that, if finalized in their current form, would have a significant impact on how companies account for leases.
1|2|5|6| 1| 01.06.2011 - International Financial Reporting Standards - The Future for Private Companies?
Currently, private companies in the U.S. are not required to use a particular basis of accounting when preparing financial statements. Instead, the company can choose to prepare their statements in accordance with GAAP or another comprehensive basis of accounting such as cash or income tax basis, or even IFRS for SMEs based on the needs of the users. The choice is usually driven by contractual obligations with third-party users, including banks, bonding companies, state agencies, etc.
1|2|5|6| 11| 12.08.2010 - Connecticut Sales and Use Taxes on Services, Taxable Services
Connecticut's sales and use tax laws include a proliferation of tax on "enumerated services." In contrast, most states tax somewhere between no services and a few select ones. The roots of this Connecticut anomaly date from when a Connecticut income tax was a "sacred cow," and the legislature tried everything in its power to maintain its revenue base without one.
1|2|3|4|5|6|7|8| 9|12| 12.03.2010 - Master Data Management Series - Part 2
In the last article we introduced the concept of Master Data Management (MDM) and why it is relevant to a broad range of organizations. We ended the article with some of the indicators you might look for to determine whether you have an operational or analytical MDM challenge within your organization.
1|2|3|5|6|7| 6| 12.02.2010 - Forensic Accounting in the Underground Economy
More recently, U.S. Senator Carl Levin (D-Michigan) estimated that the U.S. Treasury loses $100 billion each year in unpaid taxes alone. This is commonly called the underground economy. In this article, I shall discuss the sources that fund the underground economy, how those funds are hidden and, more importantly, how they may be detected by forensic accountants.
8|9| 15| 09.29.2016 - Training Your Employees on Cybersecurity
Don’t underestimate the power of knowledge. The more your employees know about cybersecurity, the less likely your organization is to fall victim to cyber-attack. Learn more about cybersecurity awareness training.
1|2|3|4|5|6|7|8| 12| 11.03.2010 - Master Data Management – Part I
Regardless of the size of your organization, if you've integrated multiple lines of business systems (such as ERP, CRM, etc.) into your environment, you likely have a Master Data Management (MDM) problem. The likelihood of this is further amplified if you've acquired or merged with other businesses. This article is the first in a series that will serve to educate organizations on the importance of MDM, as well as some of the best practices and pitfalls associated with implementing an MDM solution.
1|2|5|6| 11| 11.08.2010 - Foreign Tax Provisions in the 2010 Education and Jobs Act
To help offset the cost of a temporary increase in funding for Medicaid and state education, the recently enacted 2010 Education and Jobs Act (Act) tightens the rules on the use of foreign tax credits that multinationals use to lower their U.S. tax bill.
6| 11| 02.01.2011 - Is Your Company Introducing or Improving Products?
Manufacturers often overlook significant tax savings from the Research and Development Tax Credit because they don't understand what activities qualify under the tax code.
6| 1| 02.08.2011 - Struggling With Chargebacks?
As retailers cope with lagging sales and escalating costs, manufacturing and distribution companies feel the domino effect with chargebacks (also known as customer deductions and short pays).
1|6| 11| 02.14.2011 - Tax Tip: Small Business Jobs Act and R&D Tax Credit
The Small Business Jobs Act of 2010 should greatly enhance the ability of many businesses to fully enjoy the benefits of their business credits generated in a tax year beginning in 2010. Under the new law, business credits ("eligible small business credits") generated in tax year 2010 by an eligible small business can be used to offset regular tax and AMT.
1|2| 11| 02.10.2011 - Passive Activity Loss Rules
The IRS has repeatedly attacked the use of tool plans as a means of avoiding taxes. The IRS recently blessed a taxpayer's reimbursement plan, but the ruling provides little practical guidance for taxpayers.
3|5|7| 11| 12.01.2010 - New 990 Thresholds for 2010 Tax Year
Do you know which Form 990-series return you are required to file for the 2010 tax year?
3|5|7| 5| 12.02.2010 - Making Non-Profit Governing Documents Work For You
Many non-profits never look at their governing documents and only dust them off when requested by the auditors or a potential funding source. However, there are benefits to reviewing these documents on a regular basis and revising them to obtain maximum legal benefit.
2| 1| 01.01.2011 - Potential Changes with Revenue Recognition Within the Construction Industry
A critical accounting issue in the eyes of the Financial Accounting Standards Board revolves around the way businesses recognize revenue, and an exposure draft has been issued that could affect all industries, even the construction industry.
1| 11.01.2010 - Go Green - Create Some Green: 7 Ways to Help the Environment and Your Bottom Line
Adopting sustainable business practices isn't only the right thing to do - it also makes financial sense. You can reduce your dealership's operating costs with simple facility upgrades and everyday changes.
1|2|6| 11| 10.20.2010 - Tax Tip: Small Business Healthcare Tax Credit
The new health reform law gives a tax credit to certain small employers that provide healthcare coverage to their employees, effective with tax years beginning in 2010. The new law, the Patient Protection and Affordable Care Act, was passed by Congress and was signed by President Obama on March 23, 2010.
1| 1| 10.14.2010 - Getting Cash to Flow
With sales still lackluster at many stores, having enough cash on hand to meet obligations remains a management challenge. The first step in strong cash-flow management is maintaining an organized system for cash accounts. It's also important to maintain a tight collection policy and to properly account for inventory.
1| 10.01.2010 - Do You Pari Passu?
"Pari passu" is Latin for "equal rate" and, while it is the type of loan arrangement with which many banks and lenders might not be overly familiar, it could open the door to opportunity to those willing to pursue it when seeking a favorable mortgage.
4| 1| 09.15.2010 - GASB 54 – More Than Reclassifying Fund Balance
The components of the most talked-about attribute of a government financial statement are changing. Say hello to five new categories of fund balance and four new fund definitions that will make all of our lives all a bit more complicated, but nothing that a little planning can't solve.
4| 09.15.2010 - Government Reform: Starting the Dialogue
As the economy has continued to struggle this year and political races across the state and the country have heated up, one issue that seems to consistently arise is the role of government. Specifically, the question is often, "Is government functioning as efficiently as it can and, if not, what can be done to improve upon it?"
8| 8|12| 09.01.2010 - ESI - Finding the Needle in the Hay Stack
Electronically Stored Information (ESI) as it relates to eDiscovery has caught everyone's attention. Although ESI can be a valuable source of information for many cases, it can also be fraught with information overload and potentially be an expensive nightmare.
6| 7|12| 07.11.2011 - Connecticut Seeing Some Recovery in Manufacturing Sector Due to Leaner, More Efficient Companies
While the state’s economic recovery remains slow, some encouraging news has been seen lately in the Connecticut manufacturing industry, where modest increases in job growth have been seen in 2011 for the first time in several years. While this is by no means a call for celebration just yet, it does make for a more optimistic manufacturing outlook than we’ve seen in quite a while.
5| 1| 09.08.2010 - “Overpayments” - Adherence to New Regulations Essential
"Overpayments," which occur when healthcare providers receive "too much" funding from government programs, are a significant issue frequently faced by many organizations. How these overpayments are managed and reported could mean the difference between the business running smoothly or facing potentially large fines and penalties.
5| 1| 09.20.2010 - Tax-Exempt Hospitals Face Additional Requirements Under Health Care Reform Law
The Patient Protection and Affordable Care Act (PPACA), as enacted March 23, 2010, includes certain provisions that affect tax-exempt hospitals. It is essential that these hospitals be in compliance with each of these provisions, and that they are comfortable in their level of familiarity with them.
3|7| 1| 09.01.2010 - New Standards Exist For Merging Schools, Not-For-Profits
Difficult economic times have put additional stresses on the finances of many mission-driven organizations just as they face unprecedented demands for their services. Many endowments have declined in value, and fundraising efforts are often yielding fewer results amidst economic uncertainties. In this environment, schools, hospitals and other non-profit organizations may conclude that the most effective way to continue to achieve their missions is by joining their resources with other similar organizations.
3|7| 11| 09.01.2010 - Managing Unrelated Business Income
The recent IRS survey of 400 institutions of higher education regarding their identification and reporting of unrelated business income (UBI) causes us to reflect on what constitutes UBI for non-profit organizations.
9|1|2|3|4|5|6|7|10|13|12|11|14| 03.21.2018 - Contract Modification Under the New Revenue Recognition Guidance
There are many nuances under ASC No. 606, Revenue from Contracts with Customers, that are often referred to as the “new rev rec" guidance. One of those nuances worth exploring further is contract modifications.
4| 1| 05.12.2010 - Revised State Single Audit Act Update
The Office of Policy and Management has long sought changes to the Revised State Single Audit Act, with the goal of making it more in line with the Federal Single Audit rules. Recently, many of these changes were addressed in Public Act 09-7, which was passed in the September 2009 legislative session.
1|2|3|4|5|6|7|9| 11| 05.16.2011 - Highlights of Tax Changes in the 2011-2013 CT Budget Bill
Governor Malloy signed the much-discussed Connecticut (CT) biennial budget bill, now known as Public Act 11-6, on May 4, 2011. The Act contains numerous tax changes. We are highlighting the changes that affect the broadest cross section of our clients, though there are additional changes not covered herein. In addition, there are other tax proposals in various phases of consideration. The success or failure of obtaining a cost-cutting agreement with state employees could affect the need for additional revenue to balance the budget. The legislature is in session until June 8, 2011 so more tax changes could still be enacted.
2| 1|11| 06.24.2010 - Maintaining Cash Flows and Profitability During Tough Times
These past 12 months have proven to be challenging for many contractors, not to mention much uncertainty and concern as to what 2010 will bring. As the construction industry continues to shed more jobs, securing new credit from banks has become increasingly difficult, and lower margins on new contracts are being realized.
3|7| 1| 05.05.2010 - UPMIFA Recap
The Uniform Prudent Management of Institutional Funds Act became effective at a time when most non-profits already had their hands full with a variety of challenges, including declining endowment values and more stringent 990 reporting requirements.
3|7| 1| 05.04.2010 - State Single Audit Changes
In October 2009 the State of Connecticut passed bill number 7707, which amended the State Single Audit Act and is effective for fiscal year ending June 30, 2010. The amendments increase dollar thresholds that were established in 1995 and bring the state single audit methodology back in line with the federal single audit methodology.
9| 1|3| 08.21.2017 - Does Your 401(k) or 403(b) Plan Need an Audit?
Monitoring your 401(k) or ERISA 403(b) plan can save significant costs if you are able to stay under the participant count requiring an audit. Learn more.
13|9|6| 11| 08.22.2017 - Inventory Held by Amazon Creates State Tax Nexus – Limited Tax Amnesty
Inventory Held by Amazon Creates State Tax Nexus – Limited Tax Amnesty
1|2|5|6| 11| 01.06.2010 - House Passes Extenders Bill
On December 9, 2009 the House of Representatives passed the "Tax Extenders Act of 2009" ("the Act"). The Act extends a host of expiring tax provisions and adopts several new provisions that are aimed at raising revenue. The next step in the process is to have the Senate and President approve the Act in order to make it law.
1|2|6| 11| 01.06.2010 - The Roth IRA Conversion Opportunity – Is it Right for You?
Effective January 1, 2010, for the first time, a new federal law allows individuals who have modified adjusted gross incomes in excess of $100,000 a year to have access to the tax and estate planning benefits of Roth IRAs.
1|2|5|6| 11.02.2009 - A Valuable Lending Resource for Connecticut Businesses
The Connecticut Development Authority (CDA) is a quasi-public agency whose mission is to work with businesses and their lenders to help ensure that the State maintains jobs in the near term and plays a role in stabilizing businesses for potential job creation in the future.
1| 8| 10.01.2009 - Internal Control Concerns
Trillions of dollars of Electronic Fund Transfers (EFT) and Automated Clearinghouse (ACH) transactions are consummated daily throughout the world and becoming more and more voluminous in dealerships. Improper implementation of internal controls, as well as a lack of supervision and review of actual EFT and ACH transactions, could potentially result in financial disaster for your dealership from fraudulent activity.
1|2|3|4|5|6|7|8| 4| 09.16.2009 - Ten Signals of Occupational Fraud - It Could Happen to You
We all think "it can't happen to us." Our business is safe and our controls are sound. Don't be fooled. Fraud is rampant and is increasing rapidly as recessionary pressures take hold of our economy.
1|2|6|9| 11| 01.22.2013 - 2012 Taxpayer Relief Act - Key Individual Tax Breaks
On January 2, 2013, the President signed into law the American Taxpayer Relief Act of 2012 (“2012 Taxpayer Relief Act”). The new laws may be seen in many lights as there are both positive and negative aspects to the changes. The largest and most publicized component of the 2012 Taxpayer Relief Act is the restoration of the pre-Bush era income tax rates for some high-income taxpayers. As we peel back the layers of the tax laws, we see not only increases in tax rates from 2012 but a reduction in deductions allowable by higher-income taxpayers. With that being said, there are some very positive aspects of the new law such as permanently increasing the AMT exemption amount and restoring favorable tax credits.
1|2|5|6|8| 10.15.2009 - Technical Economic Recovery is Underway, But Job Recovery is Uncertain
Many economic doomsayers continue spreading the word that the economy is in terrible shape and will get worse, but the facts just don't back that up. While government finances are still in turmoil, consumers remain skittish, and job growth is lagging, the worst is definitely behind us and, according to numerous economic indicators, a technical recovery is underway.
3|2|1|9|7|6|5|4| 11| 04.15.2011 - IRS Issues 2011 Vehicle Depreciation Dollar Limits
The IRS has issued the limitations on depreciation deductions for owners of passenger automobiles, trucks and vans first "placed in service" (i.e. used) during the 2011 calendar year. The IRS also provided revised tables of depreciation limits for vehicles first placed in service (or first leased by a taxpayer) during 2010 and to which bonus depreciation applies.
4| 11.04.2009 - The "Holy Grail" Of Local Government Efficiency: Carefully Considered Regionalization Can Save Money, Enhance Services
More and more these days we hear talk throughout Connecticut about a word that has been largely foreign in the state for many decades - regionalism.
1|2|5|6| 4|6| 09.30.2010 - Shell Games Affect Creditors: Various Methods Used to Conceal Assets
What happens when debtors fail to disclose assets on their bankruptcy petitions? Creditors are left holding the bag. The bankruptcy system in the United States is designed to provide a "fresh start" to debtors in financial distress who are unable to meet their financial obligations.
4|8| 11.02.2009 - Hard Times Demand Municipal Reform
Government reform and regionalization has been discussed for the past decade, but little has been accomplished - or attempted - in any meaningful way. This is hardly surprising considering Connecticut's makeup and history - a small state of 169 municipalities where home rule abounds.
1|2|6| 1| 12.01.2009 - When Intangible Assets Show Up on Balance Sheets
Intellectual property and - more broadly - all intangible assets have become a growing part of many companies' balance sheets. The valuation and financial treatment of these assets has become of increasing interest to boards and executives of companies across industries.
1|2|6| 11| 09.18.2009 - Connecticut Enacts Tax Legislation
After many months of deliberation, the Connecticut legislature enacted a budget bill that provides broad tax legislative changes.
1|2|3|4|5|6|7|8| 4|8|12| 01.15.2010 - Making it Easier to Wave the Red Flag if You Detect Identity Theft
As part of the Fair and Accurate Transactions (FACT) act of 2003, the "Red Flags Rule" requires financial institutions and creditors to develop and implement a written Identity Theft Prevention Program (ITPP) to identify possible identity theft that mitigates the potential damage caused by this crime.
1|2|3|4|5|6|7| 4|6| 02.05.2010 - Managing the Business Risk of Fraudulent Activity
In the 2009 business world, the unfortunate reality is occupational fraud is everywhere, and it is costing businesses enormous amounts of money when it goes unchecked and undetected.
1|2|6| 11| 02.08.2010 - IRS Makes Case for Greater Disclosure from Businesses
In a move geared to increase transparency, the IRS has announced that corporate and other business taxpayers now subject to FIN 48 and similar financial reporting rules will be soon required to report uncertain tax positions on their annual Form 1120, U.S. Corporate Income Tax Return or other applicable tax return.
1|2|6| 7|11|12| 02.12.2010 - Strategic Leadership for 2010 & Beyond - Improving the Bottom Line
The recession has hit many companies hard, forcing them to cut costs and focus on their bottom line. A recent study published in The Boston Business Journal indicated that 9 out of 10 companies have put cost-cutting strategies in place, and 50% of companies have made permanent workforce reductions as is evidenced by the double-digit unemployment rate.
1|2|3|4|5|6|7| 4|6|15| 03.05.2010 - Corporate Account Take Over – The Latest Cyber Crime
The alarm has been sounded; online crime was up by 600% in 2009. A large portion of that increase was in the area of electronic funds transfers placed through the Automated Clearing House ("ACH"). Late last year the Electronic Payment Association (NACHA) and the Internet Crime Complaint Center (iC3) issued warnings about what has come to be known as Corporate Account Takeover. In a Corporate Account Takeover, a business finds that, virtually overnight, funds have been stripped.
1|2|3|4|5|6|7| 11| 03.12.2010 - Healthcare Reform 101: New Responsibilities and Taxes for Employers and Individuals
Healthcare reform is now law, and many employers are asking how it affects my business and employees. The first thing to keep in mind is that reform is gradual. The healthcare reforms and tax provisions in the new healthcare reform package play out over time, with some taking effect this year or next year, but others not until 2014 and beyond.
1|2|3|4|5|6|7|8| 9|12| 04.01.2010 - Cloud Based Services Are Here. Are You Ready?
Email, like the telephone, has become a standard form of communication that most people, especially in the business world, take for granted. In order to provide users with this "always on" capability, many large organizations have invested in a variety of technologies (clustering, SANs, etc.) that have cost tens of thousands, perhaps hundreds of thousands of dollars, and continue to invest to keep software and hardware up-to-date.
9| 11| 11.14.2016 - Congress Returns for Year-end Tax Legislation Push
While we saw many popular tax breaks for individuals and businesses extended permanently at the end of 2015, some were only renewed temporarily. As a result, year-end 2016 will again bring a rush of tax-related legislation in Congress.
1|2|6| 11| 05.03.2010 - IRS Issues Forms, Instructions for HIRE Act Employer Tax Incentives
Wasting little time in helping important business hiring, the IRS has released forms and instructions for the employer tax breaks in the Hiring Incentives to Restore Employment (HIRE) Act. The IRS unveiled new Form W-11, Employee Affidavit, which employees can use to certify that they meet the criteria of the HIRE Act.
1|2|5|6| 11| 05.13.2010 - IRS Holds to Timetable on Reporting of Uncertain Tax Position
The IRS has issued drafts of new Schedule UTP (Uncertain Tax Positions), which business taxpayers will use to report their uncertain tax positions with their annual tax return, beginning for the 2010 tax year. The draft schedule reflects the IRS' decision to move forward quickly with its controversial proposal to require certain taxpayers to report uncertain tax positions with their annual tax returns.
1|2|3|4|5|6|7|9| 3| 05.19.2014 - Employee Benefit Plan Fiduciaries: What is Your Responsibility?
As a fiduciary of an employee retirement plan, it is important to understand your responsibilities as well as the responsibilities of the other fiduciaries of the plan. An understanding of these responsibilities can be obtained by reviewing various plan instruments, including the plan document and related adoption agreement, trust document, service agreements, collective bargaining agreements and internal policies and procedures manuals. This article provides a brief description of the key parties to a retirement plan (which are generally the fiduciaries of the plan) and their responsibilities.
2|6| 11| 08.05.2010 - IRS Approves Like-Kind Exchange of Emission Reduction Credits
Like-Kind exchanges are valuable business tools. Generally, if you exchange business or investment property solely for business or investment property of a like kind, no gain or loss is recognized under Code Sec. 1031. The IRS recently approved the like-kind exchange of emission reduction credits between a taxpayer and its subsidiary.
1|2|5|6| 11| 09.08.2010 - CBO Revenue Scoring — The Mystery Behind Tax Legislation
How often do we now hear the famous quote by Otto von Bismark from the 19th century, "There are two things you don't want to see being made - sausage and legislation?" Barely a day goes by without media coverage of deficit projections, with the news focused on how to close the budget deficit. Depending on one's policy viewpoint, there will inevitably be a discussion on the merits of tax increases and spending reductions.
1|2|3|4|5|6|7|8| 9|12| 09.15.2010 - Lead, Follow or Get Out of the Way -- 5 Technology Trends to Consider
We can always avail ourselves of new technology solutions to tackle problems in new ways. Some are evolutionary, some are revolutionary and some are subversive. There are five technology trends that your organization can take the lead on, wait for a few first movers and then follow, or simply get out of the way and let the trend pass.
1|2|5|6| 11| 10.01.2010 - Gifting Opportunities for 2010
There is good news in 2010 for high net worth individuals considering wealth transfer opportunities. Since Congress has failed to address any transfer tax reform this year, there is a growing belief there will be no new legislation in the near future. This result can be beneficial for those who are considering gift-planning opportunities before year end.
9|6|2|1| 11| 03.14.2017 - Connecticut Residents Beware - Tax Implications of Your Ties to New York
If you're a Connecticut resident, you can relate to the feeling that Connecticut is just a place between New York and Boston. We are often merely the link between our larger neighbors and there is no larger neighbor than New York City. But, your ties to New York can have major implications for your income tax liability – specifically if you own or rent a second home in New York or if you "telecommute" to an office there.
1|2|5|6| 11| 10.01.2010 - Deducting Receivables as Bad Business Debts
While the economy continues to slowly recover, many businesses continue to face customers struggling to pay outstanding bills for services or goods. The Tax Code provides relief to businesses faced with the inability to collect on accounts receivable. Businesses that are unable to get customers to pay the bill can claim a deduction for the "bad debt."
1|2|3|4|5|6|7| 11| 10.05.2010 - How Do I Prepare For the New W-2 Reporting for Healthcare Coverage?
Over the next few years, employers will face a number of new compliance and reporting obligations, among others, as a result of the new healthcare reform package (the Patient Protection and Affordable Care Act). On the horizon for employers is the requirement to report the value of health insurance coverage they provide to each employee on the employee's annual Form W-2, Wage and Tax Statement.
1|2|5|6|9| 11| 03.24.2017 - Uncertain Tax Positions
In July 2006, the Financial Accounting Standard Board ("FASB") issued Interpretation No. 48 ("FIN 48") – Accounting for Uncertain Tax Positions – to try and put all companies on the same playing field.
1|2|5|6| 11.01.2010 - CBIA/BlumShapiro 2010 Survey of Connecticut Businesses
For the ninth consecutive year, BlumShapiro and the Connecticut Business & Industry Association (CBIA) have partnered to produce the Survey of Connecticut Businesses. This annual report examines the economic, financial and regulatory climate in which Connecticut companies operate, gauging their business outlook and highlighting relevant policy issues.
1|2|5|6| 11| 11.02.2010 - Congress Passes Individual and Business Tax Incentives in the Small Business Jobs Act of 2010
Congress has passed a small business jobs bill, the Small Business Jobs Act of 2010 (H.R. 5297), with valuable individual and business tax incentives totaling approximately $12 billion. Many of these tax incentives are temporary so you have only a short window of time in which to take advantage of them.
1|2|3|5|6|7| 11| 11.02.2010 - IRS Defers Reporting of Employer-Provided Health Insurance Costs on Form W-2
Employers are eligible for a one-year deferral of mandatory reporting of the costs of employer-provided health insurance on an employee's Form W-2, Wage and Tax Statement. According to the IRS, many employers need more time to make the necessary changes to their payroll systems to ensure accurate reporting.
1|2|6| 1| 01.14.2011 - International Financial Reporting Standards - The Future for Private Companies?
During 2008, the Securities and Exchange Commission (SEC) set 2014 as the target date whereby large public companies would be required to submit all reports using International Financing Reporting Standards (IFRS).
7| 11| 08.10.2010 - Massachusetts Law Changes That Will Impact Public Charities
On July 19, 2010, Chapter 165 of the Acts of 2010: An Act Further Regulating Public Charities, was signed by Governor Deval Patrick. This legislation amends several of the Massachusetts General Laws impacting public charities.
1|2|5|6|9| 2| 03.01.2011 - Exit Planning and Valuation
There are many unsystematic – or company specific – risks that a business owner may have more control in trying to minimize. Two common risk areas are lack of management depth (key man risk) and customer or supplier concentration.
1|2|3|4|5|6|7|9| 4| 03.01.2011 - Protecting Your Organization From Fraud
The Association of Certified Fraud Examiners estimates that organizations lose 5% of annual revenue to fraud. Frauds include Ponzi schemes, asset misappropriation, computer hacking and identify theft, just to name a few. Small- and mid-size businesses tend to be the most vulnerable because they generally have fewer controls in place to detect and deter fraud.
1|2|3|6|9| 03.01.2011 - Jobs, Jobs, Jobs - An Economic Update
While Connecticut's economy has been gradually improving since June 2009, the "official" end of the recession, job growth here has been excruciatingly slow.
1| 11| 03.08.2011 - § 263A Uniform Capitalization
In November 2010 the Internal Revenue Service released Revenue Procedure 2010-44 regarding the treatment of § 263A Uniform Capitalization (UNICAP) costs for motor vehicle dealerships.
9|8|7|5|4| 1|9| 04.18.2011 - Are You Getting the "Return" on Your Accounting Software Investment?
Purchasing accounting software can be similar to some of your personal expenditures, such as a house or a car. You need something that meets your needs, budget and functional requirements. You want reliability, performance and, above all, a sense of security. All too often software vendors have promised a great deal but delivered a lot less than the customer expected.
9| 2|6| 05.10.2016 - Private Equity Update – 4/2016
The increasing gap between small company and large company multiples is caused by the significant decline in the total number of “investable” companies. Investable companies are seen as having significant growth opportunities and are very attractive for private equity groups.
1|2|3|4|5|6|7|9| 1|3| 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.
9| 04.18.2011 - How to Attract Top Talent
The war for talent is back on! As we progress through 2011, we are seeing companies compete for top talent. This article sheds some light on how to attract top talent to your organization.
4|3|2|1|5|6|7|8|9| 1|8|12| 05.03.2011 - New Massachusetts Data Security Law Can Mean Harsh Penalties
A law passed in Massachusetts placed stringent new regulations on companies and organizations that are in possession of customers’ personal financial information. These data security measures also included harsh penalties for companies found not to be in full compliance by March 1, 2010, subjecting businesses who fail to adequately protect credit card, debit card, bank account or other financial information to potential fines of more than $100,000.
7|3| 1| 05.02.2011 - New Reporting Rules for Direct Recipients of Federal Awards and Contracts
The Federal Funding Accountability and Transparency Act of 2006 (FFATA) and related 2008 amendments have imposed new federal reporting requirements on non-profit organizations that receive direct federal grants of $25,000 or more. Those federal grant recipients are now required to report information on associated "first tier" subgrants of $25,000 or more. The terms "subrecipient" or "delegate" agency are also commonly used to signify subgrants.
5|7| 1| 05.02.2011 - Changes to PCUREG-01 Application for Connecticut Charitable Organizations
Recently, the Department of Consumer Protection Public Charities Unit changed the application process for charitable organizations registering under the Connecticut Solicitation of Charitable Funds Act. Effective with charitable organization registrations due by March 31, 2011, an application to renew the registrations will be mailed directly to the organization prior to their registration expiring.
5| 11| 05.10.2011 - Medicaid Rate Increase? The State May Give it; but the Federal Government May Take it Away
The fiscal 2012 state budget proposed by Governor Malloy includes a provision to increase the resident user fee (provider tax) for nursing homes. This increased fee will result in additional federal matching funds for the state which would allow for a Medicaid rate increase of 1.25% for most nursing homes. This can occur based on provisions in the federal law which allows revenues from a provider tax to be returned directly or indirectly to the providers who have been taxed. While all additional funding that is put into the nursing home system is critical to facilities' financial well-being, this type of increased funding can also be hazardous to the industry as well.
5| 05.10.2011 - Accountable Care Organizations and their Impact on Skilled Nursing Homes
On March 31, 2011, the Center for Medicare & Medicaid Services (CMS) and the Department of Health and Human Services issued their proposed rule on Medicare Shared Saving Programs for Accountable Care Organizations. The 429-page document specifically identifies acute care hospitals and physicians as eligible participants in the shared saving program of an ACO. Federally qualified health centers, rural health centers, skilled nursing homes, home health agencies and critical access hospitals are not specifically designated as eligible participants in the shared savings program of an ACO.
1|2|5|6|9| 05.17.2011 - Tax Angles to Capital Gains and Losses - New Law Extends Favorable Capital Gain Rules
The tax rules for offsetting capital gains and losses can be confusing, even for experienced investors. However, the new 2010 Tax Relief Act extends favorable tax treatment for long-term capital gains. This latest extension lasts through 2012. For simplicity, the following discussion is limited to capital gains and losses arising from sales of securities. (Additional special rules may apply to other capital assets such as sales of collectibles and property subject to depreciation recapture.)
4| 1| 05.23.2011 - Making the Grade
I recently attended a joint Board of Finance/Board of Selectman meeting of a municipality and was asked “So…what grade did we get?” I have been asked similar questions in the past such as “How did we do?" or, “Did the audit go well?” but was never challenged to actually assign a grade.
4| 1| 05.23.2011 - Accounting for Refundings 101
Due to low interest rates, refundings have become pretty popular recently. It can get very confusing to account for them, especially since there are two different ways, one way for governmental funds and one way for proprietary funds (which also includes government-wide).
8|13| 12| 07.10.2017 - Unlocking the Mystery Behind Predictive Analytics
How can you streamline machine learning and predictive analytics as a food and beverage manufacturer or distributor? We have six steps to help transition these ideas into a repeatable process for your organization.
9|5| 1| 03.12.2018 - CCRC Accounting Guidance Update
On February 1, 2018, the AICPA issued a working draft related to health care entities’ revenue recognition under FASB ASC 606. This will be of particular interest to many senior living communities as it addressed revenue accounting considerations for Type A lifecare continuing care retirement community (CCRC) contracts.
1|2|5|6|10|11|12|13|14| 11| 03.13.2018 - New Law Drops Corporate Income Tax Rate to 21%, Modifies Individual Rate Brackets
The biggest piece of tax legislation passed in the last 30 years (the Tax Cuts and Jobs Act), signed late last year by President Trump, significantly overhauls individual and corporate income tax rates beginning in 2018. Here are some of the most important highlights of the new law.
9| 11| 03.13.2018 - Trump Signs Bipartisan Budget Act; Tax Extenders Included
The Bipartisan Budget Act contains a number of tax provisions, including disaster tax relief and the extension of over 30 expired tax breaks, but has received little attention. Find out what you need to know.
1|2|6|9| 05.09.2012 - A Difficult Tax Year Behind Us, But 2012 Could Be Even Harder
Another grueling tax season has passed, this one more difficult than the previous one. Thanks to new increased disclosure filing requirements for Schedule D, brokerage statements that came later than usual, and the mere fact that there was an extra day due to Leap Year, made this year’s season seem longer and much more of a challenge. It’s great to have it behind us, but now is the time – believe it or not – to start looking towards next year.
1| 06.03.2011 - Five Ways to Stay Clear of a Factory Audit
Dealerships across the country are striving to make 2011 a far more profitable year than 2010. Hard-working dealers are keeping their eyes on the market, on sales goals and on all of their business practices that impact the bottom line.
1| 06.03.2011 - Tool Plans on the IRS Hit List
The IRS has repeatedly attacked the use of tool plans as a means of avoiding taxes. The IRS recently blessed a taxpayer's reimbursement plan, but the ruling provides little practical guidance for taxpayers. The plan at issue addressed the IRS's previous concerns and followed the existing requirements exactly.
1|2|3|4|5|6|7|9| 3|11| 06.16.2011 - New Form 8955-SSA: Ensuring Compliance
Pension plans have used Schedule SSA of Form 5500 to report participants who separate from service with deferred vested benefits. However, with the start of the mandated 5500 electronic filing requirement for annual reports with the 2009 plan year, that information could not be filed through the Department of Labor’s EFAST2 electronic filing system. As a result, Schedule SSA has been eliminated.
2|3|4|5|6|7|9| 11| 06.17.2011 - Changes to the Estate and Gift Tax
In an effort to reduce the state deficit, the governor signed the state budget which included changes to the estate and gift tax retroactive from January 1, 2011.
1|2|3|4|5|6|7|9| 06.17.2011 - Economic Recovery Remains Slow and Problematic in the State
The economic recovery is in its 24th month, but growth has been disappointing due to frequent obstacles, including surges in oil and commodity prices that have prevented steady improvement or noticeable acceleration. While some areas of the economy are strong, including exports and commodities, others, especially housing and general construction, seem stuck.
9| 07.12.2011 - Choosing the Right Fiduciary
One of the most important decisions in estate planning is determining who should act as the fiduciary, whether it is the executor of the estate or the trustee of the trust. Choosing the wrong fiduciary cannot only be disastrous for the grantor but also for the fiduciary as well.
1|2|3|4|5|6|7|9| 3| 07.12.2011 - Inflation-adjusted amounts released for 2012 Health Savings Accounts
The IRS has provided the inflation-adjusted amounts that will govern health savings accounts (HSAs) for 2012. Amounts are increased for changes in the cost-of-living adjustment. The amounts generally have increased from 2011.
1|2|3|4|5|6|7|8|9| 07.12.2011 - PCI Compliance – It's All In The Numbers
Whether it is 14 or 16 numerical digits in length, securing and protecting credit card numbers and all associated information is extremely important. In an age where electronic information can be shared from anywhere in the world at a moment’s notice, people need to know more than ever that their credit card information is being protected. The consequences of this information falling into the wrong hands are simply too severe – identity theft.
1|2|3|4|5|6|7|9| 10.25.2011 - Ask the Expert: Minimizing Tax Burden in an Unusually High Income Year
I just sold my company. What can I do to minimize the tax bill that results from the event?
1|2|3|4|5|6|7|9| 11| 07.13.2011 - Details of Connecticut Sales and Use Tax Legislative Changes Emerging
The Connecticut Department of Revenue Services (“DRS”), was forced into fast action by the Connecticut legislature’s passage of significant sales and use tax changes which took effect on July 1, 2011. We very briefly outlined those changes in our newsletter of May 16, 2011. Since that time, DRS has provided some much needed guidance with respect to many of the changes. This newsletter will highlight some of those changes in more detail per the DRS guidelines. We are not trying to be all-inclusive.
8| 9|12| 07.15.2011 - Download Our Whitepaper, Staying Competitive: Are You Getting the Most out of Your Financial Reporting Tools?
All too often, finance departments face the same challenges at the end of every reporting period. In addition to the standard financial reporting package, finance teams today are often taxed with producing both management reports and even key performance indicators. The demand for more sophisticated reporting — results per product line, region, division, customer class or any number of other data points throughout an organization — is increasing. The more information needed, the more time-consuming the period close report preparation task becomes. And to stay competitive in today’s volatile and ever-changing business climate, companies need to move beyond reporting; they need to analyze the data in the reports and adjust their tactics based on the results.
2| 11| 03.20.2017 - Taking a Look at the Look-back Calculation
The look-back calculation is a calculation of additional interest that needs to be paid to (or refunded by) the IRS on taxes paid on contract revenue that has been recognized in prior years using the percentage of completion method.
8| 15| 03.20.2017 - The Truth About Two-Step Verification
As the internet becomes an increasingly popular place for cybercriminals to steal personal information and commit internet fraud, a simple login with username and password is no longer enough. Learn how two-step verification can help keep you protected from cyber threats.
5| 1|2| 08.02.2011 - Fair Value Considerations in Acquisitions
As economic pressures increase, many healthcare organizations are considering potential acquisitions or mergers in order to maximize new revenue streams, leverage fixed costs or consolidate areas of expertise.
1|2|3|4|5|6|7|9| 11| 08.05.2011 - White House and Congressional Leaders Agree to Raise Debt Ceiling - Tax Provisions Under Consideration
White House and Congressional Leaders have agreed to raise debt ceiling - creating a joint committee on deficit reduction.
1|2|3|4|5|6|7|9| 08.05.2011 - Tax Breaks for Energy Saving Can Provide Stimulus for Homeowners and Businesses
Federal tax laws provide some potential good news across the board in terms of lowering energy costs, as a number of key energy savings incentives exist for homeowners and businesses alike. What follows is a brief overview of the key tax rules in this area and the potential savings that may occur.
2|9| 11| 08.08.2011 - Is Now a Good Time to Make Gifts?
A regular program of gifting has always been an important way to not only reduce your taxable estate, but also to help family members in need and, in certain cases, reduce the family’s overall income tax burden (however, beware of the “kiddie” tax rules). Lifetime gifts have the added advantages of removing future appreciation of the gifted assets from your estate and allowing you to see the impact that the gifts make during your lifetime.
5| 1| 08.15.2011 - FASB Issues Accounting Standard Update for Certain Health Care Entities
In July 2011, the FASB issued Accounting Standard Update 2011-07 – Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities (ASU 2011-07).
3| 9|12| 08.12.2011 - Going to School with Microsoft SharePoint
Educators and administrators often look for ways to empower their teachers, engage their students and better communicate with parents and the community. Microsoft SharePoint offers a single, easy-to-use and easy-to-maintain platform to address those needs and more.
2|1|9|6|5| 11| 08.20.2012 - Now is the Time to Start Next Year’s Tax Planning
The most recent tax deadline has long-since passed and the furthest thing from most people’s minds is the next one. However, 2013 is expected to be a year of uncertainty due to potential major changes regarding tax laws and rates, and the time to start planning for it is right now.
3| 08.15.2011 - Trends in Charitable Giving
There’s no question that the fundraising environment, while improving, remains extremely challenging. Understanding the nature of the challenges is complicated by the fact that actual data are sometimes only available two years in arrears. In the meantime, estimates based on models and surveys of various constituents can help fill the void.
3| 11| 08.15.2011 - With Educational Institutions, the Right Board of Trustees – and Frequent Communication With Them - is Essential
With educational institutions, it is imperative that there not be a disconnect between the Board of Trustees and the financial office. Without regular communication between the board charged with overseeing the institution and the fiscal officers charged with keeping the books, problems can occur. It has never been more important that these two parties be on the same page, in regular contact and fully familiar with the institution’s financial health.
9| 1| 11.30.2016 - Accounting and Audit Standards Update
Learn more about the accounting standards updates that are effective for 2016 calendar year end reporting – including debt issuance cost presentation, accounting for fees in cloud-based arrangement, going concern, elimination of extraordinary items and Private Company Council alternatives.
1| 1| 08.29.2011 - Service Contract Profit: Are You in the Best Plan?
Dealers are looking for more profits in every area of their dealerships while cutting costs to weather the current economic slowdown. With gross margins getting cut to the bone, back-end profit is more important than ever. You may already be making good profit on the sale of your service contracts. But are you in a plan that maximizes the total return to the dealer?
1| 1| 08.29.2011 - Proposed Lease Accounting Changes
The Financial Accounting Standards Board has proposed making significant changes to the way in which companies account for leasing transactions under Generally Accepted Accounting Principles (GAAP). The proposed standard applies to all leases of more than one year; i.e. everything from your copier lease to the lease of your facilities. The proposed standard will have a significant impact on the financial statements of automobile dealers.
1| 09.01.2011 - The Power of Money
While businesses may operate without cash or use other people’s money for brief periods of time, the old phrase “Cash is King” still applies in current times and in many ways is even more important to the success of a business now. Not only must a business be properly capitalized but the makeup of its capital and the liquidity of its capital must be appropriate to its current and planned future operations. Too little cash restricts business opportunities and too much cash creates discontent among investors and shareholders. The right amount of cash positions a business to have the resources to take advantage of market opportunities, to take advantage of financial opportunities, and to have the best opportunity to manage and/or survive the unexpected.
1| 09.01.2011 - Prevent Employee Fraud with Internal Controls
With the economic recession and the struggles in the auto industry, the motivation and the opportunity for theft and fraud have increased. The cash-heavy nature of their operations makes dealerships susceptible to fraud and theft, and sometimes the most trusted managers can be the perpetrators.
1|2|3|4|5|6|7|9| 09.13.2011 - It’s Still Jobs, Jobs, Jobs! But most economists raise chances of a double dip.
The most critical factor determining Connecticut's prospects for real and sustained economic recovery is, simply, jobs! More jobs will cure many of our state's ills, from tepid consumer spending to a stalled housing market and the state's long-term fiscal health.
1|2|3|5|6|7|9| 11| 09.13.2011 - Year-end Planning: Take Advantage of Business Provisions That May Sunset for Good on December 31, 2011
Although it's only September, taxpayers are well-advised to consider how to make the most of tax breaks that are available this year but may not be around next year, or may survive only in diluted form. Given the wrenching political battle that played out in July over deficits and the debt ceiling, many tax provisions expiring at the end of this year may not be given another lease on life. Those provisions that aid a particular industry or group of taxpayers could be the most at risk. This article reviews the tax breaks for businesses that are available right now but may sunset on Dec. 31, 2011.
1|2|3|5|6|7|9| 11| 09.13.2011 - Highlights of Bonus Depreciation for Vehicles
The Small Business Jobs Act of 2010 (the 2010 Jobs Act) and the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the 2010 Tax Relief Act) were very favorable to taxpayers placing assets, including vehicles, in service in 2010 through 2012.
1|2|3|5|6|7|9| 11| 09.13.2011 - Debt Forgiven? You Are Not Home-Free - Tax May Apply to Cancellation-of-Debt Income
Let’s say an individual owes money to a third party, relating to a loan for business or personal reasons. Due to extenuating circumstances, the lender agrees to a settlement of an amount less than what the borrower owes in principal and interest. So the full amount of debt is effectively wiped off the books. Case closed, right?
6| 1| 09.21.2011 - The State of International Financial Reporting Standards
By the end of this calendar year, the Securities and Exchange Commission (SEC) should come to its long awaited decision as to whether or not it will require publicly-traded companies in the U.S. to report in accordance withInternational Financing Reporting Standards (IFRS). The debate over IFRS in the U.S. has been whether or not the SEC should permit or require a switch to IFRS for U.S. public companies. This change would ultimately trickle down and affect privately owned entities. Originally, the SEC set 2014 as the target date whereby public companies would be required to submit all reports using IFRS; however concerns over the time and cost required to implement the changes successfully, the need to educate financial statement users and whether or not IFRS are sufficiently developed, have delayed the earliest implementation to 2015 and could cause the SEC to either drop the requirement all together or permit companies to choose between reporting in accordance with Generally Accepted Accounting Principles (GAAP) or IFRS.
6|9|8| 9|12| 09.21.2011 - Cloud-Based Services are Here - Is Your Organization Ready?
Remember 1983? The A-Team debuts, the final episode of M*A*S*H airs and Cabbage Patch Kids were in high demand. Now, imagine a similar situation today. What if you needed to flex your IT infrastructure to meet a significant spike in demand? You could do it with significant capital outlay, but what about when the fad fades? In 1985 Coleco saw over $600 million in sales, but by 1986 sales dropped to around $250 million. You’d now be stuck with servers, software and staff that are being under- or un-utilized.
4| 1| 09.26.2011 - Government Pension Accounting and Financial Reporting – New Proposed Statement
The Governmental Accounting Standards Board (GASB) has proposed an overhaul to the accounting and financial reporting of government pension plans. While current practice treats accounting and financial reporting and how pensions are funded in a similar manner, these changes will result in a separation between accounting and financial reporting and the way pensions are funded.
6| 10.03.2011 - Doing Business in China; Opportunities in a Major Emerging Market
China, a land in the midst of dynamic internal changes, offers unparalleled opportunities to the well-prepared company or individual seeking to expand overseas. The Chinese government is working to bring its massive population into a modern market-driven economy, and, in the process, opportunities abound for businesses ranging from multinational corporations to budding entrepreneurs. The Chinese government believes that opening their economy to overseas investors is a viable pathway to modernization, and it will help the well-prepared businesses and individuals avail themselves of unprecedented opportunities.
6|9| 10.04.2011 - Survey Shows Manufacturing Remains Biggest Key To Connecticut’s Economic Success
For the 10th consecutive year, BlumShapiro and the Connecticut Business and Industry Association (CBIA) recently released the Connecticut Business Survey, a detailed report on the state of business in Connecticut. The report sheds some fascinating light on the good and the bad about the state’s business community, and the best part is it comes directly from more than 700 business owners who took part in the survey.
1|2|3|5|6|7|9| 10.06.2011 - Health Care Tax Credit Could Mean Savings For Small Businesses
One area where we have been advising some of our small business clients to explore this year for potential savings is a new Small Business Health Care Tax Credit, made possible by the new federal Affordable Care Act (ACA).
1|2|3|6|7|9| 11| 10.06.2011 - Personal Use of Employer-Provided Cell Phones Generally Non-taxable Under New Guidance
Close to one year after cell phones were removed from the "listed property" category of Code Sec. 280F , IRS has explained the practical consequences of the change. In sum, where an employer provides employees with cell phones primarily for noncompensatory business reasons, neither the business nor personal use of the phone results in income to the employee, and no recordkeeping of usage is required. And, in most instances, an employer's reimbursement to employees for their providing a cell phone for bona fide business use won't be taxable. The guidance applies for all tax years after Dec. 31, 2009.
9| 10.06.2011 - Do Not Jeopardize Your Retirement - Five Common Mistakes to Avoid
If you have been working for many years, you may be looking forward to retirement in the not-so-distant future. Hopefully, you will be in good health at that time and able to pursue your favorite activities. But those "golden years" can easily be tarnished if you are not careful. Read the full article for five common mistakes that can hinder your ability to retire comfortably and securely.
3|7| 1| 10.12.2011 - Healthy Operating Reserves Are Essential For Non-Profit Organizations
Non-profit organizations truly don’t differ much from for-profit businesses when it comes to building for the future – all businesses/organizations want to succeed and often are forced to endure major economic challenges.
3|7| 10.12.2011 - Hard Economic Times Don’t Have To Mean the End for Non-Profit Organizations
In difficult economic times such as these, non-profit organizations often feel the brunt of the struggle as much as businesses do, sometimes even worse. A struggling economy often means that people and businesses are able to give less in terms of philanthropic donations to charities, despite the worthiness of the cause. This is a reality all non-profit organizations must face, unfortunate as it may seem.
9| 10.12.2011 - What Employers Need to Know About Claiming the Small Business Health Care Tax Credit
Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may be eligible for the small business health care tax credit. This credit can enable small businesses and small tax-exempt organizations to offer health insurance coverage for the first time. It also helps those already offering health insurance coverage to maintain the coverage they already have. The credit is specifically targeted to help small businesses and tax-exempt organizations that primarily employ 25 or fewer workers with average income of $50,000 or less.
1|2|3|4|5|6|7|9| 4| 10.25.2011 - Re-Shaping Businesses To Eliminate Fraud Triangle
White collar criminals (or fraudsters) are not easily picked out from a crowd. They blend in seamlessly with society and do not look like criminals. They are likely educated, with no criminal record, and probably do not abuse drugs or alcohol.
1|2|3|4|5|6|7|9| 11| 10.25.2011 - Determination of Employer's Liability for Certain Employment Taxes — Voluntary Worker Classification Settlement Program
IRS detailed new program for employers to receive relief from payroll taxes otherwise owed for agreeing to prospectively treat workers as employees. To be eligible, employer must have filed Form 1099s for each worker for past 3 years, and not be currently under audit. In exchange for agreement to treat workers as employees, employer will be liable for 10% of liability due for most recent tax years, as determined under reduced rates of Code Sec. 3509; , but won't be liable for penalties and interest and won't be subject to audit for employment tax issues. Employer participating in program will agree to extend period of limitations on assessment of employment taxes for three years for first, second and third calendar years beginning after date on which employer has agreed under program to begin treating workers as employees. Those who are accepted into program will execute closing agreement with IRS and pay full amount due at same time.
1| 10.30.2012 - Reporting Cash Payments Over $10,000
The Financial Crimes Enforcement Network (FinCEN) announced on 9/19/12 that businesses are now able to file Form 8300 (Reports of Cash Payments Over $10,000 Received in a Trade or Business) electronically using the Bank Secrecy Act (BSA) electronic filing system.
1|2|3|4|5|6|7|8|9| 7|9|12| 05.19.2014 - Is Cloud Computing Right for Your Company?
With all of the hype surrounding the convenience and efficiency of cloud computing, business owners often ask whether it’s worth moving their financial applications to the cloud. You’ve probably wondered this yourself. The benefits of the cloud are real, but the risks can be, too. What’s important is that you look at the unique features of your company and determine whether the cloud is right for you. In contemplating a switch to cloud computing, one of your first steps should be to consider the potential benefits given your company’s work style, culture and location(s).
1|2|3|4|5|6|7|8|9| 11| 07.03.2012 - The Health Care Act Deemed Constitutional by the Supreme Court
On June 28, 2012, the U.S. Supreme Court (the Court) made a historic decision on the Patient Protection and Affordable Care Act (PPACA) and its companion law, the Health Care and Education Reconciliation Act (HCERA). In a 5 to 4 decision, the nation's highest court upheld all of the tax provisions and health insurance reforms that were part of the overall health care reform legislation passed in 2010 except for a certain Medicaid provision involving state funding. Critical to the Court's approval of President Obama's signature health care law was its finding that the new law’s mandatory penalty for certain individuals who fail to obtain “minimum essential health insurance coverage” was constitutional based upon Congress' power to tax.
9|1|2|3|4|5|6|7| 11| 11.09.2011 - The Three Most Important Connecticut Economic Initiatives - Jobs, Jobs, Jobs
Following a special fall session of the Connecticut General Assembly, Connecticut Governor Dannel Malloy recently signed into law tax legislation as part of a broad economic stimulus package. Among the most significant tax legislation enacted was the creation of a new jobs tax credit and revisions to the recently enacted Manufacturing Reinvestment Account program.
5| 11.09.2011 - The Impact on Nursing Homes of the 2012 Office of the Inspector General Work Plan
The Office of the Inspector General (OIG) issued its 2012 work plan in October. The 165-page document provides guidance from the Inspector General on areas which it plans on reviewing in fiscal year 2012 as part of its goal to protect the integrity of Health and Human Services programs and operations. The work plan covers all areas of healthcare including hospitals, nursing homes, home care, hospice, medical equipment providers, drug providers, Medicare contractors, insurers and public health agencies. The Inspector General uses the work plan to identify fraud, waste and abuse; create opportunities to improve program economy, efficiency and effectiveness; and hold accountable those who do not meet program requirements or who violate federal laws.
1| 11.10.2011 - The Power of Money
While businesses may operate without cash or use other people’s money for brief periods of time, the old phrase “Cash is King” still applies in current times and in many ways is even more important to the success of a business now. Not only must a business be properly capitalized but the makeup of its capital and the liquidity of its capital must be appropriate to its current and planned future operations. Too little cash restricts business opportunities and too much cash creates discontent among investors and shareholders. The right amount of cash positions a business to have the resources to take advantage of market opportunities, to take advantage of financial opportunities, and to have the best opportunity to manage and/or survive the unexpected.
1| 11| 11.10.2011 - Tax Tip: Independent Contractor vs. Employee
The IRS is aggressively attempting to reduce the "tax gap", which is the annual shortfall between taxes owed and taxes paid. Employment tax non-compliance is estimated by the IRS to account for approximately $54 billion of the tax gap. Under-reporting of FICA makes up $14 billion, under-reporting of self-employment tax accounts for $39 billion and under-reporting of unemployment tax accounts for $1 billion in lost revenue.
1| 11.10.2011 - How to Impress (or Retain) Your Banker
Bankers cannot (and in current economic conditions do not have the resources) provide funds to every (or even the top five) applicant that request or want to renew a loan. Therefore, you must develop an edge to obtain or retain that loan. That edge can be provided by a well-designed presentation. Follow these guidelines and you will find that this presentation is a lot easier to prepare than you think.
1|2|6|7|9| 1|3| 06.21.2012 - New Disclosure Requirements for Benefit Plans
In an effort to increase fee transparency in benefit plans, the U.S. Department of Labor (DOL) has issued two new regulations that require certain disclosures be provided to plan sponsors and plan participants. These disclosures are intended to provide both plan sponsors and plan participants with information regarding the fees charged in their retirement plans.
1|2|6|9| 6| 02.19.2013 - Beware of the Discount Rate
The objective of an expert’s opinion of damages in a lost profit engagement is deceptively simple: measure in financial terms, the extent of harm a plaintiff has suffered because of defendant’s alleged wrongdoing. The purpose of awarding damages is to restore an injured party to a position they were in prior to being injured.
5| 11.16.2011 - Final Rules for Accountable Care Organizations - Impact on Nursing Homes
In March 2011, the Centers for Medicare and Medicaid Services (CMS) issued a proposed rule on Medicare Shared Savings Programs for Accountable Care Organizations. This rule, a product of the changes sought by the Affordable Care Act, proposed certain incentives and penalties to incentivize acute care hospitals and physicians to formally partner their efforts. The goal of such a partnership is to improve patient care while reducing costs through the formation of an Accountable Care Organization (ACO). As part of this proposed rule, federally qualified health centers, rural health centers, skilled nursing homes, home health agencies and critical access hospitals were not designated as eligible participants in ACOs.
9| 11| 12.01.2011 - Gross Income Exclusion for the Discharge of Indebtedness on Principal Residences
For most of the U.S., 2007 marked the beginning of the financial crisis and the rapid decline in the U.S. real estate market. During the first half of the decade, the lending market had begun issuing riskier mortgages with adjustable interest rates to individuals who could not qualify for conventional mortgages. The ease in which homeowners were able to secure these loans caused a greater demand for home ownership and home builders were constructing new houses quickly to capitalize on the high demand.
1|2|6|9| 6| 11.12.2012 - Has Your Business Operation Been Impacted by Storm Sandy?
Hurricane Sandy has brought unimaginable devastation to the east cost of the United States. Businesses throughout the Northeast and Mid-Atlantic states have been forced to shut down due to property damage and power outages. Some will be out of business for days, some for months and some of the hardest hit may never recover.
9| 11| 11.12.2012 - Tax Savings Available From Hurricane Sandy
On October 29, 2012, Hurricane Sandy made landfall in southern New Jersey, a storm so massive in size that it impacted several states in the Northeast and Mid-Atlantic. Hurricane Sandy caused destruction and devastation for many families and businesses on the East Coast as the severe winds and coastal flooding have left millions of people without power. Early damage estimates suggest that Sandy has caused billions of dollars in damages.
1|2|3|4|5|6|7|9| 11| 12.01.2011 - New Law Repeals 3% Government Withholding, Provides Hiring Credits for Veterans, and More
On November 21, President Obama signed into law the 3% Withholding Repeal and Job Creation Act. The new law does much more than merely repeal withholding on government contractors. The new law enhances the Work Opportunity Tax Credit (WOTC) for veterans of the U.S. Armed Forces, expands the IRS' continuous levy authority, and more.
9| 11| 12.06.2011 - Twists and Turns to Charitable Rollovers
A federal tax law passed late in 2010 — the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act — extended a unique planning opportunity for certain retirees. Under this legislation, an individual age 70½ or older can transfer funds directly from an IRA to a qualified charitable organization without paying any tax on the distribution.
1| 11| 12.06.2016 - Deductions for Heavy Trucks and Vans
As you know, unfavorable depreciation rules apply to most passenger autos and light trucks used in business.
9| 1|3| 08.07.2017 - Major Changes Proposed for Audits of Employee Benefit Plans
In April 2017, the American Institute of Certified Public Accountants (AICPA) Auditing Standards Board (ASB) issued an exposure draft introducing a new Statement on Auditing Standards (SAS). Learn more about the changes …
1|2|4|5|6|9| 1| 01.06.2012 - Revised Standard Simplifies Goodwill Testing for Impairment, Testing Goodwill for Impairment
On September 15, 2011, Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2011-08, Testing Goodwill for Impairment. This update is intended to reduce the cost and complexity of the annual goodwill impairment test by simplifying how an entity tests goodwill for impairment.
1|2|4|5|6|9| 1| 01.06.2012 - Cash Flow Planning: A Good Reminder During These Uncertain Times
Many people solely consider profit when measuring the success of their business. The trouble is that profits do not necessarily coincide with their associated cash flows. The fact is, most failed businesses fail as a result of lack of cash flow. During these uncertain economic times, cash flow planning is an important exercise when running your business, regardless of the size of your operation. Trying to manage your business without a cash flow plan in today’s environment is like traveling to a new location without a map or a GPS device.
1|2|3|4|5|6|7|9| 01.06.2012 - Payroll Tax Cut Extension
At the eleventh hour, Congress approved a two-month extension of the employee-side payroll tax cut in the Temporary Payroll Tax Cut Continuation Act of 2011. The two-month extension, for January and February 2012, is intended to give lawmakers additional time to negotiate a full-year extension of the payroll tax cut through the end of 2012.
1|2|3|5|6|7|9| 11| 01.06.2012 - New Hire Retention Credit
The Hiring Incentives to Restore Employment Act of 2010 (HIRE Act) contained several provisions to give employers incentive to hire employees. One of the provisions authorized a credit of up to $1,000 for “retained workers”. This credit is called the New Hire Retention Credit.
3|5|7| 11| 01.17.2012 - Form 990 Filing Deadline Extended For Some Tax-Exempt Organizations
In December 2011, the IRS issued Notice 2012-4 which notified tax-exempt organizations that the IRS eFile system would not be available from January 1, 2012 through February 29, 2012 for electronic filing of Form 990, Form 990-EZ, Form 990-PF and Form 1120-POL. For organizations with filing due dates (or first three-month extended due dates) during this period, these organizations have the following options:
7|5|3| 1| 01.17.2012 - Not-for-Profit Advisory Committee: Changes Are Coming
The big news in the non-profit organization (NFP) world these days is the establishment by the Financial Accounting Standards Board (FASB) of a Not-for-Profit Advisory Committee (NAC). The NAC is charged with evaluating current non-profit accounting and financial reporting standards and proposing changes to the FASB.
6|8| 9|12| 01.17.2012 - Is Your Business Aligned to Move Forward?
The past few years have been as challenging an economy as most of us have ever seen. And the competitive pressures do not seem likely to ease greatly – at least in the short term. One approach that many successful businesses take to remain competitive and profitable is to periodically review and assess the alignment of their business. In particular, they check to make sure that their people, processes and their technology are working well together and delivering as planned. Just like regularly aligning your car tires to minimize wear and get the most miles per gallon of gas, you need to make sure that your fundamental business resources and activities are well balanced and working together smoothly with respect to your particular marketplace, operational goals and strategic objectives.
1|2|3|5|6|7|9| 03.12.2012 - Connecticut’s Economy Shows Improvement, Although Caution Signs Ahead
Connecticut’s economy showed steady signs of improvement in the last quarter, but there is still reason to be cautious.
9|7| 1| 11.17.2016 - Implementation of ASU 2016-14 Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities
Now that the nonprofit reporting standard has been issued in its final form, it’s time to think about implementation.The update is effective for annual financial statements for fiscal years beginning after December 15, 2017, which means calendar year 2018 and after. Earlier adoption is permitted. The provisions should be applied on a retrospective basis to all prior years presented.
1|2|6|9| 11| 05.16.2014 - Take Me Out to the Ball Game – Can I Deduct That?
Many companies in the normal course of business entertain vendors or clients. With the success of the sports teams in New England, more and more companies have purchased seasons tickets to entertain and thank their clients. As a result, the question often arises as to whether the season tickets are deductible.
1|2|6|9| 11| 05.04.2017 - What are "AFRs" for Tax Purposes?
Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (or AFRs), are regularly published as revenue rulings and are available on the IRS website. AFRs are used for loans that are considered to be below-market loans, which are defined as loans in which the stated interest rate is lower than the rate required for tax purposes. Various types of below-market loans exist, such as gift loans, compensation-related loans and corporation-shareholder loans.
1|2|6|9| 11| 02.02.2012 - Key Changes in Federal Tax Law Will Have Impact on Your Taxes
Like every other year, there are changes taking effect this year regarding federal income tax filings for individuals. With 2011 W-2 forms now out and people focused on getting their taxes done in the next 2 ½ months, they should be mindful of many of these changes.
1|2|3|4|5|6|7|9| 11| 02.02.2012 - The 2012 Offshore Voluntary Disclosure Program
On January 9, 2012, the IRS reopened the offshore voluntary disclosure program (the “2012 OVDP”) to give taxpayers with unreported foreign accounts a chance to become current on their taxes and reporting obligations while mitigating the risk of criminal prosecution.
2|9| 11| 02.02.2012 - Relief for Real Estate Professionals
The IRS issued Revenue Procedure 2011-34, which became effective on May 26, 2011 and allows a taxpayer to obtain an extension of time to make the rental real estate grouping election under Internal Revenue Code Section 469(c)(7)(A). This election applies to taxpayers who meet the real estate professional rules under the Internal Revenue Code and helps these taxpayers avoid the passive activity rules with regard to their rental real estate activities.
2|1|3|4|5|6|7|9| 11| 02.02.2012 - Connecticut Job Expansion Tax Credit (JET) Presentation Now Available
Connecticut businesses can be eligible for Connecticut tax credits of $500 per month for each new full‐time Connecticut job created. If the new employee is receiving vocational rehabilitative services from the Bureau of Rehabilitative Services, receiving unemployment benefits, or is a veteran then the tax credit is increased to $900 per month. These credits will be available for each new Connecticut employee hired between January 1, 2012 and prior to January 1, 2014 for a period of three years. Download our presentation to learn more about which taxes the credit may be applied against and how to apply.
4|2|1|9|5|6|7| 11| 02.22.2012 - Congress Passes Payroll Tax Cut Extension Through 2012
On February 17, Congress passed H.R. 3630, the “Middle Class Tax Relief and Job Creation Act of 2012” (the Act) and sent it to the President for his signature. The Act extends the 2-percentage-point payroll tax cut through the end of 2012, and also repeals a number of estimated tax shifts for large corporations. Here are highlights of the tax changes in this new law.
1|2|3|4|5|6|7|9| 02.24.2012 - Middle Class Tax Relief and Job Creation Act of 2012
President Obama on February 22, 2012, signed into law a much-anticipated extension of the employee-side payroll tax cut through the end of 2012. After weeks of uncertainty over whether an agreement could be reached, the House passed the Middle Class Tax Relief and Job Creation Act of 2012 (H.R. 3630) by a vote of 293 to 132 on February 17, 2012.
1|2|5|6|9| 11| 03.12.2012 - Expiring Tax Provisions Add to Uncertainty in the Business World in 2012
A number of key tax provisions have either expired or will soon expire. With a struggling economy and recent inaction by Congress resulting in failure to reach an agreement on reducing the budget deficit, this could only add to the uncertainty many businesses are facing in 2012.
1|2|5|6|9| 03.12.2012 - Recordkeeping Rules for Charitable Deductions
Year in and year out, charitable donations often provide big deductions for high-income individuals at tax return time. Deductions for charitable gifts may be claimed only by taxpayers who itemize their returns, but even itemizers are at risk if they do not have the requisite proof to back up their claims.
1|2|3|5|6|7|9| 11| 03.12.2012 - Payroll Tax Holiday Extended for All of 2012
On February 22, President Obama signed the Middle Class Tax Relief and Job Creation Act of 2012. The new law extends the employee-side payroll tax holiday, giving wage earners and self-employed individuals 12 months of reduced payroll taxes in 2012.
1|2|3|5|6|7|9| 11| 03.12.2012 - Administration Unveils Framework for Business Tax Reform
A reduced corporate tax rate, elimination of many business tax preferences, a new minimum tax on overseas profits, and much more are all part of President Obama's recently released Framework for Business Tax Reform (the "Framework"). The much-anticipated blueprint of the administration's plans for corporate tax reform was unveiled on February 22, 2012, in Washington, D.C.
6|9| 04.27.2012 - Are Healthcare Costs Still on the Rise?
Are rising healthcare costs still outpacing general inflation? What is really pushing costs upward, and is there an end in sight? What about healthcare reform? Won’t that limit cost increases? For those of us in the industry, these questions are asked almost daily. They reflect the concerns of many employers and employees, along with their families. Depending upon which healthcare cost study you review, the answers are similar.
8| 03.09.2012 - WTIC 1080: Interview with Brian Renstrom on the CT 21st Century Report
Listen to BlumShapiro Partner Brian Renstrom and Ray Dunaway from WTIC 1080 discuss the CT 21st Century Report that was unveiled on March 5.
4| 03.23.2012 - Economic Condition Reporting: Financial Projections
The Government Accounting Standards Board (GASB) has issued preliminary views supporting the inclusion of forward-looking projections in the basic financial statements as Required Supplementary Information. Through these views, the GASB has tackled the formerly nebulous idea of the fiscal sustainability of a government entity. The board has noted that the purpose of government financial statements is to provide the users of those statements a clear picture of the entity’s economic condition, of which, fiscal sustainability is the forward-looking component. The GASB has determined that the historical data currently included in the financial statements is not sufficient to present a holistic picture of the state of a government entity.
4| 1| 03.26.2012 - Independence and Integrity: The 2011 Yellow Book Revisions
As government entities continue to face significant budget cuts, high unemployment rates and rising prices, it has become more necessary and common for auditors to provide additional advisory and consulting services to help their clients make informed financial decisions for their organization. As a result, in December 2011, the U.S. Government Accountability Office (GAO) issued its 2011 revision of Government Auditing Standards. This standard, more commonly known as the “the Yellow Book”, continues to give auditors guidance on performing high quality audit work that provides the accountability, integrity and transparency that the public has grown to expect from their auditors.
4| 06.06.2012 - The Financial Reporting Entity: Omnibus
On December 17, 2010, the Governmental Accounting Standards Board (GASB) issued Statement No. 61, The Financial Reporting Entity: Omnibus. This statement amends Statements No. 14, The Financial Reporting Entity, and No. 34, Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments. The purpose of the new statement is to better meet user needs and to address issues that have surfaced since statements No. 14 and No. 34 were issued.
1|2|6|9| 11| 03.30.2012 - Alternative Minimum Tax: Now It’s Personal
This stealth tax, originally aimed at only the highest echelon of taxpayers, is expected to apply to four million taxpayers on 2011 returns, according to the Tax Policy Center. Even worse, the number is projected to explode to more than 31 million in 2012, absent any new legislation.
1|2|3|5|6|7|9| 11| 03.30.2012 - Avoiding Taxes on Real Estate Transactions Through Like-Kind Exchanges
With most of the country experiencing a depressed real estate market, you may find it difficult to sell a business building or apartment building. To make matters worse, a sale could result in significant tax consequences for real estate property that has appreciated in value since it was acquired.
5|7| 1| 04.02.2012 - Post-Issuance Compliance Requirements for Tax-Exempt Bonds
Many tax-exempt organizations have raised money for capital and other improvements through the issuance of tax-exempt bonds. This type of financing requires additional compliance and reporting. In recent correspondence from the IRS, issuers are being asked about their bonds as well as their internal policies to ensure post-issuance compliance.
3|5|7|4| 1| 04.02.2012 - The Federal Office of Management and Budget Proposes Changes to The Federal Single Audit and Related Circulars
The Federal Office of Management and Budget (OMB) proposed new rules surrounding the federal single audit on February 28, 2012 in the Federal Register Vol. 77, No. 39. This represents the first efforts in many years to revamp the federal single audit process.
8| 9|12| 04.03.2012 - The ABCs of Cloud Computing
The term “cloud computing” is the new buzz word and hot topic among many businesses and professionals. Unfortunately, many people do not truly grasp its capabilities, limitations and benefits.
7| 11| 11.23.2016 - Year-end planning: What can non-profits do now to prepare for 2017?
As a non-profit, you are likely in the middle of your annual appeal and evaluating how to raise funds for the coming year’s operational budget. While you’re closing the calendar year and finalizing the last of your annual contributions, make sure you are also keeping tax processes top of mind. In this article, I offer some tips and best practices to save you time and frustration during tax season.
5|8|10| 9| 03.19.2018 - Accounting Pain Points in Healthcare - An Obstacle You Can Avoid
Could more effective accounting help your healthcare organization? Learn about the causes and solutions to common pain points.
1|2|6|9| 11| 04.27.2012 - Solar Power: Forward Thinking Businesses See a Growing Benefit
There are signs that the national economy may be slowly digging its way out of its long-term slump, and now could be a good time to review fixed business expenses with an eye toward stability and predictability.
5| 04.11.2012 - HITECH HIPAA — It’s Only Just Begun
Doesn’t it seem like HIPAA has been around forever? It has been nine years since the HIPAA privacy act was enacted in April 2003 and seven years since the HIPPA security act was implemented. From the regulators’ perspective, the compliance results from those acts were less than favorable, so the government followed up with HITECH HIPPA in 2009.
1|2|3|4|5|6|7|8|9| 04.27.2012 - Business Software Technology Alignment
In our last newsletter we introduced the concept of reviewing and assessing the alignment of your business software technology with your business strategy, processes and people. You might wonder how your business software could get out of alignment in the first place and what impact it could have on your business. It is important to understand how to recognize the symptoms and be able to make critical business decisions for your business when the time comes.
6| 04.30.2012 - Survey Results: Addressing Your Business Needs for 2012 and Beyond
At BlumShapiro, we are committed to providing our clients and friends with the most relevant and current information available in the industry. Throughout the year, BlumShapiro regularly conducts surveys of manufacturing, distribution and retail companies to understand how the economic, regulatory and fiscal environment impacts business.
5| 05.03.2012 - Five Massachusetts Organizations Selected to be Pioneer ACOs
The Centers for Medicare and Medicaid Services (CMS) issued a General Fact Sheet on the Pioneer Accountable Care Organization (ACO) Model, which disclosed the 32 selected organizations participating in the Pioneer ACO Model. Five of the organizations chosen are from Massachusetts: Atrius Health Services, Beth Israel Deaconess Physician Organization (BIDPO), Mount Auburn Cambridge Independent Practice Association (MACIPA), Partners Healthcare and Steward Health Care System.
5| 1| 05.03.2012 - An Attempt to Right Size Connecticut Long-Term Care
While the 2012 legislative session winds down in the next month, a key element of last year’s session continues to be analyzed. Section 17b-369 of the State of Connecticut General Statues was revised last year, and requires the Commissioner of Social Services to develop a strategic plan to rebalance long-term care supports and services between those provided in institutions (nursing facilities) and those provided in home and community based settings.
1|2|3|4|5|6|7|8|9| 8|9|12| 05.09.2012 - The Death of SAS70 - The Birth of SSAE16 Standards
In 1980 the American Institute of Certified Public Accountants (AICPA) implemented the Statement on Auditing Standards No. 70, commonly known as SAS No. 70, to review and evaluate the internal controls of a service organization. SAS No. 70 quickly became a standard for the user organizations to obtain assurance that their data was being protected and managed in a secure manner. At the same time, service organizations were using SAS No.70 as a way to show existing and potential customers that they were utilizing industry best practices.
1|2|6|9| 11| 05.18.2012 - FAQ: What is a Family Partnership?
The family partnership is a common device for reducing the overall tax burden of family members. Family members who contribute property or services to a partnership in exchange for partnership interests are subject to the same general tax rules that apply to unrelated partners. If the related persons deal with each other at arm's length, their partnership is recognized for tax purposes and the terms of the partnership agreement governing their shares of partnership income and loss are respected.
1| 05.23.2012 - White Paper: A Strategic Vision of Dealerships in 2025
This white paper, is a study into the evolution of the retail automotive industry, and is presented by the member firms of Auto Team America.
9| 11| 11.03.2016 - Planning Ahead for Next Year’s Tax Changes
The April 15 deadline, as well as the extended deadline of October 15, for individuals will remain unchanged, but there is one new deadline of which taxpayers should be aware: Form 1065, U.S. Return of Partnership Income, is now due March 15 rather than April 15.
4|8| 06.06.2012 - Information Security, it’s Not Just an IT Thing
Information technology security (IT security), in its most basic sense, refers to the protection of information systems from unauthorized access. The goal and purpose of IT security is to protect the confidentiality, integrity and availability of personal and/or company information and data.
1|2|3|4|5|6|7|9|10| 11|9| 05.07.2018 - The Sales and Use Taxation of Software – Software Accessed from the Cloud
Since software was first invented, state tax authorities and taxpayers have spent a considerable amount of time and resources to determine its sales and use taxation. With the introduction of the “Software as a Service” distribution model, the taxation of software has become increasingly complex. This article will provide an evolutionary background on software taxation, as well as sales and use taxation in relation to cloud computing.
9| 1| 07.20.2018 - Are HUD-Insured Mortgage Programs the Right Choice for Your Organization?
There are several considerations that need to be explored before determining if a HUD loan program is the right avenue to pursue. Learn more in our recent article.
7|9| 1|11| 07.23.2018 - Guidance Issued on Donor Reporting
The Internal Revenue Service (the “IRS” or the “Service”) issued guidance on July 16, 2018, Revenue Procedure 2018-38, that is continuing to fuel a huge flurry of commentary in Congress and in the tax news.
5|10|8|9| 12| 07.20.2018 - Artificial Intelligence in Healthcare Marries Machine Learning with Human Expertise
It is not question anymore of if or when AI and machine learning will enter the medical profession; it’s here now—and hospitals, medical offices, nursing homes and practitioners are adapting to it. See what you need to know.
4|9| 1|5| 07.23.2018 - Protecting Municipal Credit Ratings
Across the country, municipalities have been facing increasing pressures to cut costs. Here are some areas that your municipality can control to contribute to a strong credit rating.
8|9| 9| 08.15.2018 - Project Accounting Software: The Missing Asset at Professional Services Firms
Accounting is different at professional services firms. Learn why successful firms use project accounting software instead of a general accounting solution.
1|2|3|4|5|6|7|9| 11| 06.08.2012 - The Tangible Property "Repair" Regulations: Unit of Property
In order to understand whether or not there has been an improvement to tangible property required to be capitalized under the temporary regulations, it is essential to understand the unit of property for that purpose. For example, if you replace the roof on your building, if the unit of property is the roof, then replacing it would clearly be a material improvement. If the unit of property is the building, then it might not be as clear to say that the building was improved by replacing the roof. Therefore, the temporary regulations define the unit of property rules for the purposes of section 263(a).
1|2|3|4|5|6|7|9| 11| 06.08.2012 - The Tangible Property "Repair" Regulations: Asset Accounting and Dispositions
The temporary regulations allow taxpayers to account for MACRS property by either treating each asset as an account (a “single asset account” or “item account”) or combining two or more assets in a single account (as a “multiple asset account” or “pool”). A taxpayer must account for a MACRS asset using a single asset account when the asset is used both in a trade or business and in a personal activity, the asset is placed in service and disposed of during the same tax year, when the general asset account treatment terminates, if accounted for in a multiple asset account and is disposed of, or if a component of a larger assets and is disposed.
1|2|3|4|5|6|7|9| 11| 06.08.2012 - Change in Accounting Method to Comply with the Tangible Property Regulations
The IRS released two Revenue Procedures, 2012-19 and 2012-20, in March 2012 to explain the procedures by which a taxpayer may obtain IRS's automatic consent to change to the accounting methods provided in recently issued temporary regulations under IRC Section 162 and 263.
2| 1|2|11| 06.21.2012 - In the Construction Industry, Succession Planning is a Must
When it comes to the construction industry, where so many businesses are either family owned or closely held by a small group, planning for the future can be a major challenge. With such businesses, the idea of “keeping it in the family” is often front and center, and the great unknown of what may happen when the business’ founder is no longer able or willing to be in charge can lead to much concern and uncertainty.
9| 05.31.2016 - As the Baby Boomer Effect Sets In, There Are Ways for Connecticut Businesses to Get Ready
If businesses better position themselves with a responsible and comprehensive plan for succession, and start early enough, they will be ahead of the game. Succession planning does not mean retirement, at least not right away, but instead is all about instilling business competencies and experience in family members or employees who are interested, rather than simply handing over the business.
8|9| 05.26.2016 - Sage Intacct: Outsourced Solutions with an In-House Feel
As businesses move themselves to increasingly leaner operations, working to do more with less, the need to handle complex financial work and bookkeeping while keeping it secure is critically important. In 2016 and likely into the future, more small to mid-sized businesses will turn towards outsourced services for support in this area.
2|6| 3| 06.21.2012 - New Disclosures Required for Entities that Participate in Multiemployer Pension Plans
In September 2010, the Financial Accounting Standards Board (FASB) issued an exposure draft of proposed Accounting Standards Update – Compensation – Retirement Benefits – Multiemployer Plans (Subtopic 715-80): Disclosures about an Employer’s Participation in a Multiemployer Plan. One of the major provisions of this update was to require employers to disclose the amount of any potential liability that would be incurred if the employer were to withdraw from the multiemployer plan, even if such a withdrawal was not probable. The FASB received over 300 comment letters on this exposure draft and, as a result, they re-deliberated on this proposed update and released a revised update.
2|9| 1| 11.30.2016 - Despite Struggles, Opportunities Exist In Connecticut Construction Industry
Why hasn’t Connecticut’s construction industry recovered as well as so many other states in the nation? Much of it gets attributed to what has become a very familiar refrain for our state—the high cost of doing business in Connecticut.
7|8|9| 9| 07.13.2018 - Meet the Mission of NFPs Using Sage Intacct
Learn how non-profit organizations can easily streamline their accounting functions and allow them to dedicate more time to focusing on their mission.
3|5|9|7| 11| 07.16.2014 - Using Form 990 for Organizational Improvements
While many non-profit organizations may be exempt from income taxes, they are not exempt from the federal government’s recordkeeping requirements. Among those requirements are tracking revenues and expenses and reporting those items to the Internal Revenue Service (IRS) by way of Form 990. Most importantly failure to file a Form 990 for three years results in the automatic revocation of exempt status. Reinstatement can be costly, even under the expedited process implemented in 2014 by the IRS. For a small organization, reinstatement can take a substantial bite out of its bank balance.
9| 11| 02.12.2018 - Estate Tax Changes Could Lead to Significant Planning Opportunities
The Tax Cuts and Jobs Act signals major change for tax policy. When change occurs, opportunities happen. For many wealthier taxpayers, this opens the door to the possibility of major increase in wealth that is able to be transferred to the people that they want to inherit. Learn more.
9| 07.10.2012 - Deferring Taxes on Real Estate Transactions Through Like-Kind Exchanges
Real estate is often the largest and most valuable asset held by a business. There comes a time in the lifecycle of a business where either expansion or sale of a property is contemplated by the owner. There are several tax considerations and advantages that are perfectly legal (assuming the rules are followed) to preserve cash flow that would otherwise go to Uncle Sam upon the sale of appreciated real estate.
8|9| 9|12| 07.10.2012 - Cloud Productivity: Office 365 vs. Google Apps
In our April newsletter, we introduced the basics of cloud computing with The ABC’s of Cloud Computing. In this article we are going to dive a little deeper and talk about productivity applications in the cloud. Productivity applications are a category of applications that can help your employees accomplish specific jobs such as creating and editing documents, presentations, spreadsheets, databases, charts and graphs. With the cloud becoming a viable and value-added alternative to traditional desktop-based applications, many businesses are choosing cloud-based services such as Microsoft Office365 and Google Apps for their productivity application needs.
1|2|3|4|5|6|7|8|9| 12|15| 09.23.2015 - When BYOD is as Common as a Morning Coffee
As the practice of “Bring Your Own Device” (BYOD) to work becomes as much of a business norm as a morning coffee, the question becomes how will companies remain secure as businesses — especially those that fall under compliancy rules (such as PCI and HIPAA) — which are still required to comply with regulations when allowing the BYOD model.
5| 1| 07.13.2012 - Upcoming Accounting Changes for CCRCs
In late May, the Financial Accounting Standards Board (FASB) finalized its deliberations on a rule change that will impact the way Continuing Care Retirement Communities (CCRCs) account for refundable entrance fees. Though the related Accounting Standards Update (ASU) has not yet been issued (issuance is expected later this year), the planned accounting changes may be significant to certain organizations.
4|9| 1| 03.15.2018 - Municipal Leaders Continue to Face Serious Challenges
Municipal leaders focus on the issues that matter, and it’s clear that top elected and appointed officials in cities and towns across Connecticut continue to face challenges in 2018. Here are some of the top challenges many of them—whether they are a large city, a small town or anything in between—are likely to face.
6|8|9| 9|12| 08.10.2012 - Software Selection Best Practices
In our last newsletter, we discussed how to recognize if your business software technology aligns with your business strategy, processes and people. If, after undertaking this type of assessment, your organization has decided it’s time for a new software application, it is important to understand the players and processes involved.
8| 12| 11.02.2016 - Welcome to the Revolution
The 4th Industrial Revolution is upon us and our world is about to face some dramatic change. If the first two industrial revolutions replaced the physical power of domesticated animals with mechanical horsepower through the use of steam, electrical and internal combustion engines, the 3rd and 4th industrial revolutions will replace the brainpower of humans who perform what has been considered high-value function jobs such as insurance appraisers and paralegals will be replaced with automated processes.
6| 11| 08.10.2012 - Are You Taking Full Advantage of The Research and Development Tax Credit?
According to IRS statistics, manufacturers have historically claimed approximately 70% of the total amount of research and development tax credits given out by the federal government. As this statistic shows, manufacturers are the largest industry group taking advantage of the credit. However, we continue to find that many manufacturers are not aware of the credit and those who are aware are not taking advantage, or full advantage, of the credit because of common misconceptions about its applicability to their operations.
1|2|6|9| 11| 08.10.2012 - Planning for the Personal Residence
A personal residence is one of the most significant assets owned by many people. Often people are unwilling to transfer their personal residence outright and thus they may likely retain a life use or life estate upon transfer.
6| 1|11| 08.10.2012 - The Tangible Property "Repair" Regulations for Manufacturers, Distributors
On December 23, 2011, the IRS released 200 plus pages of regulations regarding the deduction and capitalization of tangible asset costs in temporary and proposed form. In other words, temporary regulatory measures have been put in place while the proposed permanent forms are deliberated upon and implemented. The Temporary Regulations apply to tax years beginning on or after January 1, 2012 or to amounts paid or incurred in tax years beginning on or after January 1, 2012, as applicable, and will affect every taxpayer that acquires, produces or improves tangible property.
1|2|3|4|5|6|7|9| 10| 08.10.2012 - Hiring Trends Update
The summer of 2012 has seen a marked increase in new job openings across different industries for accounting and finance professionals. We have recently seen a much higher demand for professionals on a permanent and temporary basis. We are recognizing that in addition to hiring a candidate directly, there has been a shift in the way companies are hiring. They are focusing on hiring on an as needed basis for project related work. This gives companies the ability to help alleviate the work load within their existing departments without having to add to their head count.
3| 1| 08.10.2012 - Colleges and Universities Need to Be Aware of the Challenging World of Variable Rate Demand Obligations
In these challenging economic times, colleges and universities need to have active and engaged finance committees that are able to navigate them through turbulent fiscal times. One prime example of the risks faced by many institutions that have issued Variable Rate Demand Obligations (VRDOs) is the potential impact of the recent downgrades of credit ratings on many major banks.
8|9| 9|12| 08.10.2012 - Addressing the Risks of Cloud Computing
More and more, businesses are moving to cloud computing, signing up with private providers that make sophisticated applications more affordable as well as setting up their own accounts with public social media sites like Facebook. The trend is confirmed by Microsoft in its global SMB Cloud Adoption Study (2011), which found that 49% of small businesses expect to sign up for at least one cloud service in the next three years.
9| 11| 08.13.2012 - Vacation Homes: A Sea of Information for Maximizing your Tax Deductions
With summer in full effect and vacations looming for many Americans, a getaway to the beach, lake or mountains is just what the doctor ordered. If you’re thinking about purchasing a vacation home, consider this another reason why you should take the plunge − it could be a potential source of valuable income tax deductions.
1| 11| 08.22.2012 - Qualified Plug-in Electric Drive Motor Vehicle Tax Credit
Federal law provides plug in electric vehicle retail purchasers (not lessees) with the opportunity to claim the “Qualified Plug-in Electric Drive Motor Vehicle Tax Credit” for qualified vehicles. The credit is $2,500 for vehicles powered by a five-kilowatt hour battery, with an additional $417 for each kilowatt hour of battery power beyond five. The credit cannot exceed $7,500. The credit begins to phase out for a manufacturer’s vehicle when at least 200,000 qualifying vehicles have been sold for use in the United States.
1| 11| 08.22.2012 - Tax Tip: Foreign Asset Tax Compliance Act
The IRS has created Form 8938 for purposes of disclosing U.S. owners of foreign financial assets if the value of such assets exceeds $50,000.
1| 4| 08.22.2012 - Body Shop Fraud – Is Your Operation At Risk?
In the current environment auto dealers are looking for ways to provide services to customers and diversify their income streams. Many have built body shop departments to provide this income diversification. However, in an automobile dealership, having a body shop department adds more complexity to an already complex operation. Operating a body shop involves managing the flow of vehicles and parts of manufacturers other than the franchise.
4|7| 9|12| 08.24.2012 - Is Your Accounting Software Making Your Finance Department “Stronger”?
Kelly Clarkson famously sang about her broken relationships “What doesn’t kill you, makes you stronger.” While finding the bright side of a love gone by is necessary to mend any broken heart, we have seen too many finance managers across New England convince themselves that there is a bright side to relying on inefficient monthly closing and reporting processes.
9| 11| 12.07.2016 - End-of-year tax tips to prepare for 2017
As we get closer to the end of yet another year, it’s time again to give some thought to year-end tax planning. Here are some things to consider before the end of the year to help reduce your tax burden.
1|2|3|4|5|6|7|9| 3| 09.27.2016 - How to Select an Auditor for Your Employee Benefit Plan
All employee benefit plans (401(k), 403(b), Pension and other retirement and health and welfare plans) categorized as “large” plans for Form 5500 reporting purposes are required to have an annual audit performed by an independent auditor.
5| 1| 08.30.2012 - The Medicare Recovery Audit Process and Skilled Nursing Facilities
This article will discuss how the Medicare Recovery Audit Process could affect skilled nursing facilities and key items that all skilled nursing facilities should consider.
1|2|3|4|5|6|7|9| 09.10.2012 - The 2012 Survey of Connecticut Businesses
For over a decade, BlumShapiro and CBIA have partnered to produce the annual Survey of Connecticut Businesses, which explores the economic, fiscal, and regulatory climates for companies of all types and sizes throughout the state. This study takes the pulse of Connecticut’s business community and examines business leaders’ forecasts for conditions over the next 18 months. Findings help shape our government affairs agenda and set priorities for policymakers in order to strengthen the state’s economic competitiveness and grow jobs.
1|2|3|4|5|6|7|9| 09.17.2012 - CBIA/BlumShapiro Release the 2012 Survey of Connecticut Businesses
BlumShapiro and the Connecticut Business and Industry Association (CBIA) released their annual survey of Connecticut’s businesses on September 7. This year’s survey shows that while some progress is being made and profitability is up, Connecticut continues to struggle to grow in a post-recession economy, and the overall sentiment about Connecticut as a place to do business is still negative.
1|2|5|6|9| 11| 11.16.2016 - Looking Past Election Day: Tax Reform on the Horizon
Now that the election is over, the focus of many Americans will be on whether Trump will get his proposed tax policy reform passed through the Republican-held Congress and how the proposed tax policy will affect them.
4| 1| 09.26.2012 - Statement No. 63: Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position
When issued in June 2007, Concepts Statement Number 4, Elements of Financial Statements, outlined seven elements of state and local government financial statements. Two of the seven elements are likely very familiar to any preparer or user of such statements – Assets and Liabilities.
1|2|3|4|5|6|7|9| 10.15.2012 - Will Online Sales Tax Issues Finally Be Put to Rest?
For well over a decade, states have been grappling with the issue of collecting sales tax from online sales. Growing internet shopping has state tax commissioners scratching their heads trying to hatch ideas for getting in on those sales tax revenues.
5| 1| 04.23.2013 - Whitepaper: Accounting for Refundable Advance Fees - Understanding the Financial Statements of CCRCs
This paper will discuss the accounting for refundable entrance fees (before and after the change promulgated by the FASB), and how users of the financial statements might analyze the financial viability of a CCRC. It might also be used as a guide to assist CCRCs in discussing the accounting changes with interested parties.
1|2|3|4|5|6|7|9| 3| 10.16.2012 - Pay or Play—What Is It, What You Need to Know and Is There a Penalty in Your Future?
Among other things, the Patient Protection and Affordable Care Act (ACA) imposes new obligations on “large employers." These rules (outlined in Internal Revenue Code § 4980H) will increase reporting obligations for all affected employers and may increase costs for certain employers.
6|9| 11| 02.25.2013 - Energy Efficiency Could be New Wave for Connecticut Manufacturers
The Connecticut manufacturing sector is edging toward more efficient forms of energy to provide power, heat and cool buildings and reduce the cost of doing business.
1|2|3|4|6|9| 10.22.2012 - New York’s Metropolitan Commuter Transportation Mobility Tax Held Unconstitutional – Potential Tax Refund Opportunity – Action Needed By November 2, 2012
If you had or have employees working or are self-employed (including partners in a partnership or members in a limited liability company with self-employment earnings) doing business in New York’s Metropolitan Commuter Transportation District (MCTD), a potential tax refund opportunity may be available.
1|2|5|6|9| 10.30.2012 - Major Changes to Gift/Estate Taxes Looming By Year’s End
There could be significant changes coming by the end of 2012 to laws regulating taxes on gifts and estates, so if you have not already planned for these changes, now is the time to prepare for the possible impact.
2| 10.30.2012 - Tax Incentives Could Prove Helpful for the Construction Industry
The Research and Development Credit and the 179D deduction are tax incentives available to companies in the construction industry that are often overlooked. Companies in the construction industry should consider whether these incentives would apply to their businesses before they unknowingly miss out on potential tax savings.
1|2|3|4|5|6|7|9| 11| 04.11.2013 - The Affordable Care Act: Very Soon, Businesses Need to Decide if They Are Going to “Play or Pay”
Come the start of next year, hundreds of businesses across Connecticut will have to have answered a critical question when it comes to healthcare – do they want to play or pay?
9| 11| 03.21.2017 - With Tax Day looming, maximize your individual and business tax deductions
As individuals and businesses prepare to file their 2016 tax returns by April 18th, this could prove to be something of an end of an era in terms of tax policy. President Trump has talked about proposing sweeping changes to the nation’s tax code—including condensing tax brackets, eliminating the estate tax, eliminating the Alternate Minimum Tax and reducing the corporate tax rate—so at this time next year, the landscape could look dramatically different.
1|2|3|5|6|7|9| 1| 11.14.2012 - FASB Issues Guidance to Simplify Impairment Testing for Indefinite-lived Intangible Assets
On July 27, 2012, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2012-02 to simplify impairment testing of indefinite-lived intangible assets other than goodwill. ASU 2012-02 applies to intangible assets that are not subject to amortization. Examples of intangible assets subject to the revised standard include indefinite-lived trademarks, licenses and distribution rights.
6|8|9|1|2| 2| 11.14.2012 - Value Drivers For Your Business
By most accounts, there is a wave of small- and medium-sized businesses that will be sold in the next five to ten years. Studies have shown that of the 78 million members of the baby boomer generation, nearly 10% are small business owners. In addition, nearly two-thirds of business owners in the United States do not have children that plan on taking over the family business. This leaves an estimated five to seven million small businesses without a family succession plan. In all likelihood, these businesses will come to market in one of three ways: 1) the owner will leave the business to his or her estate who will either sell or dissolve the company, 2) the owner will become an absentee owner or dissolve the company and retire (leaving market share to be taken by another entity), or 3) the company will be sold to employees or a third party. Of the three scenarios, maximum value to the owner is typically achieved only by a sale to a third party.
1|2|6|9| 11| 11.14.2012 - A Changing Nexus Environment
In an effort to curtail budget deficits, states are becoming increasingly aggressive in asserting their right to tax out-of-state businesses exploiting their marketplace. These “nexus” assertions can apply to business entity income and franchise taxation, pass-through entity (e.g., limited liability companies, partnerships and S corporations) owner income taxation, sales and use taxation and other tax types.
6| 11.26.2012 - Survey Shows Manufacturers Like Connecticut, Optimistic for the Future
Connecticut manufacturers are reporting encouraging balance sheet news, with a large majority showing profitability despite the economic downturn of previous years. A recent survey of 150 Connecticut-based manufacturing companies, conducted by BlumShapiro and the Connecticut Business and Industry Association to assess their enthusiasm for maintaining a business presence in this state, also shows that a majority see Connecticut as an excellent place to work and live.
1|2|6|9| 11| 05.12.2015 - Tax Legislation Advances as Filing Season Concludes Successfully
The tax filing season concluded on April 15 with the IRS Commissioner reporting that return and refund processing went smoothly. Congress returned to work in April after a two-week recess, and the House immediately passed a number of tax-related bills. House lawmakers voted to repeal the federal estate tax, make permanent the state and local sales tax deduction and make reforms to the IRS.
5| 12.04.2012 - Avoiding the Pitfalls of the False Claims Act
The federal False Claims Act (“FCA”) dates from the Civil War and until recent times was used against defense contractors who falsely billed the federal government for goods or services. Since the 1980’s, the FCA has predominately come to be used against health care providers. The FCA makes anyone who “knowingly” submits or causes to be submitted a false claim potentially liable for treble damages, costs of investigation and civil penalties of thousands of dollars. “Knowing” is defined to include (a) actual knowledge, (b) deliberate ignorance, or (c) reckless disregard.
5|3|7| 12.04.2012 - Preventative Tax Planning for Tax-Exempt Organizations
In recent years, the IRS has increased the number of audits of tax-exempt organizations and the methods used to select an organization for audit. This is primarily the result of the new 990 as well as recent high-profile fraud cases and increased public scrutiny of such organizations. As such, it would be wise for all tax-exempt organizations to take a hard look at their operations, policies and activities to help prevent a costly outcome of an IRS examination. This article will focus on some of the high-risk audit areas, the factors used by the IRS in selecting tax-exempt organizations for audit, and will then provide some preventative steps that tax-exempt organizations can take to help minimize risks and ensure compliance with IRS requirements. Although this article is geared towards 501(c)(3) organizations, many of the concepts can be applied to all types of tax-exempt organizations.
1|2|6|9| 10| 12.05.2012 - Hiring the Right People
There is a function that every manager has to do regardless of industry, company size or economic conditions. There are many who are very good at it, those who are not and others who make the same mistakes time and time again. This function is hiring. What’s even more important is understanding the difference between hiring and hiring the right people for your organization to build a winning team.
4|3|2|1|9|7|6|5| 11| 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.
9| 11| 02.12.2018 - Connecticut Governor Proposes Passthrough Entity Tax To Help Connecticut Business Owners
To mitigate the impact of the “lost” federal state deduction attributable to income earned by owners of Connecticut businesses operating as passthrough entities, Governor Dannel P. Malloy recently proposed in his 2019 fiscal year budget an “end-around” to this lost deduction.
6|8|9| 7| 12.05.2012 - Blue Chip Lessons: Optimizing Non-Core Processes
Most transactional processes are not core to your business. Typically, your business’ core competencies are likely something other than accounting, processing payroll or handling payable transactions. However, in order to manage the business, you are reliant on outputs (monthly reports, sales data) from these processes. If not managed well, especially if your business has grown over time, these non-core processes can take time and resources away from operations, depress margins and cost the business thousands of dollars in wasted cash flow.
1|2|6|9| 12.10.2012 - Year-End Tax Planning in the Midst of Uncertainty
The expiration of the “Bush tax cuts”, the temporary cut in social security taxes on December 31, 2012 and the implementation of the new income taxes on high income earners in 2013 passed under Obama’s 2010 Healthcare Act, is what has been coined the “fiscal cliff”. The fiscal cliff is expected to raise more than $500 billion in taxes in 2013. It appears that Washington is going to call on nearly all Americans to help reduce the deficit by raising taxes across the board on all taxpayers. Low-income tax earners will be most affected by the reduction in the childcare credit, the elimination of the 10% tax bracket and the expiration of the temporary cut in social security taxes. High-income households would be hit harder by higher tax rates on ordinary income, the expiration of the 15% tax rate on long term-capital gains and qualified dividends, the additional 3.8% Medicare tax on investment income and the .9% Medicare tax increase on earned income starting in 2013.
3| 12.11.2012 - ‘decent Exposure: Reducing Facilities Risk in the Post-downturn Environment
The acute economic downtown that began in 2008 had a profound effect on facilities investments within education. We observed a marked decrease in annual stewardship (funding that protects buildings and systems), capital spending, and daily service facilities budgets. Unfortunately, at the same time, buildings continued to age. The result of these trends is the addition of risk through increased annual maintenance deferrals, growing project backlogs, and in some cases, decreased organizational capacity.
1|2|6|9| 3|11| 12.13.2012 - Hurricane Sandy Relief
The Internal Revenue Service (IRS) and the Department of Labor (DOL) have issued guidance providing relief for those affected by Hurricane Sandy.
5| 12.17.2012 - Medicare Payments Continue to Be in the Spotlight for OIG
On November 13, 2012, the Department of Health and Human Service’s Office of the Inspector General (OIG) released a report addressed to the Center for Medicare and Medicaid Services (CMS) titled “Inappropriate Payments to Skilled Nursing Facilities Cost Medicare More Than a Billion Dollars in 2009”. Based on that title it appears the department was trying to get the attention of everyone involved in the skilled nursing community. The overall dollar impact of this was $1.5 billion and represented 5.6% of the $26.9 billion which was paid to skilled nursing facilities in 2009.
1|2|6|9| 11| 01.02.2013 - Fiscal Cliff Averted?
As Americans woke this morning it was learned that the House of Representatives had passed “The American Taxpayer Relief Act”. Now the only thing left is for President Obama to sign and enact the bill into law, which he is expected to do. After what feels like months of negotiations, the following major tax provisions will be enacted:
1|2|6|9| 01.09.2013 - Turning the Tide, Moving Forward in 2013
Now that we’ve backed away from the fiscal cliff, Connecticut’s economy could be in for a better overall year in 2013. For starters, what has been uncertain for so long is now a deal, and certainty in taxes is a valuable factor for businesses to be able to move forward.
9|1|2|6| 11| 01.16.2013 - Connecticut JET Credit Report Due As Soon As Possible
A business that has applied for and is eligible to claim the Connecticut Job Expansion Tax (JET) Credit must complete and return DECD Forms JET-1, Summary of New Full-time Employment Positions Created and Retained, and JET-2, Schedule of Employees at End of Reporting Period, along with the supporting documentation to the Connecticut Department of Economic and Community Development (DECD) as soon as possible in order for the business to determine the tax credit it is eligible to claim on its 2012 Connecticut income tax return.
9| 11| 01.28.2013 - Qualified Charitable Contributions from IRAs
If you’ve reached 70½, the just-passed fiscal cliff legislation allows you to make cash donations to IRSapproved charities out of your IRA. These so-called Qualified Charitable Distributions (QCDs) were allowed in the past, but the privilege expired at the end of 2011. The new law retroactively resurrects QCDs for 2012 and extends them for 2013. As you will see, they can be a tax-smart deal, but you must take action by the end of this month to benefit from the retroactive options for 2012. Here’s what you need to know.
9|1|2|5|6| 11| 01.29.2013 - Tax Breaks Retroactively Reinstated and Extended by the 2012 Taxpayer Relief Act
As part of the much discussed ‘Fiscal Cliff’ legislation which addresses many of the expiring Bush era tax cuts, provisions of the American Taxpayer Relief Act of 2012 retroactively reinstated various business and individual tax breaks which expired at the end of 2011. While legislation was designed and passed in 2013, taxpayers, as in years before 2012, once again have the opportunity to benefit from the following items retroactively to 2012.
5| 01.29.2013 - The Mercer Report on the State of Connecticut Medicaid Long Term Care Demand Projection
The Department of Social Services (DSS) presented its plan on rebalancing today with the unveiling of the much anticipated Mercer report on the State of Connecticut Medicaid Long Term Care Demand Projection.
5|9| 1|11| 01.30.2013 - New Reporting Requirements for HUD-Insured Mortgages Under Section 232
There are new reporting requirements that are set to take effect in 2013 for nursing home operators that have a HUD insured mortgage under Section 232.
9| 02.19.2013 - New IRS Guidance on Healthcare Employer Mandate Looks to 2014 Start Date
Under the new health care law, starting in 2014, "large" employers with more than 50 full-time employees will be subject to stiff monetary penalties if they do not provide affordable and minimum essential health coverage. With less than eleven months before this "play or pay" provision is fully effective, the IRS continues to release critical details on what constitutes an "applicable large employer," "full-time employee," "affordable coverage," and "minimum health coverage." Most recently, the IRS issued proposed reliance regulations that provide employers with the most comprehensive explanation of their obligations and options to date.
6|9| 02.25.2013 - Exporting: Just for the “Big Guys”? Think Again
All too often, small businesses are denying themselves a seat at the global export table. The inability of the small business manufacturer to actively pursue overseas markets is quite often not founded on empirical evidence, but the lack of knowledge dealing with the intricacies of exporting.
6| 02.25.2013 - CCAT’s Advanced Manufacturing Center Helps Companies Compete
As our region’s small- to mid-sized manufacturing companies increasingly perform on a worldwide scale, they will be faced with the need to improve their processes and increase production – all without interrupting their workflow. The Connecticut Center for Advanced Technology (CCAT), through its Advanced Manufacturing Center (AMC) in East Hartford, addresses this dilemma. At the AMC, CCAT applies new machining technology techniques and optimization to help companies gain a competitive edge in today’s high-tech global market.
1|2|6|8|9| 7| 02.22.2013 - Whitepaper: Your Finance Function: How Do You Measure Up?
Your Finance Organization may be simple or complex; its structure dependent on the size and complexity of you overall organization. However, its relationship to the business will change over time. Processes that worked in the past may not really be working effectively right now.
1|2|6|9| 2| 03.18.2013 - Succession Planning: A Requirement for Fiscal Fitness
Time is passing — and there is no stopping it — but as business professionals we can plan for the changes that it brings. Whether your goal is staying competitive and profitable now or creating an exit plan that will make the eventual transition to new owners as seamless as possible, there is no substitute for fiscal fitness. This is true especially for family owned operations.
9|1|2|5|6|10|13|12|11|14| 11| 03.15.2018 - New 20% Deduction for Pass-Through Business Income Under New Tax Law
The newly signed Tax Cuts and Jobs Act contains a significant new tax deduction effective for owners of “pass-through” businesses in 2018—specifically affecting partnerships, S corporations, LLCs or sole proprietorships—and it should provide a substantial tax benefit to those with qualified business income.
8| 15| 11.14.2016 - The Dark Side of Clickbait - This Will Shock You...
Clickbait, nowadays it’s hard to avoid it. “You won’t believe it,” “You’ll never guess who said this” are the types of intriguing headlines that tempt us to click that link, otherwise known as clickbait. Some clickbait now serves as a link to malicious websites.
7|5|3| 03.06.2013 - How to Foster an Effective Non-Profit Board of Directors
In today’s world, non-profit organizations are highly scrutinized and are struggling to survive. There are higher demands for services and diminishing resources. In order to face these challenges, it is more important than ever that the Board of Directors is effective and provides solid leadership. Executive management is in a position to help ensure the board is well prepared to lead the organization.
3|5|7| 03.06.2013 - Federal OMB Proposes Significant Changes to Federal Grantee and Audit Requirements
On February 28, 2012, the federal Office of Management and Budget (OMB) issued an invitation to comment on a concepts document which outlined potential changes in federal grantee requirements and the federal single audit. The purpose of the changes is to streamline grantee and audit requirements while maintaining accountability. That proposal was covered in our spring 2012 newsletter.
3|5|7| 1| 03.12.2013 - Financial Reporting Update
The Financial Accounting Standards Board (FASB) Not-for-profit Advisory Committee (NAC) is continuing to develop recommendations intended to improve the nonprofit financial reporting model. The NAC is reconsidering whether the current net asset classification scheme – unrestricted, temporarily restricted and permanently restricted, based on donor intent, is the most relevant and meaningful classification scheme.
1|2|6|9| 10| 03.19.2013 - Why Recruitment is NOT Dying
With the rise of social media and internet visibility, many have speculated that the need for recruiters has changed dramatically. There has been inference that, the recruiting industry, is losing business to LinkedIn, Facebook and blogs, which have recently been on the rise. We have established that it is indeed a candidate market at the present time; there are more job openings than there are qualified candidates.
1|2|3|4|5|6|7|9| 3| 11.01.2016 - 401(k) and 403(b) Audit Checklist
It is important to prepare for your annual retirement plan audit to ensure a smooth audit and Form 5500 filing. This checklist is designed as a summary of the items that will typically be reviewed as part of the annual audit of your defined contribution plan (401(k), 403(b) and profit sharing plans). It is not meant to be all-inclusive, but covers the common items requested during an audit of a defined contribution plan.
1|2|3|4|5|6|7|9| 6| 04.18.2013 - Calculating Damages of Early Stage Intellectual Property Infringement
As technology advances and its usage becomes even more widespread, intellectual property law and the related litigation becomes more relevant.
9| 3| 04.23.2013 - Employee Benefit Plan Update: IRS Revenue Procedures 2013-12 and 2013-22
Updates to the Employee Plans Compliance Resolution System (EPCRS) were made by the Internal Revenue Service with Revenue Procedure 2013-12. This Rev. Proc. modifies and supersedes Rev. Proc. 2008-50. The new Rev. Proc. was issued on December 31, 2012 with an effective date of April 1, 2013.
9| 11| 04.24.2013 - House Ways And Means Committee Sets Sights on Small Business Tax Reform
Many small business benefits incorporated into the Tax Code are complicated and, arguably, in need of reform. House Ways and Means Committee chair Dave Camp, R-Mich., recently released a draft proposal containing numerous tax reform measures specifically designed to simplify taxation of small businesses and partnerships.
5| 1| 05.07.2013 - Rhode Island Price-Based System Postponed
After the initial test of the progress of the implementation of the Price-Based System, the Office of Health and Human Services (OHHS) has agreed to postpone the implementation date to June 1, 2013.
1|2|3|4|5|6|7|9| 05.17.2013 - Five Years Later, It’s Still About Jobs
What Connecticut needs most to achieve a real and sustained economic recovery is still, not surprisingly, more jobs. But we won’t get those jobs without both a housing recovery and a more confident business community.
1|2|3|4|6|7|9| 11| 05.17.2013 - Is Tax Reform on the Horizon
There are several tax reform proposals being bantered about. All of the proposals have one common goal: reduce the federal government's approximate $16 trillion federal budget deficit. To reduce the budget deficit, many of the plans propose to cut spending and raise revenues.
9| 11| 05.17.2013 - The New 3.8% Net Investment Income Tax Continues to Challenge
The 3.8% Medicare tax on net investment income (the NII Tax) is a new tax calculated on a new tax base, on top of the income tax, alternative minimum tax, self-employment tax and payroll tax. Proposed regulations were issued at the end of 2012 for taxpayers to rely on to determine the application of net investment income (NII) to certain categories of income.
1|2|5|6|9| 11| 05.17.2013 - Massachusetts Small Businesses Eligible for New Wellness Tax Credit
Promoting employee wellness through workplace education, incentives and other programs can have a direct and positive impact on productivity while also helping to control employer healthcare costs. A 2011 study published by the American Journal of Health Promotion found that healthcare costs rose at a 15 percent slower rate among employees who participated in wellness programs. Now small businesses in Massachusetts can earn a state tax credit worth 25 percent of the cost to implement qualified wellness programs.
6|8| 05.17.2013 - Why do I need a Data Warehouse?
Businesses measure all sorts of things in order to better manage their business. They measure how much a customer has spent on their products, what products have the best margin and how long it takes to get a product delivered to the customer after the order is confirmed. You name it, and most assuredly someone or some business out there is measuring it.
5| 1| 05.23.2013 - Potential Nursing Home Reimbursement Change
We recently became aware of a potentially major item impacting the application of rate reductions to skilled nursing homes. The governor’s budget outlined cuts of approximately 1.2% to skilled nursing homes. Since these cuts were based on a reduction of the additional provider tax funds that were received in the prior year, it was anticipated the cuts would be done flat across the board to all skilled nursing facilities.
6| 06.10.2013 - Latin America Offers Export Opportunities for New England Aerospace Manufacturers
New England aerospace manufacturers take note, the aerospace industry in Latin America needs you. The economies of countries like Panama, Peru and Chile are growing at a fantastic rate each in excess of approximately 5%.1 These expanding markets offer tremendous potential for New England manufacturers, specifically in the fields of aerospace products and services and MRO.
5|9| 06.13.2013 - White paper: Perspectives on the Senior Living Industry and the Role of Strategic Planning
These are interesting and exciting times in the senior living industry. National Healthcare Reform (Obamacare), Accountable Care Organizations (ACOs), Medical Homes, Health Care Exchanges, Sequestration, Bundled Payments, Mergers and Affiliations, Rebalancing between institutional and home and community based services, Technology Changes, Risk management and many other items are creating unprecedented change and influence.
1|2|3|4|5|6|7|8|9| 7|8| 06.10.2013 - White paper: Your Finance Function - Where do you spend your time?
In our last white paper, we began with an adage that tends to hold true for most organizations: “the thinking that got you where you are may not be the thinking that propels you to the next level”. Your finance function will change, as change is an inevitable reality in a competitive business landscape. The pace is fast. As we know from experience, one day runs into the next and when a finance organization takes a breath, it may find itself with processes that are not as effective as they once were.
1|3|6|9| 11| 06.18.2013 - This Year, the Deadline for Reporting Foreign Financial Accounts Is June 28
Taxpayers required to file an annual Report of Foreign Bank and Foreign Accounts (FBAR) with the Treasury Department should keep in mind that the deadline for doing so this year is June 28, not June 30. The due date is slightly accelerated due to an anomaly in Treasury Department filing rules.
1|6|9| 11| 06.18.2013 - Senate Passes Internet Sales Tax Bill That Will Require State Sales Tax on All Online Purchases
On May 6, 2013 the Senate passed the Marketplace Fairness Act of 2013 (Act) by a 69-27 vote. Passage in the Senate was considered a major hurdle for taxing Internet sales. The Act is now being considered in the House and it is likely that the House will propose changes to the Act that was passed by the Senate.
1|2|6|9| 11| 06.19.2013 - Connecticut Tax Amnesty Program
The Connecticut legislature passed Public Act 13-184, which includes a tax amnesty program. The tax amnesty program will cover all state taxes except for motor carrier road taxes and is available for any taxable period ending on or before November 30, 2012.
1|2|6|9| 3|11| 06.21.2013 - New Excise Tax Due July 31, 2013 on Plan Sponsors of Self-Funded Plans
The Affordable Care Act imposes fees on issuers of specified health insurance policies and on plan sponsors of applicable self-insured health plans. Self-insured health plans also include health reimbursement arrangements (HRAs).
5| 7| 06.26.2013 - Compliance Programs Mandatory for Skilled Nursing Homes and Nursing Facilities in 2013
While it seems like compliance programs have been mandatory for skilled nursing homes and nursing facilities since the late 1990s, in reality they have, up until now, only been suggested by the Office of the Inspector General (OIG). As part of the Affordable Care Act (the Act) they have become mandatory as of March 23, 2013. Although the Act requires the Department of Health and Human Services and the OIG to establish core elements for these compliance programs, those elements were not created by the implementation deadline.
9|1|2|3|4|5|6|7| 11| 07.02.2013 - Many Tax Planning Questions Arise After Supreme Court's DOMA Decision
On June 26, the U.S. Supreme Court held that Section 3 of the federal Defense of Marriage Act (DOMA) is unconstitutional (E.S. Windsor, SCt., June 26, 2013). Immediately after the decision, President Obama directed all federal agencies, including the IRS, to revise their regulations to reflect the Court's order. How the IRS will revise its tax regulations - and when - remains to be seen; but in the meantime, the Court's decision opens a number of planning tax opportunities for same-sex couples.
1|2|4|6|9| 07.18.2013 - How are vacation homes taxed?
Vacation homes offer owners many tax breaks similar to those for primary residences. Vacation homes also offer owners the opportunity to earn tax-advantaged and even tax-free income from a certain level of rental income. The value of vacation homes are also on the rise again, offering an investment side to ownership that can ultimately be realized at a beneficial long-term capital gains rate.
8| 7|8| 07.19.2013 - White paper: Sales and Operations Planning
Perhaps the most critical aspect of S&OP, and often somewhat neglected, is the integration of plans from all functional departments, including finance. With that said, does your finance team sit next to operations colleagues at the table or at the other end during the planning process? The focus of this whitepaper is to provide insight on the importance of integrating the office of finance throughout the S&OP cycle.
5| 07.26.2013 - First-Year Results of Massachusetts Pioneer ACOs
In May of 2012 BlumShapiro wrote an article on the five Massachusetts organizations that were selected to participate in the Pioneer Accountable Care Organization (ACO) Model (the Model): Atrius Health Services, Beth Israel Deaconess Physician Organization, Mount Auburn Cambridge Independent Practice Association, Partners Healthcare and Steward Health Care System. The Model is part of the Affordable Care Act’s efforts to test the impact of several innovative payment arrangements.
8|4|9| 7| 07.31.2013 - 4 Simple Steps for Improving Project Success
In today’s business world, organizations large and small are exploring ways to improve how they initiate, select, plan, track, collaborate and report on key initiatives — or projects. While these initiatives may differ in size and scope from those being worked on by your city, town or agency, government entities can benefit greatly from some of the same methods that have evolved into the professional discipline known as Project Management. Government projects can include anything from running public events, to developing an RFP, to implementing new software, to managing outside building contractors and everything in-between.
8| 12| 04.20.2017 - Technology Talks Podcast: Cloud Computing
In this episode of Technology Talks, Hector Luciano speaks with Michael Pelletier, Chief Innovation Officer and Partner at BlumShapiro Consulting about cloud computing, the role it can play for your organization and how it connects to Digital Transformation and the 4th Industrial Revolution.
6|9| 11| 04.20.2017 - New England Remote Retailers May Be Subject to Use Tax Collection Due to Economic Nexus
States have begun to pursue legislation on their own that require remote vendors to register for use tax collection due not only to their physical presence but also due to their economic presence within the state.
3|5|7| 4|5|8| 08.01.2013 - Performing a Risk Assessment for Non-Profit Organizations
There is quite a bit of buzz in the business world about internal controls. We all know you should have good internal control. You hear your accounting firm repeatedly refer to internal control, but it is sometimes a challenge to determine what good controls really are and how you get there.
3|5|7|9| 11| 08.01.2013 - IRS Focuses on Group Exemption
The IRS can recognize a group of organizations as tax exempt if they are affiliated with a central organization. This avoids the need for each of the organizations to individually apply for exemption. A group exemption letter has the same effect as an individual exemption letter except that it applies to more than one organization.
6| 08.14.2013 - Manufacturing in Connecticut: A Proud Heritage, But What Does the Future Hold?
For more than a century Connecticut has been a leader in manufacturing innovation, the state from which the rest of the nation often takes its cue when it came to the newest and best technological advancements.
3| 7|8| 08.13.2013 - Enterprise Risk Management – What Educational Institutions Should Be Considering
One of the most important issues currently being addressed by educational institutions is that of Enterprise Risk Management (ERM), a process that allows an institution to mitigate from an array of potential risks. ERM incorporates the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives, as well as providing a framework for risk management that proactively protects and adds value to the institution and its stakeholders.
1|2|6|9| 11| 08.14.2013 - Changes to Massachusetts Sales and Use Tax on Computer and Software Services Law Effective July 31, 2013
Effective July 31, 2013, pursuant to newly-enacted legislation, An Act Relative to Transportation Finance, St. 2013, c. 46 (the Act), Chapters 64H and 64I of the Massachusetts General Laws have been amended to apply the sales and use tax to certain services relating to (1) computer system design and (2) the modification, integration, enhancement, installation or configuration of standardized or prewritten software.
1|2|6|8|9| 4|6|9|12| 08.15.2013 - eDiscovery and SharePoint 2013 as a Litigation Tool
Electronic discovery or eDiscovery is the process of searching for electronically stored information (ESI) with intentions of using it for legal purposes. Electronically stored information can be found in any type of electronic form; documents, emails, videos or instant messages. It includes any type of file containing information pertaining to a civil lawsuit, audit or investigation.
1|2|6|9| 08.15.2013 - FAQ: To What Extent are Business Meals Deductible?
A business can deduct meals only if they are ordinary and necessary expenses and not lavish or extravagant. Further, the amount allowable as a deduction for business meal and entertainment expenses, whether incurred in-town or out-of-town is generally limited to 50 percent of the expense.
1|2|6|9| 08.15.2013 - For Family Owned Businesses, Succession Planning Is Essential
In the majority of family owned businesses, there is usually a strong desire to keep that business ownership within the family and to maintain that legacy, even when the founding generation prepares to retire and move on.
1|2|3|6|9| 11| 08.15.2013 - U.S. Delays FATCA's Withholding, Reporting and Other Rules For Six Months
The scheduled January 1, 2014 rollout of withholding, reporting and other rules in the Foreign Account Tax Compliance Act (FATCA) has been delayed six months, the Treasury Department and the IRS have announced. The six-month delay is expected to give the U.S. more time to conclude negotiations and sign agreements to implement FATCA with foreign governments. The Treasury Department and the IRS have not, however, delayed the rules for reporting by individuals.
5| 08.22.2013 - Rhode Island Price-Based System Update
We are conducting an informal survey regarding the results of June, the first month of the price-based system. To date, the survey consists of 31% of the Rhode Island nursing facilities representing approximately 49,000 Medicaid paid days.
5| 08.26.2013 - New Compliance Tool to be Available Soon for Skilled Nursing Facilities
The Centers for Medicare and Medicaid Services (CMS) has contracted with TMF Health Quality Institute to produce the Program for Evaluating Payment Patterns Electronic Report (PEPPER) for Skilled Nursing Facilities (SNF). CMS has historically prepared these reports for hospitals. Your facility should begin receiving these reports this fall in the mail addressed to the administrator. These reports cover the most recent fiscal year, October 1 through September 30, and will compare your facility’s data to the corresponding state data, your fiscal intermediary’s data from its jurisdiction and national statistics for the last three years.
9|7|6|5|4|3|2|1| 1|2|4|6| 07.11.2017 - Financial Statement Red Flags
The last 15 years have produced some of the most notable financial statement frauds in U.S. History, including: Enron, WorldCom, Tyco, HealthSouth and AIG. The magnitude of the losses associated with recent accounting scandals continues to inform users of financial statements about the importance of recognizing financial reporting red flags. These red flags are often indicative of underlying operational or economic distress.
8|6| 12| 08.29.2013 - Should Your Employees Bring Their Own Devices to Work?
We are witnessing a remarkable increase in the number and variety of portable devices available to consumers. These devices have fundamentally re-defined the concept of what a computer can do, what it can offer us and how it can serve our continuing drive to maximize the productivity of every waking moment. They have become enormously popular; according to a report published by Cisco earlier this year, there will be more mobile devices than people on Earth by the end of 2020.
6|9| 08.30.2013 - Energy Savings for Corporate Efficiency
As a business advisor to my clients, I often discuss with them ways to improve their businesses such as optimizing their business processes, maximizing growth opportunities and managing profitability in a shifting tax landscape. But I also encourage my clients to take a closer look at all of their expenses — including utilities — in which they can find six-figure cash flow savings as close as a light switch away.
4|8| 7| 09.10.2013 - Changing LEAN Government from Incremental Improvement to Sweeping Agency Transformation
The LEAN approach is a well-known and often misused process improvement tool because it is regularly implemented without the benefit of a well articulated strategic vision in place. Wanting of sufficient context, the archetypal LEAN effort overstresses operational efficiency at the cost of proficient strategic execution.
5| 09.13.2013 - New Rhode Island Skilled Nursing Medicare Rates and Ruling on Hospital Observation Days
In August, CMS published a final rule on hospital inpatient admissions (among other items), providing clarity on how payments will be provided for inpatient status. This final rule addresses hospital admission procedures but has a direct impact on the required three-day hospital stay as a qualifying event for Medicare payment at a skilled nursing facility.
1|2|6|9| 09.24.2013 - With Many Encouraging Signs, What’s Next for Businesses in Connecticut?
For the 12th year in a row, the Connecticut Business and Industry Association (CBIA) and BlumShapiro recently released the Survey of Connecticut Businesses, which serves as a snapshot of how our state’s business leaders are feeling about doing business in Connecticut. And this year’s report, without question, builds on the gradual momentum we’ve seen since the state’s economy reached its nadir in 2009.
1|2|6|9| 11| 09.24.2013 - IRS Releases Comprehensive Repair/Capitalization Final Regulations
The IRS has released much-anticipated final “repair” regulations (T.D. 9636) governing when taxpayers must capitalize and when they can deduct their expenses for acquiring, maintaining, repairing and replacing tangible property. The final regulations make significant tax-payer-friendly changes to the 2011 temporary regulations. Compliance with the labyrinth of rules in the final regs, however, will challenge virtually every business, especially in light of an approaching January 1, 2014 effective date.
1|2|6|9| 09.24.2013 - FAQ: What Important Provisions Are Taking Effect Under the Affordable Care Act?
The Patient Protection and Affordable Care Act (PPACA)—the Obama administration's healthcare reform law—was enacted in 2010, and many of its provisions have taken effect. Other important provisions will first take effect in 2014 and 2015. These provisions of the law will require affected parties to take action—or at least to be aware of the law's impact—in 2013 and 2014. These provisions affect individuals, families, employers and health insurers, among others.
1|2|6|9| 09.24.2013 - Are You Prepared to Implement the FASB’s New Revenue Recognition Model?
Revenue is a key performance indicator and considered to be of critical importance to many users of financial statements. U.S. Generally Accepted Accounting Principles (GAAP) contain multiple industry specific revenue recognition guidance that sometimes result in different accounting treatment for transactions that may be economically similar. Furthermore, revenue recognition guidance for companies following U.S. GAAP is different than guidance contained in International Financial Reporting Standards (IFRS) which further impedes comparability of financial statements.
1|2|6|9| 11| 09.24.2013 - 2013 Year-End Tax Planning – Plan Now
It is never too late to start strategizing for year-end tax planning. Due to recent tax legislation (or lack thereof) along with new IRS rules and regulations, 2013 personal and business tax planning is vital. Looking ahead to year-end 2013, there are many planning strategies to explore and evaluate.
1|2|3|4|5|6|7|9| 11| 11.14.2016 - What are “excepted benefits” for purposes of the Affordable Care Act (ACA) minimum essential coverage?
The ACA created Code Sec. 5000A whereby individuals must now have minimum essential health insurance coverage, qualify for a health coverage exemption or make an individual shared responsibility payment.
9| 10.22.2013 - 2013 Tax Free IRA Distributions to Charity May Result in Even Greater Tax Savings
Since 2006, individuals who were required to make distributions from their Individual Retirement Accounts (IRAs) (age 70 ½ and older) could make Qualified Charitable Distributions (QCD). QCDs are payments (up to $100,000) made directly from an IRA to a qualified public charity. These payments satisfy the taxpayer’s minimum distribution requirements. Since the distribution is not included in the taxpayer’s income, the charitable deduction is not allowed either.
1|2|6|8|9| 7| 10.22.2013 - Businesses Need to Avoid the “Virtual Blind Spots”
Often times in the business world, companies can be undermined by what is known as the “virtual blind spot.” Much like actual blind spots on the road, those areas we are unable to see and therefore make us vulnerable. In the business world, these are areas where business leaders fail to identify new opportunities until it’s too late. So how do businesses avoid virtual blind spots?
1|2|6|8|9| 12| 10.23.2013 - Enterprise Social Networks: Should Your Organization Use One?
At home, millions of employees have their own Facebook, Twitter, LinkedIn and other social networking accounts. At work, do you use these tools to organize events and communicate with your co-workers? For most, the answer is probably not. With good reason, these social networks are not managed, private or secured within the confines of each business’ virtual walls. However, a new wave of online, cloud based services called enterprise social networks (ESNs) have entered the market over the last few years and matured.
9| 11| 10.24.2013 - IRS Issues Final Tangible Property "Repairs" Regulations
The IRS released final tangible property “repairs” regulations under Sections 162(a) and 263(a), regarding the deduction and capitalization of expenditures related to tangible property. The final regulations replace temporary regulations that were issued in December 2011. These regulations take effect January 1, 2014. They affect virtually any taxpayer that acquires, produces, improves or disposes of tangible property.
4|7|9| 06.11.2018 - New Uniform Guidance Procurement Standards to Go Into Effect
Learn more about the new Uniform Guidance Procurement Standards that go into effect for fiscal years beginning on or after December 26, 2017.
9| 11.01.2013 - BlumShapiro and CBIA Business Minutes
BlumShapiro and CBIA have partnered to produce the 2013 Survey of Connecticut Businesses. This annual study, now in its twelfth year, is the premier research report examining the profitability, outlook, workforce, and legislative priorities of Connecticut’s business community. Since our last survey, conducted in the summer of 2012, Connecticut’s economy has shown signs of sustained (albeit moderate) growth. The following CBIA/BlumShapiro Business Minutes with Tom DeVitto share some of the key findings in the survey.
3|7| 11| 11.05.2013 - Now More than Ever, Charities Need to Show Accountability, Transparency
There is a general feeling of uneasiness surrounding the non-profit industry these days, as many are concerned that changes in tax policy at both the federal and state level could have an impact on how much and how often people and businesses continue to contribute.
3| 11| 11.05.2013 - IRS Final Report on Tax-Exempt Colleges and Universities Compliance Project
The Internal Revenue Service has released its final report summarizing the audit results from the IRS's colleges and universities compliance study, which began in 2008. The final report focuses on two primary areas within the examinations: reporting of unrelated business taxable income (UBTI) and compensation, including employment tax and retirement issues. This article summarizes the UBTI reporting issues identified in the final report.
8| 12| 03.07.2018 - 5 Critical Skillsets for HR Analytics
Increasingly, companies are applying analytics and data science procedures to new areas of their business. Learn the impact that data science is having on the HR industry.
1|2|5|6|9| 2| 11.14.2013 - Why Exit Planning? Why Now?
As advisors, we know that business owners who create business plans are able to react more quickly to new events—events of the past few years in this economy and this world come to mind—than those who don’t.
9| 11| 11.14.2013 - IRS Releases First Wave Of Guidance for Married Same-Sex Couples
The U.S. Supreme Court's decision in June to strike down Section 3 of the Defense of Marriage Act (DOMA) generated many questions about federal taxes and same-sex couples. The IRS has responded with a general rule recognizing same-sex marriages nationwide. The agency also promised that more guidance will be released before the start of the 2014 filing season.
9| 11.15.2013 - U.S. Supreme Court Grants Certiorari to Dispute Over FICA Treatment of Severance Pay
The U.S. Supreme Court has agreed to resolve a split among the circuit courts of appeal on the FICA tax treatment of severance pay. The Supreme Court announced that it will review In re Quality Stores, 2012-2 ustc ¶50,551, in which the Sixth Circuit Court of Appeals found that supplemental unemployment benefits (SUB) payments are not wages for purposes of FICA taxation. As a result of the Sixth Circuit's decision, there is now a lack of uniformity among circuit courts on the question of whether severance pay is subject to FICA taxes.
9| 11| 11.15.2013 - Long-Distance Commuting Expenses Are Not Deductible
The Tax Court has recently affirmed the rule that, with very limited exceptions, commuting expenses are non-deductible personal expenses (Cor, TC Memo. 2013-240). The Tax Court held that there is no special treatment for long-distance commuting expenses, regardless of circumstances. (The exception to this rule, which applies to expenses of commuting to a temporary job site, did not apply to the taxpayer’s situation.)
9| 11| 11.15.2013 - Tax Court Upholds Reduction in Value of Gifts to Adult Children by the Estate and Gift Tax They Assumed
The Tax Court has rejected the IRS's motion for summary judgment in a gift tax case involving a woman's transfer of property to her adult daughters. The daughters had promised to assume any federal gift tax liability on the gifts and any federal or state estate tax liability if the mother died within three years of the gifts. Accordingly, the mother reduced the value of the gifts by the projected amount of tax liability that each daughter would assume.
1|2|3|4|5|6|7|9| 3| 11.16.2013 - Two Things Your Employee Benefit Plan Cannot Live Without
It is not uncommon in the retirement plan marketplace for plan sponsors to place the responsibility of investment selection on the participants in the plan. However, the fiduciary responsibility remains with the plan sponsor, who is charged with oversight over the plan. The Employee Retirement Income Security Act of 1974 (ERISA) was designed to protect participants, not the plan administrator or the plan sponsor.
1|2|3|4|6|7|9| 11.19.2013 - Give Yourself Credit For Hiring!
Employers considering hiring or who hire on a continuous basis should give themselves some credit. The Work Opportunity Tax Credit (WOTC) allows an employer a credit of $1,200 to $9,600 per employee hired from certain targeted groups. The credit is based on potential wages paid to these targeted new hires and the group in which they qualify.
6| 12.06.2013 - 2013 Year-End Tax Planning for Manufacturing Companies
It is never too late to start strategizing for year-end tax planning. Due to recent tax legislation (or lack thereof) and new IRS rules and regulations, 2013 personal and business tax planning is vital. Looking ahead to year-end 2013, there are many planning strategies for manufacturing companies and their owners to explore and evaluate.
6|8| 13| 12.06.2013 - A Checklist for Product Portfolio Management
Unless you manufacture commodities or specialize only in building custom products, the lifeblood of your business is innovation and new product development. What issues and risks are impacting the speed and success of your product pipeline? If your organization is like most, you’re likely struggling with having too many new product development projects for the available resources to work on, trying to get the new products out to market as soon as possible and reprioritizing efforts in order to adapt to constantly changing business conditions.
6| 1| 12.06.2013 - Latest Financial Accounting News
2013 is coming to a close and has been yet another busy year in the accounting world. Convergence of accounting standards is still underway, with projects such as lease accounting continuing to draw much attention (and criticism). Please see below for the latest accounting news and feel free to contact us with any questions.
2|6|9| 2| 12.17.2013 - Time: Too Much or Too Little?
Given that it takes time to not only create the plan but also to implement and achieve measurable results, it is time for you to start planning the most important financial event of your life—your exit from your company!
1|2|3|4|5|6|7|9| 12.17.2013 - 2013 – Flashback to 2000
This year has brought many changes to the tax landscape. The top rates have been increased and deductions are being phased out. Although we knew this was coming, reality has set in and it is time to deal with it. As we compare 2013 to 2012 it is very likely that if you are affected by the higher tax rates and phase-out of deductions, you could see a 15% to 20% increase in your tax bill. As 2013 comes to an end there are three numbers you should keep in mind.
3|5|7| 01.15.2014 - Update on The Non-Profit Financial Reporting Model
As you may recall from prior newsletters, the Not-For-Profit Advisory Committee (NAC) of the Financial Accounting Standards Board is re-evaluating the non-profit financial reporting model. Their focus is on improving net asset classification requirements and information provided in the financial statements and footnotes about liquidity, financial performance and cash flows.
3|4|5|7| 01.16.2014 - OMB Issues Final Guidance Revising Grantee and Auditor Requirements
In prior newsletters we discussed the federal Office of Management and Budget’s (OMB) proposals for revising grantee and auditor compliance requirements with regard to federal grants. The revisions were made for the purpose of streamlining requirements to promote efficient grant administration, although in the end there was less trimming of requirements and more of a consolidation of prior requirements into one document, which is still an improvement.
9|2|3|4|5|6|7| 1| 01.27.2014 - FASB Issues New Standards to Simplify Private Company Accounting for Goodwill and Interest Rate Swaps in Certain Instances
On January 16, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Updates 2014-2 Intangibles – Goodwill and Other: Accounting for Goodwill (a consensus of the Private Company Council) and ASU 2014-3 Derivatives and Hedging (Topic 815): Accounting for Certain Receive-Variable, Pay-Fixed Interest Rate Swaps—Simplified Hedge Accounting Approach (a consensus of the Private Company Council). These new standards will allow private companies simplified alternatives to existing accounting principles for goodwill and certain receive-variable, pay-fixed interest rate swaps.
9|1|2|6| 01.27.2014 - Potential for Good Things on Connecticut’s Horizon
As the new Year begins there are several encouraging factors in the U.S. economy. In 2013 there was more progress on energy independence, a reawakening of business confidence and job creation, and a very strong year on Wall Street.
9|1|2|3|4|5|6|7| 3| 01.27.2014 - Errors in Employee Benefit Plans – What are Your Options?
No plan sponsor wants to find an error in their employee retirement plan, but mistakes happen and no plan is perfect. The key to avoiding severe penalties and tax qualification issues is to identify and correct mistakes in a timely manner. If plan sponsors roll the dice and hope for the best, corrections can get very expensive. Both the Department of Labor (DOL) and the Internal Revenue Service (IRS) offer various correction programs to facilitate the correction of errors found in employee benefit plans.
8|9| 9|14| 08.06.2018 - Strategies for Controllers: Making the Case for Upgraded Accounting Software
Just because upgraded accounting software is overdue does not mean executives will approve it. Learn how controllers are making a more convincing case.
9| 10| 01.27.2014 - Recap of 2013 Hiring and Hiring Trends in Finance and Accounting for 2014
Before we have a look at what’s in store for 2014, let’s take a look back at the state of hiring in 2013 in the finance and accounting areas, based on our observations at CFS. 2013 was a very interesting year with an increase in hiring taking place in the second half of 2013. Most of the hiring needs that we saw emerged from internal/external moves, promotions, growth and acquisitions. Due to the increase in open accounting and finance positions, we quickly saw a decrease in qualified talent pool with candidates interviewing for and receiving multiple offers.
9| 11| 01.27.2014 - Changes in Tax Law Will Impact Estates and Trusts
With the start of 2014 and tax season already underway, now is a good time for people to once again consider the impact that tax law changes will have on their personal financial future. In particular, for those with estate plans in place and funded trusts, now is the time to develop and implement tax-saving strategies.
9|2|6| 2|7| 01.27.2014 - Which Comes First? Estate Planning or Exit Planning?
Once owners see that successful business Exit Plans and successful Estate Plans share the same goals, they can appreciate how to leverage the time and money they spend developing their exit plans into the design of their estate plans.
1| 02.10.2014 - Auto Team America: 2025 Dealership Vision: What Lies Ahead
The ATA paper presents key findings from an opinion survey of automotive dealers throughout the US as well as brainstorming sessions with dealers, ATA members and other industry specialists on the strategic vision of dealerships for the year 2025.
5|8| 02.25.2014 - HIPAA Compliance: When Was The Last Time?
A little over a year has passed since modifications to the HIPAA privacy, security, enforcement and breach notification rules under the HITECH Act were announced. Although the earliest impact of these rules was scheduled for March 26, 2013, all HIPAA-related documents and contracts must be in compliance with the new rules no later than September 22, 2014. The 138-page document outlines a few key points.
9| 11| 02.13.2014 - How Do I? Gather the Right Paperwork for a Charitable Deduction
Taxpayers must generally provide documentation to support (or to “substantiate”) a claim for any contributions made to charity that they are planning to deduct from their income. Assuming that the contribution was made to a qualified organization, that the taxpayer has received either no benefit from the contribution or a benefit that was less than the value of the contribution, and that the taxpayer otherwise met the requirements for a qualified contribution, then taxpayers should worry next whether they have the proper records to prove their claim.
8|9| 15| 09.22.2016 - Phishing, vishing, smishing, pharming...Say What?
So, now you know what ransomware is, you’re a cybersecurity master now, right? Not quite. Keeping up with cybersecurity challenges organization big and small – and keeping up with the lingo can be difficult too. Learn more.
9| 3| 02.13.2014 - Pension Funds—2013 Year End Review: Marked Improvement…Time to Play Defense?
During 2013, pension funds enjoyed some of the largest improvements in funded status in decades. Marked by strong asset returns and an increase in the discount rate, pension funds are estimated to end 2013 approaching 96% funded (source: JP Morgan Pension Pulse Fall/Winter 2013).
9| 4|6| 02.13.2014 - Fraud Prevention and Detection 101
How could it happen? Hundreds of thousands or even millions of dollars have gone missing. A long-term, trusted employee stands accused. No one knew? No one suspected? It happens every day. Businesses, large and small, municipalities and non-profit organizations all over the country are victimized from within by fraudulent activity. The financial and reputational impact can be devastating and may take years to overcome. In a majority of cases, the perpetrator has no means to make restitution, and the victims are unable to fully recover their losses.
9| 2|7| 02.13.2014 - The Avoidable Failure to Act
“I haven’t decided what I ultimately want to do with my business, or when I want to exit, or how much money I’ll need, or whom to sell to, so how can I plan my exit? Besides, I don’t want to exit right now.” If you’ve said this, or thought it, you are not alone. Many business owners are either overwhelmed with the thought of exiting or are so busy fighting daily business fires that they assume they cannot plan their exits.
1|2|3|4|5|6|7|9|10|13|12|11|14| 09.01.2017 - Tips to Prepare for the Employee Benefit Plan Year-End Audit
Many companies are in the process of gathering information for the year-end audit of their employee benefit plan. This article provides a checklist of review procedures the plan sponsor should complete in order to fulfill and provide support of compliance with some of their fiduciary duties. Completing these procedures will help your organization prepare for the employee benefit plan year-end audit, as well as provide strong fiduciary oversight. This is not a comprehensive list, but rather a reminder of the more common areas which are often overlooked.
7|9| 11.08.2016 - The Tax Exempt and Government Entities Group (“TE/GE”) Releases 2017 Work Plan
The work plan summarizes the IRS’s accomplishments for FY2016 and outlines its focus for FY2017. This article outlines the five strategic issue areas for FY2017.
9| 11| 03.13.2017 - Comprehensive Tax Reform and the Destination Based Cash Flow Tax (DBCFT)
The GOP plans sweeping changes in the tax code specifically in the introduction of the so-called “destination based cash flow taxation” (DBCFT). The key feature of this DBCFT concept as it applies to business tax is the application of the “border adjusted” tax that would significantly change the way the tax code works for corporate entities.
6|8| 12| 03.05.2014 - Big Data and Business
According to a research report from International Data Group (IDG) published earlier in the year, companies are getting serious about Big Data. Nearly half of all respondents (49%) stated that they either have or have begun implementation of a Big Data solution. Of those companies investing, respondents cited the CEO as the “Largest Supporter of Big Data Efforts”. Manufacturers, distributors and retailers stand to gain a great deal from Big Data, provided they understand what it is, how it differs from traditional reporting and how cloud computing drives the ROI, even for small companies.
6| 11| 03.05.2014 - Manufacturers Can Recognize Dramatic Results from Cost Segregation
Manufacturers who have purchased, renovated or constructed property in the last 15 years can often generate significant tax savings and increase cash flow by using the technique of cost segregation. Cost segregation is the identification and separate depreciation of personal property components and land improvements. Like its predecessor, component depreciation, cost segregation allows a taxpayer to separately depreciate various elements of a building more rapidly than the underlying building itself.
9| 11| 03.11.2014 - Massachusetts Annual Certification of Entity Tax Status
If you haven’t already done so, the Massachusetts Annual Certification of Entity Tax Status application on the Webfile for Business portal must be filed by April 1, 2014 to ensure that qualifying entities appear on the Massachusetts Division of Local Services List of Corporations for 2014.
9| 11| 03.18.2014 - Transition Relief for Mid-Sized Employers Regarding the Final Employer Mandate
Mid-sized employers may be eligible for recently announced transition relief from the Patient Protection and Affordable Care Act's employer-shared responsibility requirements. Final regulations issued by the IRS in late January include transition relief for mid-sized employers for 2015. Mid-sized employers for this relief are defined generally as businesses employing at least 50 but fewer than 100 full-time employees. Exceptions and complicated measurement rules continue to apply. The final regulations also describe the treatment of seasonal employees, volunteer workers, student employees, the calculation of the employer shared responsibility payment and much more.
9| 11| 03.18.2014 - DOMA Update: Deadline Approaching to Amend Returns for 2010 Tax Year
Same-sex couples have some calculating to do this spring as the effects play out from the U.S. Supreme Court decision made last year regarding the federal Defense of Marriage Act. Among a number of choices same-sex couples must make in the aftermath of that landmark ruling is whether to file amended tax returns for previous years. For the 2010 tax year, the filing deadline for amended returns is fast approaching. Typically, that deadline will be April 15, 2014, though Rhode Island law is less flexible than federal law in this regard.
1|2|6|9| 3| 03.18.2014 - 401(k) Loan Policies – What to Consider
Although it is not required by law to maintain a participant loan feature within an employee retirement plan, most plans do allow these programs. When choosing to allow a loan program within an employee retirement plan, it is important to adopt the loan policy features that are right for the plan.
9| 11| 03.18.2014 - Treasury Set to Develop New Retirement Savings Vehicle: myRAs
Early this year, President Obama instructed the Treasury Department to develop a new savings vehicle called "myRA." These accounts are to share many similarities with Roth IRAs but also have unique features. myRAs are expected to roll out before year-end 2014 with details on how they operate to be forthcoming.
1|2|6|9| 7| 03.18.2014 - Economic Downturn Gives Owners Time to Work on Value Drivers
Value Drivers are the intrinsic characteristics of a company that buyers look for when deciding what company to buy and how much to pay. Value Drivers are an important aspect in a successful sale of a business, and consequently it is the work of the owner (not employees) to create and to nurture them. Installing value drivers in your company is the best thing you can do to increase both the salability of your company and its price tag, but doing so takes time. Today’s economic downturn gives you the time you need to prepare your company to sell when the M&A market recovers.
3|5|7| 1|7|11| 03.25.2014 - Best Practices for Developing Compensation for Non-Profit Organizations
Non-profit compensation can often be a challenge for many organizations which want to recruit top leadership talent. They want the best and brightest to lead their organizations, but they also must stay within reasonable compensation ranges to avoid scrutiny and misuse of donors’ dollars. That is why the IRS asks questions on how compensation is set on their annual Form 990. An organization’s form 990 can be accessed by the public and includes questions on how compensation is determined, and discloses compensation for the organization’s highest paid employees. Therefore, it is critical that non-profit boards and executive committees understand the steps to take to determine fair and reasonable executive compensation.
3|5|7| 1|7| 03.25.2014 - Cultivating a Relationship Between the Finance and Development Offices
It is not uncommon for the relationship between the finance and development offices at non-profit organizations to be strained or non-existent. Yet this relationship is probably one of the most important within a non-profit organization, especially for those organizations that rely heavily on donations and grants. Poor communication between these two offices can result in the improper receiving and handling of contributions and, ultimately, lost funding and upset donors.
3|5|7| 1|7| 03.25.2014 - The New York Non-profit Revitalization Act of 2013
New York state laws governing non-profit organizations have been overhauled. The Non-profit Revitalization Act of 2013 (the Act) includes substantial reforms that will reduce red tape while enhancing governance and oversight of non-profits. Under the new laws, non-profit organizations will now be able to incorporate, dissolve and merge more easily, communicate and hold meetings using modern technology and enter transactions without having to go to court.
9| 1|3|11| 04.22.2014 - Safe Harbor Procedures in Determining Valid Rollover Contributions
The IRS recently issued Revenue Ruling 2014-9. This provides two safe harbor procedures which a plan administrator may utilize in order to have reasonably concluded that a potential rollover contribution is valid under Treasury Regulations Section 1.401(a)(31)-1.
8|9|1|2|3|4|5|6|7| 8|15| 04.26.2016 - Ransomware - The New Pandemic
What is ransomware? How can you mitigate risk? What do you do if infected by ransomware? Learn about all of the above in this compelling and information packed article.
3|9| 11| 04.08.2014 - IRS Final Report on Tax-Exempt Colleges and Universities Compliance Project—Compensation Issues
The Internal Revenue Service (IRS) issued its final report last year summarizing the audit results from its college and university compliance study, which began in 2008. The final report focuses on two primary areas: reporting of unrelated business taxable income (UBTI) and compensation, including employment tax and retirement issues. A previous article summarized the UBTI reporting issues identified in the report. This article focuses on the compensation, employment tax and retirement issues identified in the final report.
8|9| 15| 05.25.2016 - Why You Had To Pay the Ransom
Your organization recently suffered through a bout with ransomware, you had no choice but to pay the ransom to decrypt your files and get your business back up and running. Now, you’re wondering why it happened and what you can do to prevent it from happening again.
9| 7| 04.10.2014 - Finding the Right Advisors: Your Job as a Business Owner!
"My investment advisor suggested that I sell my company to an ESOP. Is that a good idea?" "My estate planning attorney recommended that I begin transferring my business to my children. What do you think?" "I'm getting tired of running my business every day. My accountant thinks a sale to a third party is a good idea. What's your opinion?" As advisors, unless and until we know more about an owner's company and what goals he or she wants his exit plan to achieve, we cannot possibly know which route is best. It is the job of your exit planning advisor to help you plan and implement your exit strategies by asking the questions that help you to clarify your goals. Experienced exit planning advisors ask the right questions so that you know where you are going, who is going to help you get there and the route you are going to take.
8|9| 1|7|12| 04.10.2014 - Seven Reasons to Outsource Your Accounting Practice
In today’s high-stakes business environment, companies outsource some operational functions to save time and money. As one of the first processes to be widely outsourced, accounting procedures continue to be released from in-house operations at an epic rate. This is because outsourced accounting practices can save money and time while offering an unwavering peace of mind to managers. As a business consultant, company owners often ask me whether they, too, should make this switch. My answer, consistently, is “absolutely”.
1|2|6|9| 11| 05.19.2014 - Looking Back Before Moving Forward: Post Filing-Season Check-up for 2014 Tax Savings
Now is the time to learn the lessons from last year’s tax return that can make a difference in your 2014 filing situation.
1| 11| 05.29.2014 - Taxation of Facility Image Upgrade Payments
On May 15, 2014 the Internal Revenue Service (IRS) released a General Legal Advice Memorandum (GLAM) addressing manufacturer incentive payments to dealers for facility upgrades. The issue of manufacturer payments to dealers has been a source of confusion and frustration for many years. Manufacturers often tout these payments as a “reimbursement” to the dealer for upgrading their facilities to meet manufacturer requirements. It is not uncommon for dealers to assume that these reimbursements should be used to offset the cost of the project, versus treating the payment as taxable income.
5| 1| 05.29.2014 - ZPIC Audits: How Can Your Organization Prepare?
In its continual mission to uncover improper claims, Medicare has increased the presence of its Zone Program Integrity Contractors (ZPICs). This ZPIC emergence is being driven largely by the transition in the national RAC (Recovery Audit Contractor) contract and the required suspension of document requests to providers until the new contract is awarded. ZPIC auditors have many similarities with RAC auditors. Consistent with RAC auditors, ZPICs are charged with trying to identify overbillings, up-coded bills and abuse of the system (whether intentional or unintentional). And, just like RACs, ZPICs make onerous document requests and do not allow long periods of time in order to complete those requests. However, there are a few key differences.
5| 1|7| 05.29.2014 - ACOs and Long-Term Care – Prepare to Be a Partner of Choice
Since 2011, provisions in the Affordable Care Act (ACA) have established Accountable Care Organizations (ACOs) throughout the nation. An ACO is a group of coordinated health care providers that agree to be responsible for delivering quality, appropriate, and efficient care to groups of patients. It is characterized by a payment and care delivery model that ties provider reimbursement to quality metrics and reductions in cost of care for assigned populations.
7|3|5| 07.11.2014 - FASB Progresses Toward Issuance of Exposure Draft to Redesign the Non-Profit Financial Reporting Model
As we have discussed in previous newsletters, the Financial Accounting Standards Board (FASB) is working on a project to redesign the nonprofit financial reporting model in order to provide more useful, transparent and consistent information to financial statement users. The primary areas likely to be impacted by the changes include net asset classification, indicators of financial performance, expense reporting, the statement of cash flows and information about liquidity and required disclosures.
9|1|2|3|4|5|6|7| 1|3| 06.17.2014 - Reducing or Suspending Safe Harbor Contributions Mid-Year
Beginning with plan years after 2014, under Treasury Regulation 9641, 401(k) safe harbor matching contributions may be reduced or suspended mid-year under the same circumstances that apply to safe harbor non-elective contributions.
1|2|9| 11| 06.17.2014 - This Year's FBAR Deadline: What Changed and What Hasn't
U.S. taxpayers with foreign financial accounts must file a Report of Foreign Bank and Financial Accounts (FBAR) if the aggregate value of their accounts exceeds $10,000 at any time during the calendar year.
1|2|6|9| 11| 06.17.2014 - Congress Juggles Immediate and Long-term Tax Issues
Nearly halfway into the year, tax legislation has been hotly debated in Congress but lawmakers have failed to move many bills. Only one bill, legislation to make permanent the research tax credit, has been approved by the House of Representatives (the House); its fate in the Senate still remains uncertain.
1|2|3|4|5|6|7|9| 1| 06.17.2014 - Revenue Recognition Changes… Are you Ready?
As the business climate continues to evolve and become more global, it has become increasingly important to ensure comparability of financial information reported by companies around the world. Accounting Standards Update 2014-09, Revenue from Contracts with Customers (the Update), was a result of a joint project between the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) with the goals of clarifying the principles regarding revenue recognition and developing a common revenue standard for both U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).
9| 6| 06.17.2014 - Forensic Review of Tax Returns a Must in Marital Dissolution Matters
The phrase "trust but verify" has many universal applications, but it becomes very personal when dealing with the breakup of a marriage. In many marriages, one spouse handles most of the financial matters and thus is the most familiar with the true value and nature of the relationship's assets. However, when a relationship sours, the spouse who was less involved with finances can be left in the dark, particularly when it comes to equitable division of marital assets.
6| 11| 06.17.2014 - Use of Manufacturing Reinvestment Accounts to Reduce Corporation and Pass-Through Owners’ Connecticut Income Tax Liabilities
Recently enacted Connecticut legislation reduces the number of manufacturers that can participate in the MRA program from 100 to 50, but it increases the maximum number of employees a manufacturer may have to be eligible as a small manufacturer from 50 to 150. In addition, the legislation eliminates the 50% income inclusion for distributions from a manufacturing reinvestment account (MRA) used for eligible purchases or expenses.
6|8| 7| 06.17.2014 - Tools To Help Keep Your Manufacturing Business Efficient
Today, the manufacturing industry faces many challenges. There is global competition, the economy is still rocky and technology is constantly changing. On a positive note, lawmakers are working to find ways to revive an industry (manufacturing) that once fueled our local economy. These tips are a guide to improving your business through efficiencies. They will assist in dealing with today’s constantly changing technology which, in turn, will lead to greater profits.
6| 11| 06.25.2014 - The Last of the Export Incentives
For companies looking to reinvest back into their businesses, take a second look at your exports. Thanks to one overlooked export tax incentive, they maybe more valuable than you realize.
1|2|5|6|9| 11| 07.16.2014 - Tax Changes in 2015 Rhode Island Budget Bill Will Impact Businesses and Individuals
Last month, Rhode Island Governor Lincoln Chafee signed the state’s fiscal year 2015 budget bill. The bill enacts widespread changes to the Rhode Island tax system across a number of tax areas. The most significant changes will be to the corporate income tax, but changes were also made that impact both personal income tax and the estate tax.
1|2|3|4|5|6|7|9| 11| 07.16.2014 - Connecticut Tax Legislation Highlights: 2014 Session
The recently concluded 2014 legislation session of the Connecticut General Assembly passed (with the governor’s approval) important broad-based tax measures which will impact individual and business taxpayers. Following is a brief explanation of the enacted legislation which will likely have the broadest impact in the areas of individual income taxation, sales and use taxation, property taxation and business entity taxation.
9| 11| 07.16.2014 - Employer Provided Transit Benefits – What Can You Provide Tax-Free to Your Employees?
Transit incentives are a popular transportation fringe benefit for many employees. Although the costs of commuting to and from work are not tax deductible (except in certain relatively rare cases), transportation fringe benefits help to offset some of the costs, including the expenses of riding mass transit or taking a van pool to work. Under current law, the value of qualified transportation fringe benefits provided to an employee is excluded from the employee's gross income and wages for income and payroll tax purposes.
9| 11| 07.16.2014 - IRS Offshore Voluntary Compliance Program
Since 2009, the IRS has operated an Offshore Voluntary Disclosure Program (OVDP) for U.S. taxpayers who have failed to disclose foreign assets or report foreign income from those assets to the IRS or the Treasury. The program provides reduced penalties and other benefits, giving taxpayers an opportunity to address their past non-compliance and "become right" with the government.
5| 1|7| 07.18.2014 - Impact of the 2014 Office of the Inspector General Work Plan on the Nursing Home Industry
The Department of Health and Human Services' Office of Inspector General (OIG) has issued its 2014 Work Plan, and five items have been identified as areas of review for nursing homes. The items identified include billing, administrative and quality of care issues. The five items (directly taken from the OIG's work plan) are identified in this article.
9| 07.18.2014 - Recent Changes in the World of IRAs
Both the U.S. Supreme Court and the U.S. Tax Court recently issued opinions dealing with individual retirement accounts (IRAs). This article shares two rulings regarding inherited IRAs, as well as tax-free rollover contributions.
5| 07.21.2014 - New Billing Requirements for Medicare Advantage Plans
Effective with dates of service beginning July 1, 2014, the Centers for Medicaid and Medicare Services (CMS) is requiring Medicare Advantage plans to report Health Insurance Prospective Payment System (HIPPS) codes with all of their claims for care delivered to skilled nursing facilities and home health agencies.
5| 1|7| 05.12.2015 - Department of Health and Human Services Plans Shift to Value-Based Payments for Nursing Homes
Earlier this year, the U.S. Department of Health and Human Services (HHS) announced a goal of connecting 85 percent of all traditional Medicare payments to quality measurements by 2016 and 90 percent of such payments by 2018. In addition, HHS indicated an objective of connecting 30 percent of Medicare payments to value or quality based alternative payment models by 2016 and 50 percent by 2018. As a point of reference, approximately 20 percent of payments are currently made through alternative payment models. This represents the first time that HHS has publicized a timeline for the often-discussed transition from quantity based reimbursement to one that rewards providers for quality and value measurements.
5| 07.21.2014 - Office of Inspector General (OIG): List of Excluded Individuals and Entities (LEIE)
The OIG is required by law to exclude individuals and entities convicted of certain criminal offenses from participation in all federal healthcare programs.
1|2|6|9| 1|7| 08.05.2014 - The Connecticut Economy: What Makes a Top State for Business?
Sponsored by BlumShapiro, Ion Bank, and UIL Holdings, this is the fall's most important economic event. Hear from top executives and leading economists about which industries are adding jobs, what's driving (and deflecting) business investment in Connecticut, and how state fiscal policy will impact the strength and pace of economic recovery. We will also release results of the 2014 Survey of Connecticut Businesses. All attendees receive a free copy of the report.
9| 11| 05.15.2015 - Protect Against Tax-Related Identity Theft
The IRS expects to receive more than 150 million individual income tax returns this year and issue billions of dollars in refunds. That huge pool of refunds drives scam artists and criminals to steal taxpayer identities and claim fraudulent refunds. The IRS has many protections in place to discover false returns and refund claims, but taxpayers still need to be proactive.
1|2|3|4|6|7|8|9| 8|12|15| 08.18.2014 - How to Safely “BYOD”
As technology advances and new mobile devices emerge daily, businesses need to continuously evolve their security strategies in order to protect their organizations.
1|2|3|4|5|6|7|9| 3| 08.18.2014 - Pension Plan De-Risking Trending Upwards
Among the many trends seen in the pension plan arena over the past several years is the continued annuitization of defined benefit plans. Large and small companies continue to investigate strategies to lower their pension liabilities and shift the obligations from the sponsoring company to an insurance company.
1|2|6|9| 11| 08.18.2014 - Tax Updates Affecting Massachusetts Businesses and Individuals
On July 11, 2014, Governor Deval Patrick signed into law the fiscal year 2015 Massachusetts budget bill. This article shares a brief summary of the tax legislation that has the broadest impact.
1|2|6|9| 08.18.2014 - Phishing Scams – What Should You Look Out For?
Phishing is a scam typically carried out by unsolicited telephone calls, emails and/or websites that pose as legitimate sites and lure unsuspecting victims to provide personal and financial information. Recently, headlines have shared phishing scams involving people claiming to be from the IRS.
5| 08.27.2014 - Pepper Reports Updated for 2013 Claims Information
The Centers for Medicare and Medicaid Services (CMS) has again contracted with TMF Health Quality Institute to produce a second round of Program for Evaluating Payment Patterns Electronic Report (PEPPER) reports for Skilled Nursing Facilities (SNF). Unlike the first round of reports which was mailed to your facility, this round of reports is available to the president or administrator of your facility after sign-up via a secure portal at pepperresources.org.
6|8| 12| 09.18.2014 - Securing Your Cloud (Before You Fall From the Sky)
The cloud is a revolutionary technology solution for businesses worldwide. Cloud utilization has led to a reduction in capital expenses, lessened IT department responsibilities and increased workforce access to information. Today, a considerable number of manufacturing businesses take advantage of what cloud computing has to offer. Although the cloud offers a wide array of benefits, it does not mean inherent risks do not exist. Implementing a cloud solution does not automatically protect a business from traditional IT threats and security risks. If you want to enjoy the benefits of the cloud and sleep easy at night, it is vital to fully understand what hazards exist in the world of cloud computing. This article explains cloud computing risks and the approach to take when evaluating a cloud provider.
6|8| 12| 09.18.2014 - Improving Your Business through Globalization, Digitization, Rationalization and Transparency
As the pace of change continues to accelerate for manufacturers, distributors and retailers (MDR) of all sizes, we see four driving forces at play: Globalization, Digitization, Rationalization and Transparency. We will take a quick look at defining these for you, but, more importantly, we will describe how technology, more specifically the cloud, can enable MDR companies of all sizes to manage and take advantage of these forces to improve your business.
6| 11|12|6| 07.19.2017 - Does an Intercompany Asset Transfer Require a Sales Transaction?
Often multinational companies contemplate making an intercompany transfer of an asset, commonly for operational or tax planning purposes. Intercompany transfers frequently include the sale of an entity for restructuring purposes, a trademark or patent sale customer relationships, among others. When such a transfer is contemplated, the company will often question whether a sales transaction needs to take place, particularly since the asset(s) is remaining “in the family”. This most commonly occurs when there is a transfer of intellectual property.
1| 1|7| 09.22.2014 - Your Reputation Shows in Your Financial Statement
As you already know, your dealership’s reputation ultimately shows up in your financial statement. In fact, it is in every department. But how do you find it? Your reputation can either hurt or help your financial results. As we all know, a dealership stands out in most communities, especially rural areas. If you treat your customers badly or just don’t care about them, your financial statements are eventually going to show you how badly you are doing.
1| 1|7| 09.22.2014 - Volume or Gross?
Auto franchises’ financial statements are quite different in format and how the financial data is displayed for your review. Each franchise seems to think its format is the best to inform you as the dealer how your business is performing. They are very different but the basics remain. There is a balance sheet and an income statement. The income statement is broken up into many departments: new, used, F&I, service, parts, body shop, rental, quick lube, etc. Some statements show some of the variable expenses under the sales and gross profit area, and others show the gross and all expenses separately.
1| 11| 09.22.2014 - New Rule Effective in 2015-One IRA Rollover Permitted Per Year
The IRS is following the Tax Court ruling that the limit of one rollover per year applies on an aggregate basis and not on an IRA-by-IRA basis. The IRS withdrew a 1981 proposed regulation and announced that the new ruling will not apply to any rollover that involves a distribution that occurs before January 1, 2015.
1| 1|4|8| 09.22.2014 - Five Types of Fraud Dealerships Can Prevent With Better Internal Controls
The U.S. District Court for the Western District of Pennsylvania recently indicted the former controller of a car dealership, who subsequently pleaded guilty to the charges. The indictment details several ways in which the controller stole $10.2 million over a six-year-period and highlights the importance of proper internal controls in a dealership. Many dealers are likely wondering whether something like this could happen in their dealership.
1| 1|5|11| 09.22.2014 - Fair Credit and Fair Gain
To know how to make a reasonable profit, to abide by government regulations and to offer fair credit contracts is vital to staying in business and doing good business in the automotive industry. However, it is not an easy task.
9| 11| 09.25.2014 - Don’t Forget About the Massachusetts Estate Tax
By now everyone has heard that the federal estate tax exemption is up to $5,340,000 for 2014, and the law allows the portability of a spouse’s unused exemption. So if the value of your assets is less than $5,340,000 (or $10,680,000 for a married couple) you might be thinking that you are in the clear and don’t need to worry about estate tax. Well if you live in Massachusetts, you need to think again.
1|2|3|4|5|6|7|9| 1| 09.25.2014 - The Importance of Establishing a Record Retention Policy for Your Organization
As accountants and business consultants, we are often asked how long business records should be saved. Recordkeeping is important because it provides information to support decision-making by management and is generally required by legal retention requirements.
1|2|6|9| 1|3| 09.29.2014 - DOL Updates Guidance on Locating Missing Participants in Defined Contribution Plans
On August 14, 2014, the U.S. Department of Labor (DOL) issued Field Assistance Bulletin No. 2014-01 (the FAB). When a defined contribution plan, such as a 401(k) or a 403(b) plan, is terminated, it is the plan sponsor’s responsibility to locate all participants and distribute their accumulated balances held by the plan as soon as administratively feasible. The FAB addresses a plan fiduciary’s duties regarding “missing” or “lost” participants in terminated defined contribution plans.
9|7|6|5|4|3|2|1| 1|11| 10.22.2014 - Affordable Care Act Update: Employers Get First Look at Health Insurance Information Reporting
Since passage of the Affordable Care Act, several key requirements for employers have been delayed, including reporting of health coverage offered to employees, known as Code Sec. 6056 reporting. However, as 2015 nears, and the prospects of further delay appear unlikely, employers and the IRS are preparing for the filing of these new information returns. While the reporting requirement is not mandatory until 2015, employers must start planning now for how the required information will be acquired and reported, and by whom it will be reported.
9| 11| 10.23.2014 - Time is Running Out to Make a Portability Election
The IRS has provided a simplified method to obtain an extension of time to make a portability election for estates of decedents with deaths occurring from 2011 to 2013. Recently, the IRS announced that for anyone who died between January 1, 2011 and December 31, 2013 and whose estate was not required to file a federal estate tax return and did not file a return to elect portability, the estate can go back now and file one. Even though the return will technically be late, this will be allowed as long as the requirements for relief are followed.
9|6|2|1| 11| 10.23.2014 - IRS Finalizes Guidance on the Treatment of Tangible Property Under MACRs
On August 14, 2014, the IRS released final regulations on the treatment of dispositions of tangible property under the Modified Accelerated Cost Recovery System (MACRS) and Code Sec. 168. The final regulations clarify how taxpayers should identify which assets are subject to the rules, how to compute gain and loss from dispositions of assets (particularly in the context of general asset accounts), and how to approach partial dispositions of tangible property. The final regulations apply to tax years beginning on or after January 1, 2014. However, taxpayers have several implementation options in regard to tax years beginning on or after January 1, 2012 and before January 1, 2014.
2|1|9|6|5| 1|3| 10.23.2014 - 401(k) Trends: Target Date Funds
Has your plan recently implemented Target Date Funds? Although they have been around for a number of years, Target Date Funds have grown in popularity exponentially in recent years. As plan sponsor fiduciary responsibility is emphasized more and more each year, these investment options have become more popular in 401(k) plans.
9| 08.08.2018 - IRS Announces New Centralized Audit Regime
A new “centralized partnership audit regime” is now in effect for partnerships, including limited liability companies (LLCs) that are treated as partnerships for tax purposes. Read about important new provisions to be aware of.
9|6|2|1| 1|11|6| 10.23.2014 - OECD Provides Guidance on Transfer Pricing Documentation
A transfer price is the price for goods, services or intangibles that are sold or transferred between related legal entities within a multinational enterprise. Transfer pricing strategies have been employed by multinational companies that shift profits to countries with low corporate tax rates, even though the company may have little or no economic activity in that country. The practice of artificially shifting income into tax-advantaged environments is referred to as base erosion and profit shifting (BEPS).
9| 1|7| 10.30.2014 - Is Lack of Internal Communication Affecting the Operations of Your Property Management Group?
Communication is much like art—whether it’s considered good is in the eye, or ear, of the beholder. The ability to balance a checkbook does not indicate an expertise in accounting, just as the ability to follow a recipe does not make one a chef. In the same way, the ability to enunciate clearly or write legibly does not make one an effective communicator. Presuming that speaking and writing are the same as communicating is one of the great obstacles to organizational effectiveness.
8| 12| 11.13.2014 - With Cloud Computing, Security is Paramount
When speaking with businesses about cloud computing, there are many benefits that surface— elasticity, agility and cost savings among them. But there are also some concerns that emerge, with security usually at the top of the list. While it isn’t unreasonable that security should be called into question within the context of cloud computing, it is important to ensure that the scrutiny is focused on the right components. People need to know that the vital information they have stored in the cloud is safe from outside harm.
9|7|3| 1| 12.05.2014 - Update On Proposed Non-Profit Organization Financial Reporting Standards
We continue to monitor the Financial Accounting Standards Board’s (the Board) project to-redesign the non-profit financial reporting model. The primary objectives are to improve the quality of financial reporting with an emphasis on improving the reporting of the nature of restrictions on an organization’s net assets, operating results and liquidity.
9|7|3| 11| 12.08.2014 - Using Form 990 to Improve Non-Profit Board Governance
In a previous article entitled, "Using Your Form 990 for Organizational Improvements", we looked at ways in which an organization can use the form as a tool to improve its organization’s operations. In this installment we look specifically at how the Board of Directors should look at data included in Form 990 and use that as a guide to improve board governance.
9|6|2|1| 11| 11.19.2014 - 2014 Tax-Planning Strategies for Individuals
Enclosed are just some of the year-end steps that can be taken to save taxes for individuals. You should reach out to your tax advisor to discuss your particular situation. There may be more opportunities if Congress acts swiftly to reinstate the tax extenders. If that happens, make sure you call your tax practitioner to see what else can be done.
2|9|6|1| 11| 11.19.2014 - 2014 Tax Planning Strategies for Businesses and Business Owners
Enclosed are some of the year-end steps that can be taken to save taxes for businesses and business owners. You should reach out to your tax advisor to discuss your particular situation. There may be more opportunities if Congress acts swiftly to reinstate the tax extenders. If that happens, make sure you call your tax practitioner to see what else can be done.
9|6|2|1| 11| 11.19.2014 - Where Will We Be This Year-End – The Uncertainty of 2014 Tax Planning
Election Day has come and gone and we still have no answers. The hope is that the new Republican-controlled Congress and President Obama can begin negotiating on common ground. With so many tax provisions expiring at the end of 2013, it has left many taxpayers wondering what can be done for 2014. Some of the tax breaks may be retroactively reinstated and extended. The IRS has already pleaded with the Treasury to act swiftly in order to not cause a delay in the opening of tax season. Many tax practitioners are also hoping for this as tax busy season seems to get more condensed every year.
1|2|6|9| 1|7| 11.19.2014 - Preserving Healthcare Benefits Promised to Retirees
With the passage of the Affordable Care Act (ACA), private and public healthcare insurance exchanges offer the best and most cost-effective solution for an employer’s younger retirees who are not yet eligible for Medicare, provided that collective-bargaining agreements don’t preclude their use by union members.
6|2|1|9| 1| 12.09.2014 - Private Company Council Update
Back in May 2012, the Financial Accounting Foundation’s Board of Trustees approved the establishment of the Private Company Council (PCC), a new body to improve the process of setting accounting standards for private companies.
9|8|6| 12| 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.
9|6| 11| 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.
9|7|6|5|4|3|2|1| 3| 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.
1|9|6|2| 11| 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.
9| 11| 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.
2| 1|4|6|2| 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.
1|2|6|9| 11| 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.
9| 11| 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.
1|2|6|9| 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.
1|9| 06.23.2017 - Revenue Recognition Standards and the Impact to Dealers
In 2014 the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board released their highly anticipated standard on revenue recognition. The standard was issued as part of a convergence of efforts to more closely align accounting principles generally accepted in the United States of America with international accounting standards.
9| 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.
1|2|6|9| 1| 02.23.2015 - Management Soon to be Required to Assess Going Concern Under U.S. GAAP
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-15 regarding Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the standards, prior to this update, there was no guidance related to management’s responsibility to evaluate the going concern of the entity or to provide the related footnote disclosures to the financial statements.
9| 1| 02.23.2015 - 2015 in Business – A Look Ahead
Looking ahead at 2015, Fairfield County businesses have a reason to continue to be cautiously optimistic. There are concrete signs that the progress made in 2014 seems poised to continue. This is borne out by the results of a statewide business survey late last year as well as information we have received from numerous clients. More businesses are growing, fewer are contracting, investments are being made in technology, and hiring is on the rise.
1|2|6|9| 11| 02.23.2015 - Healthcare Reform News: IRS Grants Penalty Relief for 2014 Premium Credit Shortfalls, Issues New Tax Forms
Healthcare tax incentives can result in unexpected penalties for underpayment of estimated taxes, as well as late payment of taxes in some cases. The IRS issued notice 2015-9 to provide some relief from penalties that result from a reconciliation of advanced premium payments/subsidies and the Premium Tax Credit that is ultimately calculated on a taxpayer’s return.
9| 11| 02.23.2015 - Major Tax Changes Proposed for 2015
During President Obama’s State of the Union speech last month, a number of significant tax measures were addressed that set the tone for congressional action in the coming months. A number of tax increases were proposed that would generate revenue of approximately $320 billion over the next decade, as well as new and revised tax credits and a program to promote retirement savings. These proposals can be broken into three groups—revenue raisers, tax credits and retirement savings.
1|2|6|9| 11| 02.24.2015 - IRS Continues Program for Disclosing Offshore Accounts
The IRS continues to provide programs for U.S. taxpayers who have failed to disclose offshore assets and pay taxes due. Recently the IRS provided guidance and clarifications that apply to taxpayers who apply for relief under the streamlined filing compliance procedures. These new instructions are effective for applications submitted on or after July 1, 2014.
9| 11| 03.19.2015 - IRS Introduces New Tax Favorable Vehicle for Saving for Disability Needs
Millions of individuals with disabilities and their families depend on a wide variety of public benefits for income, health care and food and housing assistance. Eligibility for these public benefits requires a means or resource test limiting eligibility to individuals to report more than $2,000 in cash savings, retirement funds and other items of significant value. To remain eligible for these public benefits, individuals must remain financially limited. In recognition of the significant extra costs of living with a disability, the Achieving a Better Life Experience (ABLE) Act was signed into law last December by President Obama as part of the Tax Extenders package.
8|9| 10| 08.14.2018 - Human Resources “Health” Assessments – Not Just for Big Companies
See how an HR “health” assessment is a cost-effective, efficient way to give managers and HR teams a complete picture of where their HR practices stand today and where they’ll need to be tomorrow.
9| 11| 02.25.2015 - Individual Record Retention Guidance
Every tax season, individuals start looking through their files and records and ask themselves, “Is this something I need to keep or is this something I can shred?” People don’t want to keep more than they absolutely have to—but don’t want to get rid of things that they might need. One of the most common questions I get as an accountant is, “how long do I really have to hold onto this for?” We have put together a sample record retention guide for individuals, which can be downloaded here.
5|9| 1| 03.19.2015 - Potential Changes on the Skilled Nursing Facility Medicare Payment Horizon
A report was issued in January 2015, jointly produced by the Medicare Payment Advisory Commission (MedPAC) and the Urban Institute. According to the study, well-documented shortcomings in the design of Medicare’s payment system for skilled nursing facilities (SNFs) have prompted the Centers for Medicare and Medicaid Services (CMS) to make many revisions to the payment system, including shifting payments from therapy care towards nursing care.
9| 11| 03.20.2015 - What’s on the Horizon for Tax Reform in 2015?
The White House and the new congress continue to look for common ground on tax legislation and tax reform in 2015. The 114th elected congress intends to work together with Barack Obama during his final 2 years as president to achieve the much debated need for tax reform.
1|2|3|4|5|6|7|9| 1|3| 07.18.2017 - Liquidation Basis Accounting Standards for Employee Benefit Plans
With interest rates on the rise, it has become more attractive to plan sponsors to terminate their legacy-defined benefit pension plans. When a plan sponsor decides to terminate an employee benefit plan, they must look to the liquidation basis of accounting requirements for proper presentation of their plan's financial statements.
1|2|6|8|9| 12| 03.20.2015 - Overcome the Challenge of Outsourcing Technology
At some point in time, technology outsourcing becomes a necessity for all businesses. Whether your staff lacks the expertise to manage and maintain network infrastructure, or your data requires secure off-site storage, there are a number of reasons why technology outsourcing eventually develops into an operational requirement. Even mega-tech giants like Microsoft and IBM, whose core competencies exist through excellence in all things IT, outsource their technology functions to some degree.
6|9| 1| 03.20.2015 - Accounting Standards Update
The Financial Accounting Standards Board (FASB) continues to approve accounting standards updates, focusing on areas in which significant amount of questions or uncertainty arises. In regard to the manufacturing, retail and distribution industry, the recent updates affecting this industry include updates related to the liquidation basis of accounting, going concern evaluation and disclosure and the elimination of extraordinary items.
6|9| 11| 03.20.2015 - The Benefits of Establishing an Interest Charge Domestic International Sales Corporation
Shareholders of businesses that sell “export property” can benefit from establishing an Interest Charge Domestic International Sales Corporation (IC-DISC) to ultimately reduce their income tax liability.
6|9| 1| 04.07.2015 - Revenue Recognition Update
Back in May 2014, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. This ASU creates a single source of principle-based revenue guidance for all entities in all industries and replaces most of the industry specific and transaction-specific guidance under current U.S. GAAP. The scope of this standard includes all contracts with customers, except lease contracts, insurance contracts, financial instruments, guarantees and non-monetary exchanges between entities in the same line of business to facilitate sales to customers.
8| 15| 12.14.2016 - Raising Awareness and Avoiding Cyber Threats This Holiday Season
It’s not surprising that in the rush of the holiday season, best practices for avoiding cyber threats end up low on the priority list. Although it’s important to be vigilant year round, it’s especially important this time of year. Here are 12 scenarios in which you or the company that you work for, could be impacted by cyber threats this holiday season.
9| 1| 04.10.2015 - Are You Overpaying Management Fees? Gross vs. Net Reporting and the Impact of Improper Accounting
When reporting gross operating revenue, correct classification of expenses is important. Presenting items gross when they should be net can potentially cause a property to overpay fees, including its property management fees. The classification of these expenses is dependent on certain lodging industry rules and guidelines. If the property is acting as an agent in the transaction, the expenses are net against the corresponding revenue. However, if the property is the principal party in the transaction, the expenses are presented as an expense item within the operating expenses.
4|8| 7|12| 04.20.2015 - Re-imagining The City of the Future
A century ago, as one immigrant population after another made its way to America in search of a better life, their destinations were our country's burgeoning cities. This was where they could build their desired quality of life — they would make friends, educate their children in nearby schools and find good jobs there. Slowly and steadily during the second half of the 20th century, those old cities lost people to growing suburbs, taking their jobs and personal investments with them. Evidence today, however, shows people have a desire to return to urban areas. But in order for that to happen, more of the old simply won't do. Our 21st-century cities must be modern, innovative, accessible, open and technologically advanced to attract people back.
1|2|3|4|5|6|7|9| 11| 04.13.2015 - New Health Care Provisions Impact Tax Returns
Tax Day on April 15 is fast approaching, and both business and individual filers across the state should be busy preparing their returns in anticipation of the looming deadline. As this is done, filers need to be mindful of one of the most significant pieces of legislation to be signed into law in the past decade — the Affordable Care Act, known colloquially as Obamacare — and the tax implications that exist this year that need to be considered. These include new forms to be filed as well as penalties businesses and individuals face for failing to comply with the ACA.
9| 11| 12.07.2016 - More Disaster Victims in Florida, North Carolina, and Virginia Qualify for Tax Relief
The IRS has recently announced that additional counties in Florida, North Carolina and Virginia have been designated as federal disaster areas qualifying for individual assistance.
9| 11| 05.25.2018 - New Connecticut Tax on Passthrough Entities – Effective January 1, 2018
On May 9, 2018 the Connecticut legislature passed Public Act 18-49 (the “Act”), which is, in part, Connecticut’s response to the 2017 federal tax reform. Included in the Act is a new Connecticut income tax imposed at the entity level on passthrough entities (“PE”), such as partnerships (including limited liability companies treated as partnerships) and S corporations (the PE tax does not apply to sole proprietorships or single member limited liability companies, treated as disregarded entities or regular corporations). To make the tax revenue-neutral (i.e., a wash), a corresponding tax credit is allowed against the owner’s (non-corporate and corporate) Connecticut income tax liability.
1|2|3|4|5|6|7|9| 4|8| 04.24.2015 - Fraud and Internal Controls
The most recent recession sharpened a trend already in place across the national economy – companies run leaner today than they did 5, 10 or 15 years ago. The financial difficulties many companies are experiencing have reinforced a movement spurred by technological advances. Mainly, there are fewer people in the workplace handling more responsibilities. Unfortunately for business owners and senior corporate executives, reduction of the workforce equates to fewer supervisors, thus less availability to oversee and audit operations. This condition is an invitation for employees to pilfer from a company -- either by walking off with inventory or inappropriately handling receipts.
5|7| 04.27.2015 - FASB Exposure Draft on Not-for-Profit Financial Reporting Issued
The long awaited exposure draft on non-profit financial reporting was issued on April 22, 2015. The exposure draft (ED), Not-for-Profit Entities and Healthcare Entities―Presentation of Financial Statements for Not-for-Profit Entities has a comment due date of August 20, 2015. No effective date has been proposed in the exposure draft. The ED states that the effective date will be considered after receiving feedback.
4|8|9| 7| 04.28.2015 - The City of the Future – A Re-Imagining of City Life in the 21st Century
A century ago, as one immigrant population after another made its way to America in search of a better life, their destinations were our country’s burgeoning cities. This was where they could build their desired quality of life—they would make friends, educate their children in nearby schools and find good jobs there. Everything they needed to make their lives whole was there, beneath the steeples and spires and growing skylines.
9| 04.28.2015 - As Legislature Debates Governor’s Budget Proposal, State’s Businesses Must Be Kept In Mind
Governor Malloy’s recent $40 billion biennial budget proposal for the State of Connecticut contained some reasons for optimism for many in Connecticut. Cities and towns saw a small but unexpected increase in vital state aid, a proposed reduction in the state sales tax could bring some relief to every Connecticut resident and the unveiling of a detailed long-term vision for much-needed improvements to Connecticut’s transportation infrastructure.
9| 04.28.2015 - Financial Literacy
According to a 2014 Consumer Financial Literacy Survey conducted by the National Foundation for Credit Counseling, just 40 percent of American adults said they kept track of their personal finances. Even more telling: nearly three in four adults admitted they could benefit from professional help when it comes to managing their finances. When should we start teaching financial literacy? Find out.
5| 1|7| 05.12.2015 - Proposed Fiscal Year 2016 Payment and Policies Changes for Medicare Skilled Nursing Homes
The Centers for Medicare and Medicaid Services (CMS) issued a proposed rule on April 15, 2015 describing the proposed fiscal year 2016 Medicare payment rates for skilled nursing facilities (SNF). This proposed rule also continues the commitment to shift Medicare payment from volume to value.
9| 11| 05.12.2015 - It’s Not Too Early to Begin Preparing for the 2016 Tax Filing Season
Thinking about taxes may not be at the top of your list this summer, but it’s really not too early to begin planning for the 2016 filing season. Although the current filing season has just ended, there are some steps that you can take now to help avoid a surprise tax bill when April 2016 rolls around. And now that you have had a chance to review your tax returns, this would be a great time to begin to plan for next year when things are still fresh in your mind. Remember how stressful it was for you to find that missing tax document? Why not take the time now to set up a system to keep your tax records safe and easy to find and not have to endure that stress again?
4|5|7| 1| 05.27.2015 - Grantee Implementation of Federal Uniform Administrative Requirements, Cost Principles and Audit Requirements
This article addresses how to implement UG from a grantee perspective and how to transition from the former requirements to UG.
9| 1| 05.15.2015 - Liquidation Basis of Accounting Amendments in Effect for 2014 Year Ends
During 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2013-07, Liquidation Basis of Accounting. Prior to this update, there was minimal guidance on how and when to apply the liquidation basis of accounting. This update is meant to clarify when to use the liquidation basis and provides principles for the recognition and measurement of assets and liabilities when using the liquidation basis of accounting for financial reporting.
1|2|3|4|5|6|7|9| 1|4|7| 05.15.2015 - Payroll Fraud – An Often Overlooked Risk and How to Address It
We often hear or read stories in the news about fraud occurring within businesses. Frequently, such businesses are victimized when an individual in a position of financial authority makes unauthorized withdrawals or disbursements from bank accounts, or misdirects cash deposits. In response to these risks, controls are often implemented to prevent and detect fraud relating to cash, but what is often overlooked is the potential for payroll fraud.
1|2|5|6|9| 11| 06.12.2015 - Connecticut’s Tax Budget Increases Taxes
During its regular session ending on June 3, 2015, the Connecticut General Assembly passed a $40 billion biennium budget (House Bill, H7061). The budget is expected to increase revenues by over $2 billion over the next two years (July 1, 2015 through June 30, 2017), largely by raising taxes and canceling previously approved tax exemptions, tax cuts and phase-outs.
1|2|3|4|5|7|9| 1|4| 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.
9| 11| 06.23.2015 - How the IRS Resolves an Identity Theft Case
This article seeks to explain the various pulleys and levers at play when communicating with the IRS about an identity theft case.
1|2|6|9| 11| 06.12.2015 - Transfer Pricing - It’s No Longer Just for Multinational Companies
Many states are facing budgetary short-falls and seek new revenue sources to fill the gaps. States are increasing scrutiny of transfer pricing as a means to address budget shortfalls without publicly increasing taxes. As a result, transfer pricing compliance is no longer just an issue for multinational enterprises; rather, it is now a concern for all companies that transact across state borders with related party entities.
1|2|5|6|9| 7| 06.12.2015 - The Time for Family Businesses to Start Thinking About Succession Planning Is Now
One challenge family owned businesses are now facing is what happens when the current generation of leadership retires. Will the sons and/or daughters take over? Will it remain partly in the family with other relatives? Will the next generation be unwilling (or perhaps unqualified) to run the business, requiring current management to consider selling or looking to outside investors? These questions are extremely important and extremely real, and they point to one clear business strategy that must be employed—succession planning.
8|9| 12| 12.01.2016 - The New Rules of the Game for Technology
You strive to keep costs in line while providing sufficient IT resources to your organization. Historically, the major cost centers of an IT environment have been capital expenditures for hardware, software and retaining capable IT personnel. Cloud Computing has changed the outsourcing calculus.
1| 1|7| 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.
1| 11| 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.
1| 1| 06.29.2015 - The Consumer Financial Protection Bureau and Responding with a Fair Credit Compliance Program
Automotive dealers were largely exempted from the Consumer Finance Protection Bureau’s (CFPB) jurisdiction after a long and tumultuous battle on Capitol Hill, but that has not stopped the CFPB from finding ways to regulate dealers. In 2013, the CFPB undertook an effort to focus on regulating auto loans by targeting banks under its jurisdiction. Concerns particularly surrounded “dealer-assisted financing” or “dealer participation”, the process whereby a dealership arranges an auto loan or lease with a bank, credit union or other financial institution.
6|9| 11| 06.29.2015 - 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.
6| 1| 06.29.2015 - The Vital Role of the Supply Chain in 21st Century Manufacturing
For the past five years, U.S. manufacturing has been back on the rise. The U.S. Department of Commerce indicates that, since early 2010, manufacturers have added nearly 900,000 jobs, making this the first sustained growth manufacturers have seen since the 1990s. This resurgence is welcome news, both nationwide and here at home in Connecticut.
8| 02.03.2017 - New Benchmarking Survey - How Was Your Year End Close?
For many firms, January is often the most difficult month of the year. Why? It’s time to close the books and get everything ready for your audit and tax returns. How challenging is your year-end closing process? Participate in Sage Intacct's benchmarking survey and see how your organization compares to others in the industry.
6|8| 1| 06.29.2015 - Manufacturing Productivity – Cost Reduction Why the Confusion
Today, manufacturers face the constant challenge of providing competitive products to an ever-changing and dynamic marketplace. Besides the daily challenge of producing a quality product within the four walls of the factory, there are numerous external factors at work in the global marketplace influencing customer perceptions and product demand patterns.
9| 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.
6| 11| 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.
1|2|5|6|9| 11| 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.
6| 1|3|9| 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.
9| 11| 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.
9| 11| 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.
9| 1| 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.
9| 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.
8| 12| 08.18.2016 - Why "the Cloud" is All Sunshine for Non-Profits
Technology is just as important to a non-profit organization as it is for a business, but often the focus of the non-profit's mission takes precedence over technology maintenance and planning (as it should)! This is why cloud computing is such a great opportunity for a non-profit.
1|2|6|9| 11| 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.
8|9| 8|4| 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.
1|2|3|4|5|6|7|9| 1|3| 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.
5| 1| 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.
9| 6|11| 09.01.2015 - IRS Releases Revenue Procedure 2015-41 - Updated Procedures for Advance Pricing Agreements
An Advance Pricing Agreement (“APA”) allows the taxpayers to resolve transfer pricing issues with the IRS in a cooperative manner. The process lessens the burden of compliance by giving taxpayers greater certainty regarding covered issues and resolving issues in advance. Revenue Procedure 2015-41 (released August 12, 2015) updates these procedures to improve clarity, readability and organization of the APA program.
9| 6|11| 09.02.2015 - Is Your Company Prepared For Increased Transfer Pricing Scrutiny?
A transfer price is the price charged for goods, services or intangibles that are sold or transferred between related legal entities within a multinational enterprise. Transfer pricing regulations require that a transfer price be arm’s length, meaning that the transfer price must be consistent with the price that would have been charged to an unrelated party.
5| 1| 09.09.2015 - BlumShapiro Announces Massachusetts Long-Term Care Benchmarking Tool
BlumShapiro has obtained the Massachusetts long-term care facilities cost report data from the Center for Health Information and Analysis (the Center) (2013 is the most recent period of data currently available from the Center), which has information for over 400 Massachusetts long-term care facilities. Using this data, BlumShapiro has created a data benchmarking tool that calculates many statistics for Massachusetts long-term care facilities.
9| 3| 09.17.2015 - FASB Issues Amendments to Plan Accounting
On July 31, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2015-12 (ASU). The ASU consists of three parts, with the goal of simplifying the financial statement presentation and disclosure requirements for employee benefit plans.
9| 11| 09.18.2015 - Busy Tax Agenda Awaits Congress’ Return after August Recess
Congress returned to work in September with a full agenda of tax legislation. Lawmakers will search for revenue to pay for a long-term federal highway and transportation bill, debate the fate of popular but temporary tax breaks and decide on a funding level for the IRS. As passage of the Surface Transportation Act in late July showed, tax law changes can appear suddenly and can make significant changes.
9| 11| 09.18.2015 - New Highway Trust Fund Law Brings New Deadlines, Requirements for Businesses
On July 31, 2015, President Obama signed into law the “Surface Transportation and Veterans Health Care Choice Improvement Act of 2015.” Although primarily designed as a three-month stopgap extension of the Highway Trust Fund and related measures, tucked inside this new law are a number of important tax provisions which impact partnerships and C corporations. Anyone who owns or manages such a business should be made aware of these changes.
9| 11| 09.23.2015 - How to Form a Partnership for Tax Purposes
A partnership is the relationship existing between two or more persons who join to carry on a trade or business. Each person contributes money, property, labor or skill, and receives a proportionate share in the profits and losses of the business. Generally, the Internal Revenue Service (IRS) does not consider partnerships to be separate from their owners for tax purposes; instead, they are considered "pass-through" tax entities.
6|9| 11| 09.28.2015 - IRS Releases Temporary Regulations to Coordinate Arm’s Length Standard and Best Method Rule for Transfer Pricing
On September 14, the IRS issued temporary regulations that address the determination of arm’s-length transfer prices for interrelated transactions among related parties.
5| 1| 09.29.2015 - DSS Announces 2015 Medicaid Wage Enhancement Program
On September 22, 2015, the Department of Social Services (DSS) released program details related to the Medicaid reimbursements for eligible direct and indirect care employees wage increases discussed as part of this year’s legislative session, as well as benefit increases proposed by DSS.
6|9| 10.05.2015 - The Benefits of Credit Insurance
The U.S. economy has not always been on the cutting edge of exports. Our trading history is much younger than that of our European forebears. Over hundreds of years, trade between European countries grew quickly because of the close proximity. However, European exporters were faced with currency differences, as well as numerous legal frameworks when selling outside their country. Trade finance and other credit instruments slowly evolved in these markets, primarily out of Germany and France. Credit insurance is a prime example of a trade instrument that developed in Europe more recently (over the past 20 years) and is becoming much more active here in the U.S.
6|8|9| 7|15| 02.01.2016 - How Can You Sleep At Night?
As an executive and leader of your company, you ask yourself the simple question: “As a business, are we protected against a cyber-attack?” It sounds simple. We ask our IT manager or outside IT support company, “Are we protected?” You knew the answer before you asked the question, “Of course we are!” So, you got the answer you wanted…but is it the truth?
9| 11| 05.10.2016 - Massachusetts Appellate Tax Board Decision Highlights the Drop Shipment Sales Tax Rule
The Massachusetts Appellate Tax Board recently agreed with the Department of Revenue’s $525,024.17 sales tax assessment (for approximately a 3-year period) on an out-of-state wholesale distributor who shipped products to out-of-state third party retailers’ Massachusetts customers.
6|8|9| 12| 10.06.2015 - Why You Should Care About the Internet of Things
What if you could predict the future? No, seriously, what if you had the ability to know when a machine was likely to break down in your plant, when the escalator would stop working or when the water flow through a cooling pipe had become insufficient? These are all real capabilities that your business can embrace to reduce cost, increase revenue and edge out your competitors by leveraging the Internet of Things (IoT).
6|9| 6|11| 10.08.2015 - Top 5 Things to Think About Regarding Your Transfer Pricing
With the release of the OECD’s Base Erosion and Profit Shifting (BEPS) action plan on October 5th, transfer pricing has been at the top of the minds of many tax executives. The plan is one of the largest scale efforts in history to standardize tax laws across national borders. As a result, audits may become more aggressive as tax authorities implement the OECD’s recommendations.
6| 10.09.2015 - A Manufacturing Challenge: Thinking Differently to Compete Globally
To survive in today’s economic climate, it has become evident that small to mid-sized manufacturing companies need to continually think and act creatively about the factors which will allow them to achieve global competitiveness.
9| 11| 10.28.2015 - Developments Continue to Impact the Mortgage Interest Deduction
The mortgage interest deduction is widely used by individuals who itemize their deductions. In fact, the size of the average mortgage interest deduction alone persuades many taxpayers to itemize their deductions. It is not without cause, therefore, that two recent developments impacting the mortgage interest deduction deserve some attention. These developments involve new reporting requirements designed to catch false or inflated deductions, and a case that effectively doubles the size of the mortgage interest deduction available to joint homeowners. But first, some basics.
9| 11| 10.28.2015 - When Must Individuals Pay Estimated Taxes?
Individuals are required to make federal estimated tax payments if the amount of tax that they pay through withholding on wages and other payments will not adequately cover their tax liability for the year (individuals should also consider any state tax rules regarding the payment of estimated taxes).
9|5| 11| 10.29.2015 - Preparing for the ACA: Are You Ready?
The ongoing implementation of the Affordable Care Act (ACA) has put many organizations in frenzy mode as they strive to meet the new regulations introduced by the law. And while the ACA will impact certain organizations differently, they all have at least one thing in common: their reporting obligations to the IRS will increase tremendously.
9| 1|11| 10.29.2015 - Latest Survey Shows Positive Signs, Strong Need for State and Business Community to Work Together
The recently released 2015 Survey of Connecticut Businesses, compiled annually by the Connecticut Business and Industry Association (CBIA) and BlumShapiro, provided an interesting snapshot of the current state of business in Connecticut, a snapshot provided by Connecticut’s businesses themselves.
9| 11| 10.27.2016 - Fall Brings Significant Changes to Federal Tax Law
Every year, as the leaves begin to fall, we see key changes to federal tax law, changes to which all individuals and businesses should be aware. This year is no different, and some of these changes are significant.
9| 11| 11.11.2015 - Tis’ the Season … for Year-end Tax Planning
With the holidays upon us, the last thing anyone wants to think about is taxes. However, when carving your Thanksgiving turkey, think about carving out some time to do just that. Planning before year end could reap some very positive tax-saving ideas, which will be sure to increase your holiday cheer.
1|2|6|9| 11| 11.11.2015 - Family Owned Businesses Need to Start Succession Planning Today
A recent study that our firm developed with Baker Tilly International indicates that, while this alarming number of businesses have not yet begun the planning process, there are serious advantages to those businesses who start that process several years out. This is a never-before-seen generational shift we are experiencing and will continue to experience through 2025, and it gives businesses the impetus to put these plans in place.
9| 11.12.2015 - More Business Friendliness Would Greatly Help Fairfield County
Throughout Fairfield County, the center of wealth and business success in Connecticut, the economic recovery from the recession of 2009 continues steadily. Yet the optimism generated by this improvement is somewhat tempered by concerns felt throughout the region that the state is not as welcoming to businesses as it could be.
9| 3| 11.12.2015 - Investment Committee Best Practices for 401(k) Plans
An investment committee is a crucial component of the plan fiduciary’s prudent process of monitoring the retirement plan’s operations specific to the plan’s investments. While it is not the investment committee’s role to manage the investments, the committee is responsible for the monitoring of the investment managers hired by the plan, as well as the investment options offered to plan participants. This includes ensuring that quality, diverse investments are offered in order to allow participants to invest in appropriate investment options based on their risk tolerance.
3|5|7| 1| 11.13.2015 - Recovering Indirect Costs from Federal Grants Under Uniform Guidance
In this article, we’ll take a look at recovering indirect costs from federal grants under UG. One of the common issues our grant-driven clients face is ensuring they are recovering the maximum amount of indirect costs from their federal grants.
7|9| 12.03.2015 - State Registration Requirements for Fundraising
Most states require registration with the state agency before soliciting contributions. Solicitation of contributions generally includes any requests of the state’s residents by mail, phone, email, advertisement, etc. and is not dependent on whether contributions are actually collected.
9| 11| 12.09.2015 - Improving Identity Theft Protection for Taxpayers
With the continued use of technology comes the heightened risk of identity theft, and the Internal Revenue Service (IRS) is not immune to this risk. The most common scenario affecting taxpayers is when a criminal files a tax return using stolen personal identification to fraudulently claim tax refunds.
6| 6| 12.11.2015 - The Latest on Valuation Discounts
When it comes to estate planning with respect to closely-held family businesses, one important component in the valuation is adjustments for lack of control and lack of marketability(commonly referred to as valuation discounts).
1|2|6|9| 1| 12.15.2015 - Accounting and Auditing Standards Update
The mission of the Financial Accounting Standards Board (FASB) is to establish and improve standards of financial accounting and reporting that foster financial reporting that provides decision-useful information to investors and other users of financial reports. The Accounting Standards Updates (ASU) discussed below were issued between July 1, 2015 and the date of this article. These updates will affect manufacturers, distributors and retailers.
1|2|6|9| 11| 12.15.2015 - Recent Items of Interest Regarding Tangible Property Regulations
In 2014, the IRS issued final guidance on the treatment of costs for tangible property under the sweeping “repair” regulations that impact most businesses. Since that time, there has been much conversation about the final regulations since their implementation became mandatory. Most recently, the Internal Revenue Service (IRS) released guidance pertaining to two areas in which business taxpayers must determine whether to capitalize or deduct certain costs.
9|6| 11| 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.
9| 1|3| 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.
1|2|6|9| 11| 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.
9|6| 1|2| 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.
7| 1| 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:
4|9| 02.08.2018 - Q&A: Why should governmental employers be thinking about OPEB trusts?
Any governmental entity, city, or town or that hasn’t yet considered creating and funding an OPEB trust should start thinking about it – right now.
9|1|2|5|6| 11| 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.
9| 11| 10.18.2016 - Partners Cannot Also Be Employees
The IRS has manifested a renewed interest on the treatment of partners who are also being treated as employees of partnerships.
6|5|4|3|2|1|9|7| 11| 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.
9| 11| 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.
9| 11| 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.
5|3|7|9| 11| 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.
8| 15| 10.17.2016 - Watch our Video: Cybersecurity Risks for Non-Profit Organizations
Jeff Ziplow, Partner at BlumShapiro Consulting shares key areas that non-profit leaders need to be aware of when it comes to cybersecurity. In the video, Ziplow discusses three key components that are important for non-profits to consider including network security, patch management and user community.
9| 11|6| 03.02.2016 - Managing Transfer Pricing After BEPS
The OECD BEPS Action Plan and subsequent legislation marks a defining moment for transfer pricing compliance. Multinational companies will have to make significant changes to manage the additional compliance requirements.
9| 11| 03.08.2016 - Connecticut Tax Panel Issues Final Report
The Connecticut Tax Panel recently issued its final report of state and local tax recommendations.
9| 11.30.-0001 - A Look Into the CT Business Landscape and the Effects of an Aging Generation on our State
A Look Into the Connecticut Business Landscape and the Effects of an Aging Generation on our State.
9| 11| 03.10.2016 - Tax law changes effective Jan 1, 2016 require some revised planning
The PATH Act made permanent many popular but previously temporary tax breaks for individuals and businesses. This article covers some of the incentives that were enhanced by the PATH Act.
9| 11| 03.16.2016 - Treating Tax Time as an Opportunity
Tax filing season is an opportunity and should be treated as such. With that in mind, here are some tips that can allow filers to do just that, tips that are never too late to put into practical applications:
9| 03.16.2016 - Small Business Incentives, Reforms to ACA and Other Proposals in Obama’s FY 2017 Budget
Tweaks to enhanced Code Sec. 179 expensing and the high-dollar health care excise tax are two proposals in President Obama’s fiscal year (FY) 2017 budget that could become law before the end of his term. President Obama released his FY 2017 budget proposals in February. Other proposals that could be passed by Congress include enhancements to small business tax incentives, expanded opportunities for retirement saving, revisions to the net investment income (NII) tax, and more.
9| 3|1| 04.08.2016 - The Importance of Your Benefit Plan Auditor Highlighted by the Department of Labor
A recent study by the United States Department of Labor examined the quality of employee benefit plan audits and found that nearly 40% of the audits tested had serious problems. Here are some critical questions you should ask to make sure your company's is in the right hands:
9|7| 1| 04.14.2016 - Top 7 Responsibilities of Non-Profit Boards
Non-profit organizations in today’s business climate are expected to meet increasingly large demands while operating with small staffs and limited resources. In order to ensure sustainable success, non-profits must have in place effective, focused and committed leadership.
9| 3| 04.21.2016 - White House & Congress take action to increase participation in retirement plans
A recent study indicates that a majority of American households may not be able to maintain their standard of living after retirement and that the current private pension system is not working well enough to avoid the problem.
9|1|2|6| 11| 04.22.2016 - Congress Takes First Steps to Tax Reform
Tax reform continues to be highly touted in Congress. Lawmakers from both parties agree that the U.S. tax system is in need of reform. Congress continues to explore ways to make the U.S. tax system simpler, fairer, and more efficient but identifying and enacting policies that will result in a simpler, fairer, and more efficient tax system remains a challenge. At times this year President Obama and Congressional Republicans seem far apart on a way forward, but at similar times in the past, agreements have quickly and often surprisingly emerged, most recently in the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”).
7| 04.29.2016 - What are the responsibilities of individual non-profit board members?
As members of non-profit organizations’ governing bodies, individual board members must adhere to the legal responsibilities of fiduciaries. As fiduciaries, non-profit board members have three specific legal duties:
8|9|4|7| 15|8|12| 05.06.2016 - Municipalities, Schools and Non-Profits Need To Protect Against Cyber Attacks
It has become an increasingly common occurrence to see data breaches at large multi-national corporations that have put consumer’s personal information at risk. In recent years businesses such as Anthem, Sony and Target have all been thrown into crisis thanks to hackers breaking into their systems, gaining access to protected information and causing widespread panic.
9| 11|15| 05.12.2016 - Tax Filing Season Comes To An End But Cybersecurity And Customer Service Are Still Top Priorities For IRS
The 2016 tax filing season has closed with renewed emphasis on cybersecurity, tax-related identity theft and customer service. Despite nearly constant attack by cybercriminals, the IRS reported that taxpayer information remains secure. The agency also continued to intercept thousands of bogus returns and prevent the issuance of fraudulent refunds.
9|4| 5| 05.16.2016 - Agencies in Rhode Island, Massachusetts and Connecticut Assisting Businesses to Grow and Succeed
In an effort to stimulate growth in the public, private and nonprofit sectors, Connecticut, Massachusetts and Rhode Island all have customer service-focused government and quasi-government agencies that assist business to grow and succeed. These agencies devise and implement strategies to streamline the business expansion in, and relocation to, their respective states.
8|9| 15|8| 05.17.2016 - Cybersecurity Awareness Resources Becoming More Prevalent – Will New England Follow Suit?
New Jersey is paving the way for states to take a leadership role in the fight against cybercrime by taking a more comprehensive and inclusive approach into cyber threat detection and prevention information sharing.
9| 7|11| 10.06.2016 - 10 Tips to Ensure Your Succession Plan is a Success
A list of ten tips on developing a successful plan for your business’s future.
7| 1| 09.27.2016 - Navigating The Crowded Non-Profit Sector
Find out how organizations can set themselves apart to secure—and retain—donors.
8|9| 15|8|12| 06.02.2016 - You’ve outsourced your IT, but are you really “all set”?
Moving to the cloud has many benefits for companies including improved data security, real-time updated information and accessibility for team members. If you’ve recently outsourced your technology systems and data to the cloud and have been incident free since the migration, you’re probably “all set”, right? Before you say yes, let’s go over a few things that you should do at a bare minimum to reduce your risk when outsourcing software systems or technology.
8|9|1|2|3|4|5|6|7| 8|12|15| 06.03.2016 - Are mobile phones your biggest weakness to cyber threats?
Our phones are no longer only for making calls, they’ve evolved into our hand-held personal computers. With this, comes the storing of sensitive data so it's easily available to us―emails, calendars, contact information, passwords, payment data, etc. While these features are great for the traveling or telecommuting employee, it’s also attractive to hackers.
9|1|2|3|4|5|6|7| 11| 06.08.2016 - Employers Need to Prepare Now For New Federal Overtime Guidelines
Regulations released by the United States Department of Labor establishing new guidelines under which employees must be paid overtime will have a far-reaching impact on employers throughout Connecticut and the nation. Business leaders now must take the right steps to ensure they are in compliance with these new rules before they take effect in December.
9| 11| 06.15.2016 - Connecticut Governor Signs Favorable Tax Legislation for Connecticut-Based Businesses
Connecticut Governor Dannel Malloy recently signed a budget implementation bill which includes favorable income tax legislation for Connecticut-based businesses. Following is a brief summary of two enacted tax legislation changes: (1) utilization of a single sales factor to determine Connecticut taxable income; and (2) market-state sales factor sourcing of service and intangible property revenue.
9| 11| 06.17.2016 - Bill designed at supporting taxpayers against identity theft tax fraud advances in Congress
Responding to growing concerns over the scope of tax-related identity theft, the House has approved legislation to give victims more information about the crime.
1|2|3|4|5|6|7|8|9| 8|12|15| 06.30.2016 - Cyber Security Facts and Trends Infographic
Learn more about the real costs of cyber attacks with our cybersecurity facts, trends and statistics infographic.
8|9| 15| 07.01.2016 - What is Bitcoin? And Other Bitcoin Basics Explained.
The Bitcoin conversation has been diverse since the creation of Bitcoin in 2009. Some say it’s the “next revolution,” comparing it to the creation and evolution of the Internet. Others believe it’s too early to tell, and that if we don’t all jump on the bitcoin bandwagon, the whole idea could flop.
9| 11| 12.08.2016 - Your 2016 1040: What You Need to Know
Have you given much consideration to your 2016 income tax obligations? For those being proactive, this article will provide further insight into common issues and questions relevant to your 2016 tax returns.
9| 11| 07.15.2016 - Recent tax changes are reflected in new IRS statistics
The IRS recently released its Spring 2016 Statistics of Income Bulletin contains data gleaned from more than 148 million individual income tax returns filed for the 2014 tax year. In addition, the report compares the data to similar statistics measured in 2013. In general, the latest report shows a continued improvement in the national economy, year over year.
8|9| 15| 09.15.2016 - Cybersecurity Risk Management: Is My Organization at Risk for a Cyber Attack?
Cybersecurity threats are continually evolving, becoming more sophisticated and harder to both prevent and detect. Your organization has likely already experienced some type of a breach, whether ransomware, phishing or a malicious virus. With the severity and frequency of these threats increasing, you need to make cybersecurity a top priority for your business this year.
8|9| 12| 07.20.2016 - Finding business value in the cloud.
Cloud computing uses the resources of much larger organizations to provide on-demand computing needs around the world. Organizations of all sizes can tap into the same secure hardware and software resources used by the Fortune 50. We all use the cloud every day, perhaps without knowing it. A voice search you make with your phone captures your voice, which gets sent it to Cortana, Alexi, Siri or Google for processing and understanding, then translated into a search, and the results are sent back to your phone or device. This happens so quickly; most people think this processing is happening on their phone when it really happens on supercomputers in the cloud.
9| 11| 07.21.2016 - Don't overlook these employer tax credits
Companies may be qualified to receive certain tax credits that could be utilized against their federal and Connecticut income taxes. Because receiving the correct job certification to earn these credits is important, companies should understand the eligibility requirements.
9| 11| 09.26.2017 - Capitalization Policy
If your business does not have a capitalization policy or if it has not been updated in recent years, this is a critical accounting issue. A capitalization policy establishes, for book purposes, that a property purchase (1) over a minimum expenditure (e.g. $5,000, $2,500, etc. per unit) and (2) having a useful life of one year or more be capitalized. If an expenditure meets the capitalization policy, it would be capitalized for book purposes. If an expenditure does not meet the capitalization policy, it should be expensed.
2| 1| 07.25.2016 - Navigating the Construction Industry’s Talent Shortage
When the Great Recession hit in the mid-to-late 2000s, it’s possible no profession was as negatively affected as the construction industry. When the economy began tumbling, many property owners, business leaders, municipalities, and state governments shied away from approving any new construction endeavors.
7|9| 1| 07.06.2016 - Setting Executive Compensation: How Much is Too Much?
A non-profit’s chief executive is often the heart, soul and public face of the organization. The chief executive is responsible for leading and coaching staff members; overseeing revenue-generating and fundraising activities; making final strategic decisions to ensure the organization’s mission is advanced; and countless other day-to-day tasks.
6|9| 1| 08.04.2016 - Slow, Steady Growth in Manufacturing Sector
A recent report by the Institute for Supply Management (ISM) indicated that United States manufacturing companies have shown growth for the past three months, the first sustained growth seen in the manufacturing sector since last summer. However, while there is still overall expansion in the industry, it hasn’t come at the rate to which we had grown accustomed in 2014.
6|8| 15| 08.05.2016 - Manufacturers Need to Pay Attention to Cybersecurity Risks
Why has cybersecurity become a risk to manufacturers now when it wasn’t as much of one before? Read our article to find out
6|9| 3| 08.08.2016 - Is an ESOP Right for Your Business?
All privately held businesses deal with succession planning at some point, but the tax and employee benefits offered by ESOPs make them an option that you may wish to consider seriously—here's why. Every company has a natural lifecycle, and at some point, all privately held businesses must transition company ownership, either to a family member, to management or to an outside entity. This is not just to create liquidity for the owner but to select the company’s future form of ownership.
4|5|6|8|9| 15| 08.15.2016 - Five Industries with Growing Cybersecurity Needs
While every industry, business, entity and organization is susceptible to cyber-attacks, 2015 has shown a shift in the industries experiencing the highest incident rates. IBM has recently released the 2016 version of its annual IBM X-Force Cyber Security Intelligence Index – a report that provides readers with an overview and detailed look at the types and volume of attacks out there, the industries that are most affected and the key factors enabling hackers to attack.
6|8| 9|12| 08.09.2016 - The Futurist
It's clear that the speed of progress is increasing and capabilities developed in the previous industrial revolutions empower the next, so let's take a brief look at the history of the previous industrial revolutions and their impact on business and society
6|9| 1| 08.10.2016 - “Re-shoring” – An Increasing Trend in American Manufacturing
America’s long and admirable legacy as the world’s manufacturing leader set the tone for much of the progress made in the 20th century. From assembly lines to precision manufacturing, from the flight age to the space age, it was American manufacturing know-how that was at the core. Innovation created here led to a demand for high-performance manufacturing and production, and that, in turn, created a strong part of our country’s economic backbone.
9| 3| 08.11.2016 - Is Your Employee Benefit Plan Doing the Most for You and Your Employees?
An employee benefit plan is one of the most important items a business can offer to its employees, and obviously there is no “one size fits all” formula for creating and managing them. Plans must make sense for both the employer and employee in equal measures for them to truly work—they need to be as fair to employees as they are cost-effective to employers.
1|2|3|4|5|6|7|9| 11| 08.12.2016 - Affordable Care Act Could Bring Additional Challenges for Employers in 2017
As hard as it may be to believe, the Affordable Care Act (ACA, also known to many as Obamacare) is now more than six years old. It was signed into law amid cheers and protests from competing sides, and in that time has survived dozens of efforts by Congress to repeal it. Through all of that it still exists and requires businesses with more than 50 people to provide health insurance for employees. While the results of the November election could have an impact on its long-term viability, it is safe to say that qualifying businesses would be wise to plan to continue adhering to the law into 2017.
9| 7| 09.20.2016 - Succession Planning: What’s The Next Step for Your Business?
Most privately-held companies lack a long-term succession plan. Why? Business owners are often focused on operating and growing the business, rather than on who will operate and grow the business in the future.
8| 12| 08.15.2016 - The Basics of Cloud Computing
Do you want to know more about cloud computing basics but don’t know where to start? Learn more about the benefits of the cloud in our latest article.
9| 1| 12.01.2016 - Positive Signs for Connecticut’s Business Climate
The business community received some eye-opening news when the annual BlumShapiro/CBIA Survey of Connecticut Businesses reported that profitability among Connecticut businesses is at its highest level in 10 years. This was a tremendously positive finding which cannot be overstated; following the Great Recession of 2008-09, many wondered if we would ever see a return to the days of companies realizing such high profits. Not only have we arrived there, but we did so much quicker than most thought possible.
1|2|5|6|9| 11| 08.16.2016 - Proposed Treasury Regulations Would Limit Valuation Discounts
A tax planning strategy utilized in reducing gift and estate tax has been taking advantage of valuation discounts for family transfers of closely held businesses. However, this strategy may soon evaporate with the recent issuance of regulations limiting valuation discounts.
9| 11| 08.17.2016 - Congress Takes up Tax Bills Before Breaking for Extended Recess
The Democratic and Republican nominating conventions triggered an early recess for Congress. Before recessing, the House voted to undo part of the Affordable Care Act (ACA) and approved a reduced budget for the IRS. Leading tax writers in the Senate addressed tax-related identity theft and home buying incentives.
8| 12| 09.29.2016 - How the Cloud Can Keep Airlines in the Sky
Cloud computing and virtualization are game changers with regards to business continuity and disaster recovery. What can Delta Airlines and your business learn from this?
4| 1| 08.19.2016 - Municipalities Need to Ensure Proper Management, Disclosure of Bond Sales
A critical resource for building new and maintaining existing infrastructure for most municipalities is the issuing of municipal bonds. Most municipalities do not have the funds available in their budgets for these major projects, the issuance of bonds allow for improvement and repair work to get done in a timely matter and paid back over time. It has become a fairly routine funding methodology for cities and towns across the country.
3|5|7|9| 1| 08.22.2016 - FASB Issues Much Awaited Not-For-Profit Financial Reporting Standard
On August 18, 2016, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) 2016-14, Presentation of Financial Statements for Not-for-Profit Entities, to improve financial reporting for nonprofit organizations.
4|7|8|9| 15| 08.24.2016 - Cyber Security Basics: 10 Easy Ways to Protect Your Computer Network from Viruses and Attacks
Hackers, viruses, worms, ransomware and spyware are only a few things that can do harm to your computer, network and in some cases your wallet. It can be scary to know how easily your identity can be stolen, simply by clicking a malicious link from an email. Although there are numerous ways in which a computer user can be attacked or exploited, there are also many ways you can protect yourself and your company from cyber threats.
3|9| 1| 08.26.2016 - Controlling the Cost of Private Education
By analyzing their budgeting process and controlling operations costs, schools can make themselves more attractive to potential students, and set themselves up for long-term future success.
1|2|3|4|5|6|7|9| 1|3| 09.01.2016 - When Does Your Retirement Plan Need an Audit?
The Employee Retirement Income Security Act of 1974 (ERISA) establishes standards and rules governing employee benefit plans (401(k), 403(b), Pension, other retirement and health and welfare plans), including independent audit requirements. Generally, all large non-governmental and non-church retirement plans are required to be audited by a qualified certified or licensed public accountant on an annual basis. ERISA also generally requires large funded health and welfare plans (normally indicated by the establishment of a trust to hold plan assets) to be audited on an annual basis.
1|2|3|4|5|6|7|8|9| 15| 09.07.2016 - 8 Lessons Learned from History's Biggest Cyber Attacks
Every day, over 4,000 cyber-attacks occur, nearly three attacks every minute. The sophistication and techniques used by hackers is growing and evolving constantly. Fortunately, we can use the lessons learned throughout the history of cyber-attacks to increase our knowledge and awareness, and in turn, better protect ourselves from cyber-attacks.
8|5|7|9| 15| 09.08.2016 - Securing Medical Records From Cyber Attacks is Imperative
Electronic medical records are an innovation that has greatly helped the overall medical industry, but with this improved access comes an urgent need to protect it. Learn more about HIPPA Compliance, Security Risk Analysis, Medical Record Security, and more.
9| 11| 12.12.2016 - Affordable Care Act: Businesses Shouldn’t Expect Dramatic Changes Right Away
Presidential campaigns always bring heightened rhetoric and seemingly limitless promises that, more often than not, prove difficult to keep. The most recent election was no different, and one area that received myriad coverage and discussion was the Affordable Care Act (ACA), colloquially known as Obamacare.
9| 11| 12.12.2016 - The Rundown: Upcoming Tax Changes in Rhode Island
Back in June, Rhode Island Governor Gina M. Raimondo signed the state’s fiscal year 2017 budget bill. Learn more about how the bill enacts changes to the Rhode Island tax system across a number of tax areas impacting both business and personal income tax.
5|9| 11| 12.28.2016 - Massachusetts Nursing Facility Direct Care Add-On
The Commonwealth of Massachusetts’ FY17 budget includes $35.5M as a reimbursement add-on for wages, benefits and related employee costs of direct care staff at nursing homes. While most nursing homes welcomed these additional funds, many facilities have questions and concerns regarding how to properly spend the funds without being subject to audit penalties or recoupments.
9| 11| 12.28.2016 - What Will President Trump’s Tax Plan Mean for Businesses, Individuals
One key question both business owners and individuals asked during the election season—and are surely still asking now, as tax season is soon to be upon us with the dawn of 2017—is this: What will a Trump presidency mean for my bottom line?
7|9| 12.08.2016 - The Tax Exempt and Government Entities Group (TE/GE) Releases New Tax Procedures for Examinations of Tax-exempt Organizations - Part 1
This article provides the highlights of the IRS' Tax Exempt and Government Entities Group recently released procedures for tax-exempt organizations.
7| 12.15.2016 - Tax Exempt and Government Entities Group FY2017 Work Plan - Part 2
This article highlights a few additional areas of the IRS’s TE/GE FY2017 work plan that may be of interest to tax-exempt organizations.
9| 11| 01.10.2017 - Ride Sharing Services Now Subject to Rhode Island Sales & Use Taxes
The State of Rhode Island amended its sales and use tax statutes as they apply to ride sharing companies, formally called “transportation network companies,” effective July 1, 2016.
1|9| 11| 01.11.2017 - IRS releases 2017 standard mileage rates; business and medical/moving rates drop
The IRS has released the 2017 optional standard mileage rates that employees, self-employed individuals, and other taxpayers can use to compute deductible costs of operating automobiles (including vans, pickups and panel trucks) for business, medical, moving and charitable purposes.
9| 11| 01.12.2017 - Tax Return Filing Season Launches January 23 and Some Refunds May be Delayed
The IRS has announced that the individual income tax filing season opens on January 23, 2017. The IRS also stated that the Protecting Americans from Tax Hikes Act of 2015 (PATH Act) may impact certain refunds in 2017.
9| 11| 01.16.2017 - Connecticut Supreme Court Holds that a Nonresident Executive is Subject to Connecticut Income Tax upon the Exercise of Stock Options
Corporate executives who are employed in Connecticut and are granted compensatory stock options are often surprised to learn that upon their exercise all or a portion of the compensatory element can be taxed, learn more.
8| 12| 01.17.2017 - Watch our Video: 2017 Technology Trends
Hear from members of our Technology Consulting team share their thoughts on digital trends to be on the lookout for in 2017.
9| 11| 01.19.2017 - “Syndicated Conservation Easement Transactions" Identified as Tax Avoidance "Listed Transactions"
The IRS and Treasury Department have become aware that some promoters are syndicating conservation easement transactions that purport to give investors the opportunity to claim charitable contribution deductions in amounts that significantly exceed the amount invested.
9| 11| 06.19.2017 - Business Meals and Entertainment: How to Maximize Tax Deductions
Many businesses consider occasional wining and dining of customers and clients as a necessary cost of doing business. The same goes for taking business associates or even employees out to lunch once in a while after an especially tough assignment. As a general rule, meals and entertainment are deductible as a business expense only if specific conditions are met.
4|8| 15| 08.02.2016 - Watch our Video: Cybersecurity Risks for Government Leaders
Learn about the top cybersecurity risks for cities, towns, and school districts. Jeff Ziplow, Partner at BlumShapiro shares some areas that government leaders should consider when it comes to assessing cybersecurity risks and ensuring a government organization has proper cybersecurity risk management plan in place.
9| 11| 02.09.2017 - How to Plan for Upcoming Estate and Gift Tax Changes
The estate tax is a tax on your right to transfer property at your death. It is assessed at the time of your death and consists of an accounting of everything that you own or have certain interests in as of the date of death.
8| 11|15| 02.14.2017 - Phishing for W2’s: Cybersecurity Warning for Your Taxes
With tax season comes an increased level of cybersecurity threats. Read and learn some tips to help keep you protected against an attack this tax season.
8| 12| 02.27.2017 - Do Not Fear the Oncoming Era of Driverless Vehicles
Autonomous vehicles. Driverless cars. Self-driving automobiles. No matter how it is phrased, it still seems like a foreign and futuristic concept to many. Driverless vehicle technology represents the next step for the automobile. Rather than fear it, we should embrace and respect it.
8| 12| 02.21.2017 - Technology Talks Podcast: Digital Transformation and the 4th Industrial Revolution
Listen to our new podcast, Technology Talks, hosted by Hector Luciano, Consulting Manager at BlumShapiro Consulting. Each month, Hector will talk about the latest news and trends in technology with different leaders in the field.
9| 11| 02.16.2017 - National Taxpayer Advocate Calls for Taxpayer-Centric IRS
In a recent report to Congress, Nina E. Olson urged the IRS to change its culture from one that is enforcement-oriented to one that is service-oriented. Such a change, Olson provided, would create an environment that encourages taxpayer trust and confidence.
9| 11| 02.16.2017 - Potential 2017 Tax Reform
With the election of Donald Trump as President of the United States a new focus on tax reform has emerged. The White House and lawmakers from both parties have discussed tax cuts, infrastructure spending and more to encourage economic growth. Details of their plans have yet to be revealed and they could start to be unveiled in February.
8| 12| 03.15.2017 - Technology Talks Podcast: Big Data
In this episode of Technology Talks, Hector Luciano speaks with Brian Berry, Director at BlumShapiro Consulting about big data, the role it can play for your organization and how it connects to Digital Transformation and the 4th Industrial Revolution.
9| 11| 03.01.2017 - Identity Tax Fraud: Protecting Your Tax Refund
With 2016 in the rearview mirror, Americans find their tax documents slowly arriving in the mail. Tax compliance is exciting for some, and dreadful for others. Despite differing feelings about taxes, every taxpayer wants to avoid being notified their e-filed tax returns were rejected, on the grounds that another return with their personal information was already received.
8|6| 12| 03.01.2017 - Investing in Technology Helps Manufacturers Stay Ahead
As a manufacturer, your day likely involves concerns around keeping your customers satisfied, ensuring that your plant floor is operating efficiently, having enough inventory on hand to meet demand or getting your job delivered on time. Technology can help ease these concerns and in fact, transition these concerns into a competitive advantage.
6|9| 11| 03.02.2017 - Family Owned Manufacturing Companies May be Significantly Impacted by Proposed IRS Regulations
One of the most discussed tax issues in 2016 was the proposed IRC Section 2704 regulations released in early August 2016 that are designed to limit estate valuation discounts for minority interests. Family-owned manufacturing companies may be among the most harmfully impacted by the proposed IRS rules.
8| 15| 03.03.2017 - The Importance for Manufacturers to Train Employees on Cybersecurity
According to the most recent IBM X-Force Cyber Security Intelligence Index, the manufacturing industry is one of five industries with growing cybersecurity needs. What can you do to make sure your employees are better trained on cybersecurity measures?
6|9| 03.07.2017 - The Effect of Manufacturing Technology Training in the State of Connecticut
Andrew Lattimer of BlumShapiro recently sat down with Conrad Rioux of Asnuntuck Community College (ACC). Here is the story of what ACC is doing to make a difference in the manufacturing community.
9| 1| 03.08.2017 - Positive Trends Developing Between Public, Private Sectors
Despite Connecticut facing another year of difficult budgetary talks, there seems to be some positive developments on the horizon. Much more than in previous years, the public and private sectors are making the effort to talk with one another and work together on potential solutions for economic development. This is good news—we have a much better chance of seeing a beneficial outcome if all parties in Connecticut attempt to be on the same page.
8| 14| 03.22.2017 - Ten Signs Your Organization Needs Outsourced Accounting and Finance
You’ve heard about outsourced back office and accounting, but do you know what it really means? How do you know if outsourcing is right for your organization? Our list below highlights the reasons why your organization should think about making the move to outsourced accounting and finance and how it can benefit your organization.
9| 11| 03.29.2017 - High Connecticut Corporate Income Tax Remains a Challenge for Doing Business in Connecticut
As Connecticut state and business leaders continue to look for ways to work together and create a more business-friendly environment that encourages growth and innovation, the cost of doing business is one area which continually requires focus and attention.
9| 11| 04.03.2017 - The Cost of Doing Business in Massachusetts
Elected officials, policymakers and business leaders in Massachusetts all have the same general goal when it comes to business development. They each want to look for new ways to make Massachusetts a more business-friendly environment, positioning the state as an attractive place for companies to set up shop, create jobs and contribute to the local economy.
9| 11| 04.05.2017 - The Benefits of Doing Business in New England
This article will continue our “Doing Business in New England” series and focus on local policies, initiatives and built-in regional strengths that give local businesses a competitive edge, simply for doing business in New England.
8| 15| 04.07.2017 - Today's Lesson: Cybersecurity for Our Schools
When we think of cybersecurity attacks and vulnerable information, we often think of financial institutions with banking information and credit cards, or hospitals with medical records. But what about our schools? We often forget that schools hold a slew of attractive data for hackers.
9| 04.12.2017 - Doing Business in Massachusetts: Understanding Massachusetts Corporate Tax Rates and Tax Policy
Massachusetts has a lot to offer with its commitment to business investment, world-renowned universities and robust health care industry. The true cost of doing business in Massachusetts cannot be easily whittled down by simple math; however for some, the math doesn’t paint as bad a picture of Massachusetts as generally accepted.
9| 1| 04.13.2017 - ASU 2017-04: Simplifying the Test for Goodwill Impairment
On January 26, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.
9| 11| 04.18.2017 - The Rhode Island Economy: A Snapshot of Doing Business in Rhode Island
The state has lowered various tax rates and offered tax incentives to new businesses. Two rankings that provide insight into Rhode Island’s business and tax climate are the Economic Index and the often cited Tax Institute rankings.
9| 11| 04.26.2017 - Connecticut’s Business and Tax Environment – Challenges and Opportunities
Business profitability in Connecticut is at a 10-year high, three times as many companies are expanding as opposed to contracting, more than half of the companies surveyed introduced a new product or service in the past year, and 87% of the companies say they are either growing or holding steady.
9| 11| 04.27.2017 - Trump Tax Proposal Highlights
On April 26, 2017, President Trump and his administration presented a broad outline of its tax reform plan. The plan calls for a 15% business tax rate and a one-time tax on the repatriation of foreign earnings of U.S. companies at an unspecified rate, which would be negotiated with Congress, along with other details of the proposal.
8|9| 12| 04.27.2017 - The Evolving Role of the CFO in a Digital World
Organization leaders and companies of all sizes are contemplating the impact of digital transformation on their industry, market, organization and staff by exploring the boundaries of traditional definitions. This includes the role of the Chief Financial Officer (CFO).
9| 05.03.2017 - Strengthening Rhode Island’s Business Community
As a Rhode Island company with local clients and local employees, we would be the first to assert that the Ocean State is a great place to live and work. That said, we also recognize that there is always work to be done. This is the first in a series of articles that will examine Rhode Island’s business community and attempt to spotlight the state’s strengths, challenges and opportunities to improve.
2|9| 05.05.2017 - Preparing for President Trump’s $1 Trillion Infrastructure Plan
Now several months into his presidency, President Donald J. Trump’s administration is beginning to lay the groundwork to make an ambitious campaign promise a reality. That promise: Creating a more than $1 trillion program to support new infrastructure projects across the United States.
9| 11| 05.17.2017 - Relocating Your Business to Massachusetts – Tax Credits and State Resources Await!
Lifelong Bay Staters are likely familiar with the term “Taxachusetts.” The moniker was certainly once commonplace in the Commonwealth—and, in the past, the state’s tax rates may have been an important factor for companies considering a move of their business to Massachusetts.
9| 11| 05.10.2017 - Tax Incentives and High Quality of Life Offer Opportunities for Businesses Moving to Connecticut
For many years Connecticut has had the reputation of being a desirable place for people to run small to mid-sized businesses. For those considering moving a business to Connecticut, there are plenty of positive factors to consider. Read on to learn more.
9| 11| 05.11.2017 - Incentives for New and Existing Businesses to Choose Rhode Island
Historically, Rhode Island has been at the lower end of the scale in state rankings regarding having a business-friendly culture. However, the state is working to change that image, and you could be a beneficiary of this new welcoming attitude.
8|9| 12| 05.16.2017 - Digital Transformation Involves Rethinking the Entire Business Structure
Digitally transforming your business might have been considered a bold move to date, but it’s quickly becoming a necessity for organizations to compete in the digital economy. When done correctly, it can put you in prime position to not just compete, but actually lead in your field in both 2017 and beyond.
8|9| 12|15| 05.18.2017 - Technology Talks Podcast: Cybersecurity
Listen to our podcast, Technology Talks, hosted by Hector Luciano, Consulting Manager at BlumShapiro Consulting. Each month, Hector will talk about the latest news and trends in technology with different leaders in the field. In this episode, Hector speaks with Jeff Ziplow, Partner at BlumShapiro Consulting about the most pressing cybersecurity threats and the tips your organization can take to keep themselves protected.
9| 10| 06.09.2017 - Attracting, Developing and Retaining Millennial Professionals
Generalizing an entire group of people born during a certain timeframe can lead to dangerous stereotypes – stereotypes that can either set unfairly lofty expectations for individual employees or lead to unwarranted criticism. That distinction being made, research can absolutely help identify helpful generational trends – and modern businesses need to strategically use this data to attract, develop and retain their next crop of employees.
8| 9|12|14| 06.09.2017 - 6 Reasons to Move Your Financials and ERP System to the Cloud
It seems like everywhere you turn cloud computing is being discussed. What is cloud computing and how can it benefit your finance department and organization?
3|2|4|5|6|7|9| 11| 06.26.2017 - Senate Unveils Better Care Reconciliation Act of 2017
The future of the Affordable Care Act (ACA) and related taxes is now in the Senate following passage of the American Health Care Act (AHCA) in the House this April. The Senate unveiled their discussion draft, Better Care Reconciliation Act of 2017, on June 22, which contains many tax provision similarities to the House bill in efforts to repeal ACA taxes.
1|6|9| 11| 06.26.2017 - Use Tax Reporting Requirements for Remote Sellers
The world of sales and use tax compliance is getting exceedingly complex. Remote sellers need to be extremely aware of their nexus footprint, both physical and economical, in order to comply with their sales and use tax collection obligations. Learn more.
6|8| 15| 06.30.2017 - Are you Prepared for New Department of Defense Security Standards?
With the threat of cybersecurity breaches on the rise, the U.S. Government has implemented new security standards for Department of Defense (DoD) contractors, including manufacturers. Learn more.
8| 15| 07.03.2017 - The Top 5 Critical Internet Security Controls Your Company Must Have
Technology has unlocked innovative ways for businesses to discover and service markets, identify and reach new customers and control inventories and processes. However, technology has also increased the surface area for which businesses may be vulnerable. The manufacturing and retail industry, now more than ever, must rise to meet the challenges and defend from both external and internal threats to protect its data and the information of its clients.
9|6|13| 11| 07.03.2017 - Are You Leaving Research and Development Tax Credits on the Table?
As food and beverage companies rely more heavily on technology to improve products and increase efficiencies, the importance of reviewing expenditures for the R&D tax credit has become much more critical.
2|9| 07.05.2017 - Investing in the Younger Generation
The construction industry is booming. Ground is being broken on new construction projects across the country at a rapid pace, and many in the industry believe that growth will continue. If the industry doesn’t address its aging workforce, it will struggle to meet the market’s growing demand.
1| 07.05.2017 - Customer Testimonial: Gengras Motor Cars
Listen to Jonathan Gengras, Owner of Gengras Motor Cars, discuss their relationship with BlumShapiro that has spanned over three generations!
2|9| 07.05.2017 - Making Your Work-in-Process Schedule Work For You
The single most important piece of financial information contractors produce is the work-in-process (or WIP) schedule. While this statement is often met with skepticism, a properly maintained WIP schedule can actually drive profit to the bottom line. This single schedule can turn your accounting and finance function into a profit center when prepared and used in a timely and effective manner.
6|13| 08.07.2017 - How Massachusetts grocers can prepare for (and compete with) ‘The Everything Store’
Founded as an online bookstore in Jeff Bezos’s garage back in 1994, Amazon.com has grown into the most valuable retailer in the United States, surpassing Walmart in market capitalization in 2015. It’s responsible for more than half of the United States’ annual book sales and more than 40 percent of the country’s total online shopping activity.
8|6| 12| 06.30.2017 - Technology Talks Podcast: Digital Transformation's Impact on the Manufacturing Industry
In this episode of Technology Talks, Hector speaks with Janet Prisole, Partner at BlumShapiro Consulting about the impact of the 4th Industrial Revolution and Digital Transformation on the manufacturing industry.
8| 9| 07.11.2017 - Using the Right Financial Metrics to Improve Your Non-Profit's Success
Do you find running your non-profit today is more challenging that it was five years ago? One reason is that fundraising has become more difficult. Find out how you can use success metrics to make potential donors, members and volunteers more comfortable.
9| 11| 07.14.2017 - New Partnership Audit Rules Impacts All Partnerships
The long awaited new centralized partnership audit regulations under the Bipartisan Budget Act of 2015 (BBA) have finally been released. Their reach will impact virtually all partnerships, learn more.
1| 07.14.2017 - Customer Testimonial: Manchester Sports Center
Listen to auto dealership president Jonathan Larabee, of Manchester Sports Center, share how BlumShapiro has helped his dealership stay on top of industry trends and issues.
9| 07.25.2017 - How Professional Service Firms Prepare for Losing Clients
Clients may leave their service providers for any number of reasons. Maybe they’re looking for a fresh start with a different firm. Perhaps they’ve made a strategic decision to hire an internal employee to provide the same services. Regardless of the reason, losing clients is, unfortunately, part of doing business.
9| 08.08.2017 - Tips for a Successful Transition in a Family Owned Business
Every transition of power for a business brings challenges, but it can still be a smooth and well-defined process as long as a detailed, workable succession plan is put in place ahead of time.
8|10| 12| 08.07.2017 - Technology Talks Podcast: Introduction to Blockchain
In this episode of our technology podcast, BlumShapiro Consulting Manager, Hector Luciano, provides an introduction to blockchain technology, the connections to bitcoin and how this technology will have an impact on business going forward.
9|13| 08.15.2017 - Navigating Increasing Labor Costs in the Grocery Industry
According to a study released earlier this year by the National Grocers Association, labor costs take up around 14 percent of American grocers’ average revenues. As state-mandated minimum wages across the country, including here in Massachusetts, continue to trend upward, industry leaders expect that number to continue increasing over the next several years.
9| 08.15.2017 - Multinational Companies Need to be Prepared for Increased Transfer Pricing Scrutiny
There have been a string of transfer pricing developments in the United States that have strong implications on reporting requirements for multinational enterprises (“MNEs”). These developments will also increase the risk of a transfer pricing audit by the IRS and foreign tax authorities.
7|9|3|5| 1| 08.16.2017 - Top Trends for Managing Not-For-Profits
The world is moving quickly, and in order for non-profit organizations to survive and continue to do their good works, they need to be nimble and ahead of the curve.
9| 11| 08.16.2017 - Worker Misclassification Still ‘Hot Issue’ for the IRS
The misclassification of workers as independent contractors rather than employees is still an ever present issue for the IRS. Recently, the IRS issued another reminder for employers about the importance of correctly classifying workers for purposes of federal employment taxes.
9|4| 11| 08.17.2017 - Tax Reform Discussions Continue in Congress
House and Senate lawmakers have started their August recess, leaving pending tax legislation for after Labor Day. In past years, September has been a busy month for tax legislation and this year is likely to be the same. Before leaving Capitol Hill, lawmakers took actions in several areas related to tax reform.
3|8| 8| 08.18.2017 - New Security Audit Objective for Audits of Institutions of Higher Education - The 2017 and 2018 Compliance Supplement Vett Draft
With the 2017 Compliance Supplement Vett Draft, the Office of Management and Budget is proposing that the US Department of Education now require a new audit objective to test for compliance with rules for securing student information. Learn some key takeaways for your organization to stay compliant.
8| 15| 01.10.2018 - Discovery of Two Recent Security Flaws Puts Nearly All Devices at Risk
Recently, major security flaws found in Intel and other processors have been disclosed by tech researchers; it is said that this set of flaws could let hackers steal sensitive information from nearly every modern computing device containing CPU (central computing processors) chips from Intel Corp, Advanced Micro Devices Inc. (AMD), and ARM Holdings. Read what you need to know about this recent discovery.
5| 08.30.2017 - How Will Medicare Changes Impact Your Skilled Nursing Facility’s Profitability?
With facilities already operating on a razor thin profitability margin, the potential for multiple reimbursement reductions in the Medicare program could result in more facilities generating operating losses by fiscal year September 30, 2019.
9|1|2|10|13|12|11|14| 11| 08.22.2017 - The Succession Planning Process
How does an organization go about succession planning? What should be considered and by whom? Are there particular steps in the planning process that should be included? Read on to find out…
9| 09.06.2017 - OECD Releases Draft Transfer Pricing Guidance on Hard-to-Value-Intangibles
The OECD released a Discussion Draft providing guidance to tax authorities on how to implement the Action 8 transfer pricing guidelines on transfers of HTVIs, find out what you need to know.
8|10| 12| 09.06.2017 - Technology Talks Podcast: Predictive Analytics
In this episode of Technology Talks, Hector Luciano talks with Michael Pelletier, Chief Innovation Officer and Partner at BlumShapiro about another component of a digital transformation - predictive analytics.
8|10|14| 12| 09.06.2017 - Developing a Growth Strategy Backed with Supportive Data and Analytics
How can you streamline machine learning and predictive analytics as a professional services firm? We have six steps to help transition these ideas into a repeatable process for your organization.
9| 09.13.2017 - Succession Planning Best Practices
Read our latest succession planning article to understand the best practices organizations should consider in implementing a succession plan.
9| 11| 09.18.2017 - How Early is Too Early for Planning for Family Business Transitions?
It is truly never too early to start thinking about your business’s future; in fact, the earlier planning is begun, the better the results.
8|9| 4| 10.02.2017 - SOC Audits Put Simply
As consumers become more and more savvy when selecting their software or services, many are now asking for evidence of independent Service Organization Control (SOC) audits. The difficulty comes when trying to decipher which SOC to get (1, 2, or 3) and which Type (I or II). Who needs one? When do they need it? What does it mean? This article will help navigate these questions and concerns.
8|9| 10.02.2017 - Traversing the Trust Service Principles
If your company is considering a Service Organization Controls (SOC) 2 audit, you may have heard the phrase “trust service principles.” Knowing where to start and which principles you need to have evaluated and reported on by a CPA firm can be overwhelming. This article should help you get started.
6|10|11|12|13| 10.02.2017 - GOP Tax Reform Framework and Its Impact on International Tax
The GOP released the much-awaited installment of the tax reform guidelines a few days ago, dubbed as the unified framework to overhaul and simplify the Internal Revenue Code. While the framework is high on expectations, the 9-page document is low on details and substance on how to achieve its purported goals.
9| 09.19.2017 - U.S. to Exchange Country-by-Country Transfer Pricing Reports with Multiple Countries
In October 2015, the member countries of the Organisation for Economic Cooperation and Development (OECD) released a Base Erosion and Profit Shifting (BEPS) plan. BEPS is the practice of artificially shifting income into tax-advantaged environments, generally through the abuse of transfer pricing.
9| 10.02.2017 - Is a Captive Insurance Company Right for Your Business?
A Captive Insurance Company (captive) is a property and casualty insurance company established to provide coverage primarily for a parent company. It can be a valuable risk management tool that allows businesses to more effectively manage corporate risks of all kinds.
9| 1| 10.03.2017 - Revenue Recognition Standard – Are You Ready?
The Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 by the FASB and as IFRS 15 by the IASB, outlines guidance for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance.
9| 10.10.2017 - Key Things to Know for Valuing Your Business
Here are a few things business owners need to understand in order to complete an accurate—and successful—valuation.
9| 11| 10.11.2017 - Tax Relief Options for 2017 Hurricane Victims
It is important to keep in mind that storm victims may be able to recoup some of their losses through tax savings. The recently enacted “Disaster Tax Relief and Airport and Airway Extension Act of 2017” expands the relief provisions.
8| 15| 10.16.2017 - The ABCs of Cybersecurity for our K-12 Schools
Generally, we tend to think of our elementary schools as a “safe place” from cyber attack, ransomware, phishing and other online scams. But it’s time for us to think again. K-12 schools are now considered a “prime target” in the world of cyber attacks. Learn how you can protect your schools from cyber attacks.
9|7| 11| 10.16.2017 - Our Predictions for IRS Audit Queries
According to its FY 2018 Work Plan for Tax-Exempt and Government Entities, agency leaders are continuing to focus on making their processes more efficient and effective.
8| 7|12|13| 10.17.2017 - Applying Lean Thinking to Optimize Your Business
Learn about the principles of lean thinking and how you can apply these principles to your organization.
6|9|10|12|13| 11| 10.20.2017 - Country-by-Country Reporting: U.S. Filing Requirements
Since 2013, the OECD has been working on changing the tax landscape under its base erosion and profit shifting initiatives. There is a growing perception that governments lose substantial corporate tax revenue because profits are shifted to favorable locations and that traditional international tax principles are no longer adequate to respond to the increasing globalization of international business transactions. Hence, there is a need for the international community to develop appropriate measures to address this problem. Learn more …
6|8|9|13| 9|12|14| 10.26.2017 - The Evolution of Corporate Performance Management
When it comes to Corporate Performance Management (CPM) most tend to think about the technology or tools they are using for their budgeting, planning and forecasting. With the manufacturing, distribution and retail industries dealing with so many moving parts the importance of a CPM solution is something that needs to be considered.
7|9| 11| 10.23.2017 - Best Practices for Your Tax-Risk Function
Tax-exempt organizations risk embarrassment and possibly sanctions if they make tax-related mistakes. In this article, we’ll attempt to answer a simple question: What can tax-exempt organizations preemptively do, right now, to protect themselves?
8| 9|12|14| 10.24.2017 - Does Your Finance Department Use Too Many Spreadsheets
Is your organization using too many spreadsheets to analyze, format and report on financial data? Learn about the issues of spreadsheets and if it is time to consider moving to a new accounting and finance system.
8|9| 15| 10.30.2017 - De-Mystifying Data Breaches
No matter how careful you are, no matter how much you invest in cybersecurity, it’s always possible that your business, at some point or another, will suffer a data breach. Learn how these breaches occur and steps you can take to protect your organization.
9| 11| 11.03.2017 - Let’s Use the Boston Celtics to Explain the Proposed Millionaire Tax in Massachusetts
Around this time next year, Massachusetts voters will likely be asked to opine on a constitutional amendment that would nearly double the state’s wealthiest residents’ income tax burdens.
9| 11| 11.07.2017 - Tax Reform Bill: What’s in it for Multinational Enterprises?
The US House of Representatives unveiled the details of their tax reform framework in a 439-page bill dubbed as the “Tax Cuts and Jobs Act” last Thursday.
7|9| 11| 11.08.2017 - Donating Your Property to Charity
U.S. tax law allows individual taxpayers to deduct charitable contributions of up to 50 percent of their adjusted gross income. That’s a major incentive to cut a check to your alma mater or favorite nonprofit organization but, before you do that, it’s important to think about your options. There are several tax strategies that could help you save money while doing a good deed.
9| 1| 12.06.2017 - What exactly is a lease?
Last February, the Financial Accounting Standards Board (FASB) issued a set of new guidance for the accounting of leasing arrangements. The document, entitled Accounting Standards Codification (ASC) 842 Leases, will bring with it a host of changes to accounting and financial reporting processes across several industries going forward.
9| 12.11.2017 - Top Ten Steps of Succession Planning for Privately Held Businesses
As a business owner, succession planning is the key to ensuring that your business will prosper well beyond your years and that your family will enjoy the fruits of your labor. Unfortunately, far too many privately held business owners do not start planning for succession until they are on the verge of exiting their business. Planning early and strategically will lead to a successful transition of the business.
4|9| 1| 12.14.2017 - GASB-86 Provides Helpful New Statement for State/Local Governments Looking to Repay Debt
As governments continue to make strides to streamline their operations and find innovative ways to improve efficiencies in ways that benefit taxpayers, GASB-86 could prove to be valuable to those efforts.
9| 1| 11.20.2017 - Will the New Accounting Leasing Standards Affect Your Credit Arrangements?
Last February, the Financial Accounting Standards Board (FASB) issued a set of new guidance for the accounting of leasing arrangements. The document, entitled Accounting Standards Codification (ASC) 842, Leases, will bring with it a host of changes to accounting and financial reporting processes across several industries.
8|13| 14| 07.09.2018 - Outsourced Accounting is a Recipe for Success in Any Restaurant
Discover how outsourcing the accounting workload for a restaurant can lead to improvements across the board.
9| 11| 11.21.2017 - What to Look for in Finding a Financial Advisor
As you progress in your career and acquire more wealth, finding a financial advisor that you trust becomes more practical than attempting to manage your funds personally. Researching funds and financial strategies can be time consuming and procrastination can undermine your goals. First, you must determine what type of financial advisor would best suit your needs.
9| 11| 11.28.2017 - Tax Strategies to Help Maximize Your Money
Tax planning is hardly a one-size-fits-all process. Throughout the year, business owners and financial planners need to consider countless questions, the answers to which dictate their short-term and long-term strategies.
9| 12|15| 12.19.2017 - Make Sure Your Personal Information is Protected from Identity Thieves
It’s vitally important for consumers to ensure they’re taking necessary actions to protect their personal information from would-be thieves. Here are few things you can do now to protect yourself.
1|2|3|5|6|7|9|10|11|12|13|14| 12.22.2017 - President Trump Signs Sweeping Tax Overhaul
The Tax Cuts and Jobs Act (H.R. 1) was signed today by President Trump. H.R. 1 impacts virtually every individual and business on a level not seen in over 30 years. As with any tax bill, however, there are “winners” and “losers.” This historic bill calls for lowering the individual and corporate tax rates, repealing countless tax credits and deductions, enhancing the child tax credit, boosting business expensing, and more. The bill also impacts the Affordable Care Act (ACA), effectively repealing the individual shared responsibility requirement.
9| 11| 12.26.2017 - Tax Alert - Tax Reform and Educational Institutions
President Trump signed the Republican tax reform bill into law on December 22nd. The enactment of this legislation provides the first major tax reform in over 30 years and will have a far-reaching effect on corporate and individual taxpayers, as well as on exempt organizations.
9| 6| 12.04.2017 - How to Better Manage Your Expert Witness Engagement
Demand for expert services has remained steady for years, but competition within the industry has recently “intensified” due to an increase in the numbers of experts and a diversification of their expertise.
9| 1| 01.03.2018 - How will new accounting standards for leases impact financial reporting?
Last February, the Financial Accounting Standards Board (FASB) issued a set of new guidance for the accounting of leasing arrangements. The document, entitled Accounting Standards Codification (ASC) 842 Leases, will bring with it a host of changes to accounting and financial reporting processes across several industries going forward.
5|7| 11| 01.04.2018 - Tax Alert – Tax Reform and Exempt Organizations
President Trump signed the Republican tax reform bill into law on December 22nd. The enactment of this legislation provides the first major tax reform in over 30 years and will have a far-reaching effect on corporate and individual taxpayers, as well as on exempt organizations.
9| 11| 01.10.2018 - Eight tax developments for 2018
The start of a new year presents a time to reflect on the past 12 months and predict what may occur next. This article lists the top eight tax developments from 2017 that may prove particularly important as we move forward.
1|2|3|4|5|6|7|9|10|11|12|13|14| 01.11.2018 - Event: Navigating Tax Reform
In what has been the most extensive tax reform in over 30 years, business and individuals alike will be affected. To get a better understanding of how you will be impacted by the tax reform, please utilize our Tax Reform Central for the latest events.
9| 01.15.2018 - Technical Terms and Their Meanings: Wills, Probates and Estate Planning
Whether you’re experiencing the loss of a loved one and dealing with their estate, or you just had kids of your own and you’re hoping to create a trust fund to secure their futures, you’re likely to come across a number of terms you may be unfamiliar with. This series of “Technical Terms and Their Meanings…” articles will attempt to define those terms, and help you prepare to handle the financial side of any future major life events.
1| 1| 01.16.2018 - 2018 Tax Reform Key Provisions Impacting Dealerships and Their Owners
Read about the 2018 tax reform key provisions impacting dealerships and their owners.
9| 1| 01.17.2018 - Inspiring Young Workers to Public Service
On the day he was elected President of the United States, Barack Obama delivered a message to the young people of America, saying, “Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.”
1|2|3|4|5|6|7|9|10|11|12|13|14| 11| 01.23.2018 - Get the latest updates on tax reform
In what has been the most extensive tax reform in over 30 years, business and individuals alike will be affected. To get a better understanding of how you will be impacted by the tax reform, please utilize our Tax Reform Central for the latest events, webinars and articles.
4|8|9| 12| 01.29.2018 - Why Investing in Infrastructure is Always the Right Investment for Municipalities
When most municipalities think of infrastructure, they think of physical infrastructure like roads, buildings and utilities. In most cases, this is a good investment for the benefit and quality of life of your citizens. Investment in digital infrastructure offers similar quality of life benefits, and is usually far less expensive than capital improvements.
2| 11| 01.30.2018 - Tax Reform Implications for the Construction Industry - 3 Areas to Plan For
The enactment of the Tax Cuts and Jobs Act provides the first major tax reform in over 30 years and will have a far-reaching effect on both corporate and individual taxpayers. This article will highlight several of the key provisions that will have a significant impact on organizations in the construction industry.
5|9| 11| 02.05.2018 - The Biggest Impacts of Tax Reform on the Long-term Care Industry
President Trump signed the Tax Cuts and Jobs Act into law on December 22nd. The enactment of this legislation provides the first major tax reform in over 30 years and will have a far-reaching effect, offering both opportunities and potential pitfalls. This article will highlight several of the key provisions that will have the most significant impact on long-term care organizations.
9| 1| 02.05.2018 - Questions to Consider: New Accounting Standards for Leasing Arrangements
Last February, the Financial Accounting Standards Board (FASB) issued a set of new guidance for the accounting of leasing arrangements. The document, entitled Accounting Standards Codification (ASC) 842 Leases, will bring with it a host of changes to accounting and financial reporting processes across several industries going forward.
6|8| 9|12| 02.13.2018 - Improving Efficiency by Automating Workflows
A 2014 study determined that the ROI of workflows automation is 176% with a payback in 10.5 months. What’s even more interesting is that the productivity per user jumps 8%-15% - “finding” an extra 4 hours a week per employee. Learn more about workflow automation.
6|9| 11| 02.14.2018 - 2018 Tax Reform Key Provisions Impacting Manufacturers, Distributors, Retailers and Their Owners
Read about the 2018 Tax Reform Key Provisions Impacting Manufacturers, Distributors, Retailers and Their Owners
5|9| 1| 02.14.2018 - CCRC Accounting Guidance Update
On February 1, 2018, the AICPA issued a working draft related to health care entities’ revenue recognition under FASB ASC 606. This will be of particular interest to many senior living communities as it addressed revenue accounting considerations for Type A lifecare continuing care retirement community (CCRC) contracts.
9| 02.15.2018 - LIBOR to End in 2021
With LIBOR scheduled to be phased out by the end of 2021, individuals and companies with borrowings will need to pay close attention to future decisions made regarding LIBOR replacements, as the replacement chosen could have an impact on interest rates of current loan agreements. Read our articles to learn more.
9| 1| 02.19.2018 - Bill-and-Hold Arrangements Under The New Revenue Recognition Guidance
Under ASC No. 606, the new Revenue Recognition guidance, there are two items to consider when it comes to bill-and-hold arrangements, learn more in our latest article.
9| 02.20.2018 - IRS Exam Teams Are Reminded to Consider Imposing Transfer Pricing Penalties
The Commissioner of the IRS’ Large Business and International Division issued a Directive to IRS examiners to encourage them to evaluate whether the imposition of penalties is appropriate when contemporaneous transfer pricing documentation is not adequately prepared.
8| 9|14| 02.21.2018 - Stop Wasting Time Managing Multiple Offices or Franchises
As your business grows it becomes more and more challenging to cover every location. Learn how BlumShapiro and the Sage Intacct solution can streamline your accounting operations.
4|9| 1| 02.28.2018 - Government Jobs in the Digital Age: What Will Be Left?
The next natural stop for the Age of Automation, it would seem, is the government. And it is something for which we all need to be prepared. Particularly those who have spent their careers working in the public sector.
6|13| 11| 03.21.2018 - Transition Tax: Additional Guidance on Return Filing and Tax Payment
The IRS released guidance in a Frequently Asked Questions (FAQ) format on March 13th that addresses important information ‎for taxpayers affected by Code Sec. 965 (a.k.a. Transition Tax) added by the Tax Cuts and Jobs Act (P.L. 115-97 and hereinafter referred to as “statute”).The FAQ outlines procedures on how to report such income and how to pay the associated tax liability. This guidance seeks to alleviate the uncertainty surrounding compliance with the new law especially since the April 15 deadline is looming for many taxpayers.
9|1|2|3|4|5|6|7|10|13|12|11|14| 03.26.2018 - Accounting for Warranties Under the New Revenue Recognition Standard
Many companies provide or sell additional warranties on their products. The new revenue recognition standard, ASC 606 Revenue From Contracts with Customers, specifically addresses defining warranties within a contract and determining if they should be accounted for as a separate performance obligation.
8| 9|14| 03.26.2018 - Strategic CFOs are at the Vanguard of Accounting
The CFO has risen to the top of the C-Suite, but with new opportunities comes new responsibilities. Explore what the evolution means for today's accounting executives.
9|1|2|3|4|5|6|7|10|13|12|11|14| 03.28.2018 - Revenue Recognition Standard – Price Concessions
The Financial Accounting Standards Board and the International Accounting Standards Board issued their final standard on revenue from contracts with customers. The standard, issued as ASU 2014-09 by the FASB and as IFRS 15 by the IASB, outlines guidance for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance.
9| 1| 03.30.2018 - Revenue Recognition Resources
The new revenue recognition standard should be at the forefront of your mind this year as it becomes effective for non-public entities with reporting periods beginning after December 15, 2017. To help you better understand the implications of this standard, our industry experts have created this online portal, which contains an array of articles, webinars and tools on the revenue recognition standard.
9| 03.30.2018 - Leasing Resources
Last February, the Financial Accounting Standards Board issued a set of new guidance for the accounting of leasing arrangements which will bring with it a host of changes to accounting and financial reporting processes across several industries. To get a better understanding of the leasing standard updates, please utilize this page for the latest seminars, webinars, articles and trending news.
9| 11| 04.02.2018 - How the New Tax Law Impacts Mortgage and Home Equity Interest Deductibility
Under the newly signed Tax Cuts and Jobs Act (the Federal Tax Bill), among the many changes, homeowners will see significant changes concerning the deductibility of mortgage and home equity interest when they file their federal income returns for 2018.
3|7|9| 3| 04.03.2018 - Being Proactive with Your 403(b) Benefit Plans
Most schools offer a 403(b) plan for the benefit of their employees. While establishing a plan for your employees is an important benefit, it is also important for management to ensure they are maintaining the plan’s compliance with IRS and ERISA requirements. Plan sponsors have a fiduciary responsibility to protect employee retirement funds and there are penalties for noncompliance imposed by ERISA.
9|14| 1| 04.06.2018 - Overhead Audit Best Practice Checklist
An overhead audit ensures that overhead rates—or, “indirect costs”—are compliant with the Federal Acquisition Regulation (FAR) guidelines, the primary regulation governing the acquisition of supplies and services with federal funds.This article will list several best practices to help architectural or engineering firms successfully navigate the overhead audit process.
7|9| 04.09.2018 - Tax Reform and Its Impact on Non-Profit Giving
In December 2017, comprehensive tax reform was passed. In working with non-profit organizations, many are concerned with how the new tax laws will impact charitable donations in 2018 and beyond.
4|8|9|10| 5|12|13| 04.20.2018 - Essential Project Management for Government Operations
From initiating your project to executing, learn some tips for managing your city or town's next project.
9| 1| 05.03.2018 - Revenue Recognition Standard – Disclosure for Private Companies
Under ASU 2014-09, adoption for most non-public companies is required for reporting periods beginning after December 15, 2017 or for interim reporting periods within annual reporting periods beginning after December 15, 2018. With the adoption dates right around the corner, one of the key considerations is the impact on financial statement disclosures. While the effect will vary greatly between public and non-public companies these changes in disclosure requirements are expected to affect all entities and merit strong consideration prior to adoption.
1|2|6|9|10|11|12|13| 11| 05.01.2018 - New Federal Tax Law Brings New Foreign Tax Provisions
This article will highlight several of the key provisions starting in 2018 that will have the most significant impact on organizations that have multi-national operations or participate in cross-border transactions.
5| 05.11.2018 - RCS-I, We Hardly Knew You
Driven Payment Model, which CMS will implement on October 1, 2019 to replace the current Resident Utilization Group reimbursement system. Learn more about this important change.
4| 05.15.2018 - The Privatization of Some Government Services - What Works, and What the Concerns Are
Today, with more and more state and local governments finding it difficult to manage their annual operating budgets—and, in some cases, finding it impossible to afford needed infrastructure and employee benefit costs—the notion of privatization is perhaps more provocative than it has ever been.
5|8| 8|15| 06.04.2018 - Medical Devices Must Be Protected from Cybersecurity Thieves
Cybersecurity in medical devices is a newer issue for companies to address; after all, in the past, medical devices didn’t have the ability to directly connect to the Internet. But with challenges, as always, come opportunities, and those companies that act at the outset to ensure the security of their IOT-based devices will find themselves much more protected.
8|9| 14| 06.12.2018 - Four Reasons Why Your Startup Company Should Partner with an Outsourced Accounting & Finance Firm
In this article, we’ll discuss the strategy of outsourcing your organization’s back office. In other words, we’ll discuss the advantages of working with a third-party advisory team rather than hiring an internal chief financial officer, controller and/or accounting team.
9| 1| 06.12.2018 - Make Sure You’re Prepared for the Revenue Recognition Standard
The impacts of adopting the new standard will be far reaching, and in some cases will require significant effort by companies to prepare. So, with implementation deadlines fast approaching, it is more important than ever for financial statement preparers to assess the impact of the new rules and put an implementation plan in place.
6|8|9| 06.13.2018 - General Data Protection Regulation: What It Is and Why It Matters to Your Business
The primary purpose of GDPR is to define standardized data protection laws for all EU residents for all member countries. Learn more about its objectives in our article.
7|8|9| 14| 05.16.2018 - How Outsourcing Resolves Common Challenges for Today's Non-Profits
For a non-profit to be sustainable and impactful it must be good at managing its financial resources. See how outsourcing can resolve common challenges for today's non-profits.
9| 1| 05.21.2018 - New Law Clarifies Partnership Audit Rules
The Consolidated Appropriations Act (CAA), 2018 (P.L. 115-141), which was signed by President Trump on March 23, contains numerous technical corrections, modifications and clarifications related to the centralized partnership audit regime rules that were enacted in the Bipartisan Budget Act (BBA), 2015 (P.L. 114-74).
9| 11| 06.14.2018 - Businesses Need to Adapt to Major New Changes in Meals and Entertainment Tax Deductions
When Congress enacted the Tax Cuts and Jobs Act (TCJA) in December 2017, it had to make difficult trade-offs, restricting the meals and entertainment (M&E) deduction became a product of those trade-offs. The new tax law all but abolishes the deduction for entertainment, but keeps (with some new restrictions) the deduction for business meals. Get our breakdown of what these changes look like.
8|9| 10| 06.18.2018 - The Amended Massachusetts Equal Pay Act (MEPA) Takes Effect July 1st, Have You Completed Your Pay Equity Assessment?
An important piece of Massachusetts legislation goes into effect July 1, 2018 – An Act to Establish Pay Equity, which amends the Massachusetts Equal Pay Act (MEPA). The updated law is intended to provide clarity around what constitutes gender-based wage discrimination. Find out what you need to know.
7|9| 11| 06.19.2018 - Will the Federal Tax Bill Change Charitable Donation Behavior?
Back in December, President Trump signed the Tax Cuts & Jobs Act. In this article, we’ll focus on the new tax code’s potential impact on charitable contributions. Specifically, we’ll discuss 1) why non-profit organizations are concerned, and 2) what regular donors should think about moving forward.
9| 11| 06.22.2018 - Supreme Court ruling opens up remote retailers to state sales taxes
In a 5-4 decision, the U.S. Supreme Court ruled South Dakota’s economic nexus law constitutional, potentially requiring online retailers and other remote sellers to collect and remit sales tax to states in which they do business, without regard for their physical presence within those states. Here's what companies need to consider to address the new sales tax standards:
9| 06.04.2018 - Owning a Brewery: “Taxes, Bookkeeping and H.R., Oh My!”
Brewing great beer has to be considered the easy part when it comes to opening and operating a brewery. Because with it comes the accounting and bookkeeping, the tax laws, the human resources duties and other administrative work—this is work no one generally wants to do but, unfortunately, has to be done. And not only can it be time consuming and confusing, no matter the brewery’s size, it can also require additional manpower which, inevitably, means additional spending.
 

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