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Failure to comply with DOL and IRS rules in a timely manner can be quite costly. For example, organizations that fail to file Form 5500 by the deadline could be fined $2,140 per day. The DOL has also issued fines of up to $1,100 per day for late submissions of audited financial statements.

Despite the risks, data suggests that more companies will pay fines in 2018 than in 2017. A study conducted by Employee Benefit Advisors in the summer of 2017 found that employers with open enrollment dates in the first quarter of 2018 were seriously underprepared. Is your organization at risk?? Learn how you can minimize risk and ensure compliance by clicking here.

According to the American Psychological Association, roughly 40% of marriages will end in divorce, which equates to more than 800,000 divorces per year in the U.S. One of the most significant changes to come from President Trump’s Tax Reform is the elimination of alimony as a tax deduction, beginning in 2019. In Part IV of our Learning Series, we explain what these changes mean and discuss how it may impact your marital decisions. Click here to read more.

For many years, businesses have taken advantage of numerous tax-savings opportunities to deduct popular employer-provided fringe benefits, such as work related activities—including certain meal and entertainment expenses. In Part III of our Learning Series, we examine the major changes you need to be aware of now. Click here to read more.

How Will Tax Reform Impact You? Learning Series Part II: Is Home Mortgage and Home Equity Loan Interest Still Deductible Under the New Law?

February 16, 2018

As part of our new educational series, we will dive deeper into specific questions we are receiving from our clients. Here, we examine the new rules and regulations for home mortgage and home equity loan interest deductions under the Tax Cuts and Jobs Act. Click here to read more.

How Will Tax Reform Impact You? A High Level Overview

December 26, 2017

One thing is clear. Tax Reform is about to shake up life for millions of Americans. Our team of tax, accounting and business advisors have been analyzing the complex rules and different scenarios for months and have answered a number of questions from clients. Click here to read more.

Year End Tax Savings Strategies for Individuals & Businesses

October 27, 2017

As the end of the year approaches, now is the time to think about actions you can take to help lower your income taxes for 2017, and possibly even 2018 given the potential impact of the proposed tax reform that is currently before Congress. While not all of these scenarios may be applicable, you or your business can likely benefit from many of them. 

Click here to read our Tax Savings Strategies for Individuals.

Click here to read our Tax Savings Strategies for Businesses.

A number of third- and fourth-quarter deadlines, as well as rule changes are approaching for individuals, businesses, and retirement plans.

 

Click on the headline to learn more and see some examples of changes in tax situations that could result in adjustments being made to your third quarter estimated tax payments that are due on September 15.

Rhode Island Governor Gina Raimondo recently signed House Bill 5175, authorizing the state to enact a 75-day period of tax amnesty for individuals and businesses that are delinquent on their taxes. The Division of Taxation will start accepting applications for amnesty on December 1, 2017.  Tax amnesty programs can be a great option for taxpayers with outstanding tax liabilities. Click on the headline to read more.

Other People’s Money (OPM) is what makes real estate development and many other business ventures possible for the majority. Even the most successful projects relied on OPM to come to fruition.

Many factors influence the ability to successfully raise capital and secure financing, including the amount of capital required, the stage of development of the company and/or project, numerous tax considerations, the necessity for liquidity and requirements of complex federal and state laws. Navigating these factors can seem daunting.

If you need OPM for a new venture, expansion or initiative, click on the headline for important considerations and advice.

Portability of the estate tax exemption means that if one spouse dies and does not make full use of his or her federal estate tax exemption, the surviving spouse can make an election to pick up the unused exemption and add it to their own exemption available for transfers made during life and at death.

 

Overlooking the need to elect portability is a common mistake - and one that can lead to the loss of valuable estate tax savings down the road.

Click on the headline to read more on how portability rules may affect your existing estate plans.

Donating to a certified Scholarship Granting Organizations (SGO) is an advantageous way for RI business owners to reduce their state tax liability with tax credits issued as a result of the contributions. Scholarship tax-credit programs in effect allow businesses to allocate a portion of their owed state taxes to SGOs, which are non-profit organizations that offer private school scholarships of varying amounts to students from low-income households. Taxpayers subject to the Alternative Minimum Tax realize the greatest benefits. Click on the headline to read more.

When the Trump Administration revealed "core principles" of the President's tax reform plan last month, people were up in arms. While nothing is set in stone, and many changes may not go into effect until 2018 or later, there are some steps taxpayers should consider taking in advance of a major potential tax overhaul. Click on headline to read more.

Tax season is upon us. One common deduction is a “charitable contribution”, which is a gift to a qualifying organization in the form of money, property or services. There are rules you need to understand and follow in order to receive a tax deduction for a charitable contribution that will sustain an IRS examination...

Click on headline to read more.

In a news release, IRS has granted many businesses affected by winter storm Stella, the storm that hit portions of the Northeast and Mid-Atlantic this week, additional time to request a 6-month extension to file their 2016 federal income tax returns. Click on headline to read more.

The Rhode Island Division of Taxation has announced that calendar-year C corporations are eligible for an automatic 6-month extension for tax years beginning on or after January 1, 2016. Click on headline to read more.

Under the proposal, a new advanceable and refundable tax credit under Code Sec. 36C would assist with the purchase of health insurance on the individual insurance market. Click on headline to read more.

Phishing Schemes Lead the IRS “Dirty Dozen” List of Tax Scams for 2017; Remain Tax-Time Threat

IRS issued filing season alert warning taxpayers to watch out for identity theft at tax time, noting that phishing scams are constantly evolving and once again gave detailed information on how taxpayers can recognize nefarious attempts at communication with them by malefactors.  Click on headline to read more.

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