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Articles & Updates

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • 01.26.2015 - Tax Implications of the Final Massachusetts Market-Based Sourcing Regulations
    The Massachusetts Department of Revenue (“DOR”) recently released a final regulation 830 CMR 63.38.1 addressing the 2013 statutory change to its sourcing rules for the sale of services and transactions involving intangible property in Massachusetts. Under the new statute, all entity taxpayers (including C corporations, S corporations and partnerships) are required to use market-based sourcing rather than cost of performance for the assignment of these gross receipts in the income apportionment calculation. The final regulations are effective for taxable years beginning on or after January 1, 2014 and are extremely important for companies and practitioners to review based on the level of complexity and wide range of taxpayers who will be impacted by the change.
  • 01.26.2015 - IRS Releases 2015 Standard Mileage Rates
    Each year the IRS sets standard mileage rates that taxpayers can use to calculate the deductible costs of operating an automobile. The IRS works with an independent contractor to establish standard business, medical and moving expense rates based on average vehicle operating costs.
  • 01.26.2015 - ASU 2015-01 Eliminating Extraordinary Items
    On January 9, 2015, the Financial Accounting Standards Board (FASB) unanimously voted to approve Accounting Standards Update (ASU) 2015-01, which eliminates the concept of extraordinary items in an entity’s income statement.
  • 01.26.2015 - Top Tax Developments of 2014 with Impact on Individual Taxpayers in 2015
    2014 was a notable year for tax developments for individual taxpayers on a number of fronts; unfortunately, many of the significant decisions were not made until very late in 2014. Selecting the "top” tax developments requires judgment calls based upon uniqueness, taxpayers affected and forward-looking impact on 2015 and beyond—there were certainly others that may prove more significant to any particular client.
  • 01.26.2015 - Top Tax Developments of 2014 with Impact on Businesses in 2015
    2014 was a notable year for tax developments on a number of fronts, and selecting the "top" 2014 tax developments affecting businesses in 2015 requires judgment calls based upon uniqueness and forward-looking impact on 2015 and beyond. There certainly were others that may prove more significant to any particular business, so please feel free to contact any of our tax professionals for a more customized look at the impact of 2014 developments upon your organization’s unique tax situation.
  • 01.23.2015 - Five Tips to Help Construction Companies Avoid Cash-Related Fraud
    Cash is one of the most important assets on a corporate balance sheet. Accordingly, companies should implement a system of controls that protects cash from a multitude of threats. Cash-related fraud is not industry specific and there are numerous frauds that occur with regularity across organizations of all types, from Fortune 500 companies to small non-profits.

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

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