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New Hampshire State Income Tax Liabilities for Businesses and Real Estate
You may not think about New Hampshire state income tax much, or lack thereof. But if you own a sole ...
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5 Key Financial Ratios for Construction Companies
Financial ratios for construction companies can be a key indicator of current performance and potential for future growth. No one ...
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Federal Solar Tax Credit Guide for Homeowners and Businesses
Solar panel installation is at an all-time high across the country. Are you among the many individuals and businesses thinking ...
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Massachusetts 2023 Tax Package: Corporate Tax Benefits and Impacts
In a move that will be significant to many Massachusetts residents and businesses, Massachusetts Governor Maura Healey signed into law ...
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Massachusetts 2023 Tax Package: Income Tax Benefits and Impacts
In a move that will be significant to many Massachusetts residents and businesses, Massachusetts Governor Maura Healey signed into law ...
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Massachusetts 2023 Tax Package: Estate Tax Benefits and Impacts
In a move that will be significant to many Massachusetts residents and businesses, Massachusetts Governor Maura Healey signed into law ...
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Advanced Manufacturing Production Credit for Solar and Wind Energy Components
The Inflation Reduction Act of 2022 (IRA) created Section 45X‒the Advanced Manufacturing Production Credit of the Internal Revenue Code. The ...
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The Value of a “Clean” Set of Books and Records
What’s meant by a “clean” set of books and records? It simply means that a company’s financial records are up-to-date, ...
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Section 1031 Exchanges – Have You Considered State Income Tax Implications?
If you’re a commercial real estate investor, you may be aware of the complex rules in a Section 1031 Exchange, ...
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Tax Policy Changes Related to Research and Development (R&D) Expenses
Learn how recent policy changes to Section 174 related to research and development expenses impact your organization's cash flow.
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Section 179D Tax Deduction Incentivized Further In 2023
With the passage of the Inflation Reduction Act in August of 2022, several changes to the tax laws have been ...
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A Financial Statement is One of the Most Important Documents Filed in Divorce
The Probate and Family Courts require the completion of a financial statement; this financial statement is required in all matters ...
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The 2022 Inflation Reduction Act Introduces New Clean Vehicle Credit
The Inflation Reduction Act of 2022 includes changes related to the credits for electric vehicles. If you are in the ...
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Residential Clean Energy Credit Extended Through The Next Decade
As a result of the recently passed Inflation Reduction Act, homeowners will have a greater incentive to invest in renewable ...
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IRS Announces Increased Standard Mileage Rates For 2023
The IRS has recently released the standard mileage rates used to calculate the deductible costs of operating an automobile for ...
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RI Businesses May Be Required to File Returns Electronically in 2023
For tax periods beginning after December 31, 2022, Rhode Island businesses may be required to electronically file returns and remit ...
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Massachusetts Voters Elect to Add 4% Onto "Millionaire Tax"
Massachusetts voters have approved a measure during the midterm election to establish an additional 4% surtax on taxable income exceeding ...
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Congress Expands The Energy Efficient Home Improvement Credit
As part of the Inflation Reduction Act, Congress recently extended and expanded what was previously known as the Non-Business Energy ...
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Retirement Contribution Limits Changing in 2023
The IRS has recently released the inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement-related items for the ...
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IRS Announces Increases to Annual Gift Tax Regulations
The Internal Revenue Service has announced the increases in the annual gift tax exclusion and the lifetime estate and gift ...
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Massachusetts Tax Refund Coming in November
Thanks to an obscure Massachusetts law passed back in 1986, Massachusetts taxpayers will be eligible to receive a tax refund ...
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Child Tax Rebates Announced in Rhode Island
Governor Dan McKee recently announced a new relief program aimed at providing some financial relief to Rhode Island families during ...
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Cash Basis, Accrual Basis – What Does It Mean and Why Does It Matter?
The cash basis or accrual basis relates to how income and expenses are accounted for; hence these are referenced as ...
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Artificial Intelligence for Cost Optimization in Manufacturing
Learn how artificial intelligence optimizes cost in manufacturing applications. Streamline operations, drive growth, and avoid inefficiencies.
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The Threshold for Creating State Nexus Is Changing – And Not for the Better
Learn about the changes being made to P.L. 86-272 for remote and online sellers of tangible personal property.
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Income, Tax Returns & W-2 Wage Statements
Learn about the different types of wage statements and how they affect your income determination and tax returns.
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The Tax Implications of Crowdfunding
Learn the different types of crowdfunding methods, and how they should show up on your organization's tax records.
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Importance of Buy-Sell and Shareholder Agreements
Learn the differences between Buy-Sell and Shareholder agreements, and what each document does for a company.
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Remote Auditing During the COVID-19 Pandemic
Due to COVID restrictions, e-audits are becoming popular, with auditors conducting inventory observations remotely.
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Reassessing Profit Margins During the Pandemic
Understand what truly drives company profit and how pandemic-era evaluations are helping companies capitalize on profitability streams.
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Reporting Requirements for Provider Relief Fund Recipients
To mitigate financial impact, Provider Relief Fund payments were issued for COVID-related expenses to help cover lost revenues.
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New Refundable Payroll Tax Credit for Qualified Sick Leave Related to the COVID-19
Under the American Rescue Plan Act of 2021, new tax credits are being provided for paid leave to employees who take time off related to COVID-19.
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US Treasury Secretary Janet Yellen Proposes Global Minimum Tax for US Multinationals
Under the Treasury Secretary's new proposal, MNEs would pay at least a 21% tax rate on profits earned in every country with foreign operations.
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Tax Implications of Home Improvement Projects During the COVID-19 Pandemic
Home improvements have drastically increased during the pandemic; learn about the tax implications of these projects, how they're paid for, and more.
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Mitigating Risks and Costs in the Construction Industry During Uncertain Times
As the pandemic continues, construction companies should take various steps to mitigate risks and costs while adhering to new compliance mandates.
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The Employee Retention Credit: Qualifications and Availability
The Employee Retention Credit (ERC) enables eligible employers to generate maximum tax credits for 2020 and 2021. Learn more about the qualifications and funds available.
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Provider Relief Funds Threshold for a Single Audit — When You'll Need a CPA
If entities expended more than $750,000 of CARES Act Provider Relief Funds, they have reached the threshold for a single audit by a CPA.
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COVID-19’s Potential Impact on Accounting and Financial Statements
As the COVID-19 pandemic continues, contractors will continue to feel its impact to accounting and finances, including GAAP requirements, and more.
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Exploring State Tax Implications of the 163(j) Business Interest Expense Limitation
The Tax Cuts and Jobs Act created legislation limiting the deductibility of business interest expense on various businesses; learn how this limitation varies by state.
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Your Guide to Deducting Casualty Losses in Prior Years
If you sustain a casualty loss due to a federally declared disaster, you may deduct a casualty loss in the year before the casualty actually occurred.
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Will You Have To Pay State Taxes On PPP Loan Forgiveness?
For tax guidance on your Paycheck Protection Program (PPP) loan, learn about what portion of your loan my be taxable as gross income, and how this varies by state.
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How to Effectively Leverage Real Estate Investment Trusts
Looking to diversify your portfolio? Check out the popularity, benefits, and requirements of real estate investment trusts (REITs) on our blog.
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Selling a Personal Residence: Financial Tips & Tax Implications
If you're thinking about selling your home, learn the nuances of navigating the associated taxes and the records you must be keeping.
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Telemedicine Takes the Lead: Best Practices for Health Professionals
With COVID-19 creating increased opportunities for telemedicine, learn best practices for offering these services, and IT risks to be aware of.
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Navigating Federal Student Loans & Financial Planning During COVID-19
With the CARES Act deferring federal student loans payments during the pandemic, learn your options and best practices for financial planning.
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Tax Reform's Effect on Company Parking
As an employer with company parking available, learn how the Tax Cuts and Jobs Act, along with Notice 2018-99, advise on tax deductions for on-site parking.
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Exploring the CARES Act Qualified Retirement Plan Distribution Option
For those struggling financially due to COVID-19, the CARES Act waives the 10% early withdrawal penalty for retirement distributions.
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Should You Be Classified as a Real Estate Professional?
For tax purposes, you may benefit from IRC Sec. 469(c) (7) (B) that classifies who can be considered real estate professionals.
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B Corporations: Offering Stakeholders Qualitative Dividends
Learn about the public transparency, environmental responsibility, and legal accountability for acquiring and maintaining B Corporation status as a company.
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How the Tax Cuts and Jobs Act is Impacting Contractors
The Tax Cuts and Jobs Act has many implications for contracting corporations, from new business classifications, to whether they're subject to AMT, and more.
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State Guidance Regarding Employees Working Remotely During COVID-19
The states of Rhode Island, Massachusetts, and Connecticut have released tax guidance for businesses with employees working remotely during COVID-19.
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How To Take Advantage of R&D Tax Credits in the Construction Industry
With the PATH Act expanding opportunities for qualified small businesses to obtain R&D tax credits, the construction industry notes specific qualifications.
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Accelerating Sustainable Manufacturing in Rhode Island
Learn how sustainable manufacturing can benefit numerous facets of Rhode Island businesses, like increasing profits, attracting new customers, and more.
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CARES Act Provider Relief Fund: Eligibility and Requirements for Round Two Funding
$20 billion in funding is available to healthcare providers in round two of the CARES Act Provider Relief Fund — learn more about the application process.
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How to Prepare for Concentrated Supply Chains Disruptions
Experienced delays in supply chain distribution? Use these tips to mitigate supply chain risks when sourcing materials or products in the marketplace.
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Leveraging COVID-19 Related Tax Credits for Required Paid Leave
Learn how the Families First Coronavirus Response Act (FFCRA) can credit employers providing paid leave to employees due to COVID-19.
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CARES Act Funding Secured for Commercial Fishing
Help is on the way for the commercial fishing industry, as the Secretary of Commerce has allocated $300 million in ...
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CARES Act Grants Healthcare Companies Provider Relief Fund Payments
The CARES Act created the Provider Relief Fund, which reimburses healthcare providers for lost revenues and increased expenses due to the COVID-19 pandemic.
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RIMA’s Pledge for COVID-19 Workforce Precautions
Join the Rhode Island Manufacturing Association’s Pledge for responsible workforce precautions in response to COVID-19.
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Navigating the Pandemic Unemployment Assistance Program
The Pandemic Unemployment Assistance (PUA) program provides assistance to individuals who aren't traditionally eligible for unemployment benefits.
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How to Avoid Falling Victim to Economic Impact Payment Scams
The CARES Act includes a direct stimulus payment for qualifying parties, but be aware, scammers are taking advantage of the situation as well.
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Working Remotely? Beware of Online Scams and Phishing Schemes
When staff members are working from home, it's a good time to remind everyone to be diligent in checking for potential malware and online scams.
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Combating COVID-19
With all of the uncertainties surrounding COVID-19, chances are you are feeling the impact. Here are some government programs to provide support.
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When Does a Rental Real Estate Activity Qualify for the 199A QBI Deduction?
The new tax law, 26 U.S.C. § 162, has left rental real estate owners wondering whether they qualify for the new 20% deduction for qualified business income (QBI). While final regulations indicate that stand-alone, triple-net lease rentals would not qualify for the QBI deduction, there are three alternate paths in which rental activities could qualify for the deduction.
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Building Momentum To Grow Sales
Any successful company motivated to grow its sales volume should first focus on the existing relationships it has worked so hard to build. Leverage and revitalize current areas of business before tapping resources to develop new product lines and expand.
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Can Your Business Benefit from the Work Opportunity Tax Credit?
There has never been a better time for businesses to determine their eligibility for the employment-based Work Opportunity Tax Credit (WOTC).
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Mitigating Equipment Obsolescence in a Rising Rate Economy
The Federal Reserve’s incremental adjustments to interest rates in the past year have manufacturers reconsidering how to address capital investment needs.
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Sullivan v. Sleepy’s - Changes for Commissioned Employees
The recent outcome of the Sullivan v. Sleepy’s LLC et al. civil case, and the Massachusetts Supreme Judicial Court’s (SJC’s) interpretation of the Mass General Laws has clarified how employers are required to pay commissioned retail employees. 
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Attorneys and Certified Public Accountants Are More Similar Than You Would Think
For over 100 years, attorneys and CPA’s have worked side by side. Few professions share such a long-standing working alliance for the good of their clients.  So, how similar are we?
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Information Technology Disaster Recovery Plan for your Business
Having a comprehensive Information Technology Disaster Recovery Plan (DRP) is central to your business operations.
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A Modern Business Model for Legal Services
At one time or another, every Attorney, CPA, or business professional has received push-back from a client who is less than happy with the amount of fees charged for services.
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DiSanto, Priest & Co. Partner Art Lambi Interviewed by GoLocalProv
DiSanto, Priest & Co.’s Art Lambi, CPA, MST, was recently invited to appear on GoLocalProv’s “Business Monday” segment on April ...
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Written Information Security Plan Required as Part of New Massachusetts Data Breach Notification Law
On January 10, 2019, Massachusetts Governor Charlie Baker approved new legislation regarding data breach notification that will significantly impact businesses that own or license personal information about Massachusetts residents.
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DiSanto, Priest & Co. Named 4th Fastest Growing Firm in US by Accounting Today
DiSanto, Priest & Co., a premier accounting firm serving a wide range of businesses, business owners, and high net worth clients today announced it was ranked No. 4 on Accounting Today’s Fastest Growing Firms in the U.S. 2019, a ranking of the 20 fastest growing national accounting firms. DiSanto, Priest & Co. grew 32.74% in 2018 to an estimated $15 million in revenue.
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Bonus Depreciation and Section 179 Update
The implementation of the Tax Cuts and Jobs Act in late 2017 has significantly impacted the way companies depreciate their assets.
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Tips for More Secure Password Management
Have you noticed that we need passwords for just about everything these days?
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The Maker Movement — Feeding Today's Manufacturing Industry
As the Maker Movement has gained ground and attention, mutually beneficial relationships have been forged between traditional manufacturers and entrepreneurial start-ups.
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Safe Harbor Regulations under IRC Section 199A
The long-awaited final IRC Section 199A regulations were issued by the IRS last month.
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Step-up in Basis in Real Estate
A step-up in basis is the readjustment of the value of an appreciated asset, such as real estate, for income tax purposes upon inheritance.
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Blockchain & Cryptocurrency Part 3 — Tax Implications for Investors and Miners
The ever-changing market of cryptocurrencies presents an array of new tax challenges and the IRS has been urgently training its examiners to handle them.
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Dealing with the Changing Landscape in the Manufacturing Workforce – Part 2
In Part 1 of this series, we outlined the transitional and educational challenges that the manufacturing workforce is facing.  We identified two specific tactics to address these challenges: 
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Dealing with the Changing Landscape in the Manufacturing Workforce - Part 1
Manufacturers are facing transitional and educational challenges in their workforce, now more than ever.
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New Tax Incentive for US Corporations Exporting Goods or Services to Foreign Markets
For tax years beginning after December 31, 2017, the Tax Cuts and Jobs Act (TCJA) provides a new permanent deduction for domestic C-corporations that generate income from serving foreign markets. The deduction would reduce the federal tax rate on such income from 21% to 13.125% (increasing to 16.41% after 2025).
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Blockchain & Cryptocurrency Part 2 - The Coin Behind the Technology
Cryptocurrency is an electronic currency that is gaining a lot of attention in the news recently. Learn more about the e-currency, how you can use it and what you need to be careful of when utilizing it.
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1031 Exchange – Is It Right for You?
Do you own a piece of real estate whose fair market value is greater than its basis?  Are you contemplating selling and buying another? A 1031 Exchange may be for you! If you are contemplating a like-kind exchange, at Disanto, Priest & Co. we would be more than happy to assist you.
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Blockchain & Cryptocurrency Part 1 – The New Technology Quickly Changing our World
Blockchain isn't merely about recordkeeping. This process that everyone is talking about holds its power in how records are created and kept. Here at DiSanto Priest & Co. we are here to help you navigate the newest advancements in technology.
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Consider QuickBooks Bank Feeds to Save Time
Setting up a data interface between your QuickBooks file and your bank can dramatically reduce the time burden created by the manual data entry of transactional activity.
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Rhode Island Innovation Voucher Program
Rhode Island’s Commerce Corporation will begin offering grants to companies performing research and development in partnership with local universities, research centers, or medical centers.
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Physical Presence No Longer Required for Sales Tax
In a 5 - 4 decision, the Supreme Court ruled in favor of state authority to require online retailers to collect sales taxes without regard to physical presence in the state. Although states stand to gain much-needed tax revenues, there may be consequences for online retailers that do business in multiple states.
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Taking Control of SOC Report Requests & Distribution
One of the ways firms and their business clients are utilizing a clearinghouse is for SOC report distribution – a process that is becoming more challenging to manage as an increased focus on third-party controls has led to a rise in requests for reports.
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Authenticated Financial Information
There is growing demand today for accurate, authenticated financial information. While technology has positively impacted the speed and accessibility of information, it has also created new ways to alter and compromise information.  
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A Visit to China
China is one of the largest economy's in the world and our partner Bill Pirolli took a trip to check it out. Bill explored China's accounting industry which is beneficial for him as well as his clients just like you.
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FBA: Creating Nexus for State & Local Tax Purposes
Many businesses are selling their products through the Amazon FBA program (Fulfillment by Amazon), expanding their businesses' nexus footprint for state and local taxes.
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SOC Audit Reporting Guidance is Changing
The AICPA recently issued a new set of Trust Services Criteria that apply to SOC 2, SOC 3, SOC for cybersecurity engagements. Here is what changed.
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Marijuana: A Growing Market
One of the fastest growing industries in the United States, and around the world, is the cannabis industry.  It is estimated that by 2025, the worldwide market could reach over $50 billion dollars.
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How to Assess Your Company's Financial Health
We receive regular checkups to monitor, maintain, and improve our health. But did you know that you should do the same for your company?
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The Importance of Strategic Planning
Is your company future ready? We are living in a time of rapid change around the world. Consider a Strategic Planning Engagement to ensure success.
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New Year and New Tax Laws Bring Change to Estates and Gifts
As we continue to welcome in the first quarter of 2018 and the new tax bill, let's take a quick look at what has changed and what remains the same.
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Meal and Entertainment Provisions in the Tax Cuts and Jobs Act
As part of tax reform, significant changes were made to the ability of businesses to deduct meals and entertainment expenses.
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Tax Reform Highlights Affecting Real Estate and Construction Taxpayers
President Donald Trump signed into law the Tax Cuts and Jobs Act (TCJA), the most significant tax law overhaul in 31 years. Read some highlights here.
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Tax Reform Highlights for Manufacturers
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (TCJA) into law, enacting the largest changes to corporate and individual taxation in over 30 years. We've highlighted the most important points for manufacturing, distribution and retail organizations.
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Property Management
SALT, (State and Local Taxes), has become a familiar term for business owners that operate in multiple states; however, taxes are not the only area of compliance that businesses that operate over state borders need to be concerned with.
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Great News For Small Businesses That Qualified For Research Credits in 2016
Wage-paying small businesses with minimal taxable income can now take advantage of their research credits sooner than was allowed under the previous tax rules.  The Protecting America from Tax Hikes Act of 2015 allows qualifying small businesses to apply research credits against the social security portion of its federal payroll tax bill.
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The New Lease Accounting Rules - January 2020 Is Not That Far Away
The new FASB lease accounting standard will likely need to be addressed sooner than many private businesses realize.  For privately held calendar-year-end companies it takes effect in January 2020.
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The Secret to Beneficiary Designations - "Follow Directions"
To remain competitive in today’s working environment employers will offer employees the opportunity to participate in a pre-tax retirement plan.  In addition, they may offer to match the employee’s contribution up to a certain percentage.  As part of the process, the employee is required to complete certain paperwork which includes a Beneficiary Designation Form (BDF).
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Medical Billing - Some Best Practices
Today’s health care providers face an onslaught of new rules —including complex coding requirements, privacy concerns, higher copays, unpaid debts, and denied claims, to name a few—making it more important than ever for medical offices to create clear medical billing policies.
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The Obstacles to Establishing Your “Dream Team”
We all know that people are your most important asset.  They create new ideas, service your customers, and handle all the things that machines simply cannot.  Let’s face it, that large payroll expense on your income statement is there for a reason.  You have probably spent quite a bit of time trying to hire the best people, the smartest people, and the ones that fit your company’s culture; essentially trying to build your dream team.
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Is Your Business' Workforce on the Move?
Many companies are expanding their business transactions across state borders and finding themselves operating with a mobile workforce.  With many states aggressively attempting to find ways to close their budget deficits, these expanding companies become a means of generating new sources of revenues.
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Do You Qualify for the Rebuild Rhode Island Tax Credit?
Do you have a real estate project that is not able to raise sufficient funding? Do you have a project at risk of having to relocate to another state? Rebuild Rhode Island may be the answer! The Rhode Island Commerce Corporation, through the Rebuild Rhode Island Tax Credit Act, can provide incentives such as tax credits, loans or equity investments to eligible Projects!
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179D – The Energy Efficient Commercial Building Deduction
The section 179D tax deduction was passed by Congress in 2005 as part of the Energy Policy Act.  It allows qualifying building owners and businesses to receive a tax deduction of up to $1.80 per square foot for their energy efficient buildings or significant improvements placed in service during all open tax years.
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Anchor Institution Tax Credit
In boating, an anchor is a mechanism used to hold a ship steady.  In television, an anchor is a person who presents and coordinates.  In sports, an anchor is the person on the team with the best ability.  In Rhode Island, an anchor is a business that orchestrates the creation of new jobs.
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Take Advantage of Bonus Depreciation Before Year End
Bonus depreciation's job is to spur economic growth through investment, or reinvestment, in business property within the United States.  Whether you're a manufacturer looking to expand your operations or simply looking to update your equipment, bonus depreciation can help you accelerate tax savings. 
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Cybersecurity
Interactions with technology are advancing at an exponential rate, and so are the risks of a cyber-attack. It seems like every other day there is another story in the news of a malicious virus sweeping the global marketplace and negatively impacting local economies.
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Gearing up for the New Revenue Recognition Rules
Though it has been publicized that certain “contract-based” industries - telecommunications, technology, engineering, media, and pharmaceuticals, to name a few – will be impacted by the new revenue recognition rules the effects are in fact more far-reaching and will apply to all companies, public or private.
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5 Compelling Reasons to Consider Solar for Your Manufacturing Business
Technology in the energy industry is evolving at a rapid pace.  Solar panels are becoming leaner and more efficient – providing more capacity at a lesser cost, mimicking the path of more traditional computer hardware.  Below are 5 reasons why we believe solar is worth considering today to boost your bottom line.
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The Research and Development Tax Credit
Tax credits are important.  These are our government’s “carrots” for business owners.  They are saying “Hey! Please focus here! Our economy depends on it!  And if you do, we’ll thank you with a reduced tax bill.”  Credits are dollar-for-dollar reductions in your tax bill.
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Accounting Tips for Start-ups
So first of all – congratulations!  Starting your own business takes guts and entrepreneurship is a key driver of our economy.  So bravo and thank you for taking the big leap.  At the risk of "raining on the parade", we can't ignore the hard truth out there which is that most new businesses fail within the first two years. 
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One More Reason to Expand your Tech Business in Rhode Island
Are you currently operating a business in Rhode Island and looking to expand?  Perhaps you have a business outside of RI that you’re looking to relocate.   Rhode Island, in an effort to attract and retain new and existing businesses, enacted the New Qualified Jobs Incentive Act in 2015 and has already awarded several job creators significant annual, redeemable tax credits that have allowed them to make expanding or relocating to RI more financially feasible. 
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