New Tax Incentive for US Corporations Exporting Goods or Services to Foreign Markets
Sep 5, 2018
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).
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.
Blockchain & Cryptocurrency Part 2 - The Coin Behind the Technology
Aug 20, 2018
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.
Blockchain & Cryptocurrency Part 1 – The New Technology Quickly Changing our World
Aug 16, 2018
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.
Physical Presence No Longer Required for Sales Tax
Jun 21, 2018
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.
Taking Control of SOC Report Requests & Distribution
May 30, 2018
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.
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.
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.
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.
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.
Great News For Small Businesses That Qualified For Research Credits in 2016
Oct 18, 2017
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.
The Secret to Beneficiary Designations - "Follow Directions"
Aug 24, 2017
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).
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.
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.
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.
Do You Qualify for the Rebuild Rhode Island Tax Credit?
Aug 24, 2017
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!
179D – The Energy Efficient Commercial Building Deduction
Aug 24, 2017
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.
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.
Take Advantage of Bonus Depreciation Before Year End
Aug 23, 2017
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.
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.
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.
5 Compelling Reasons to Consider Solar for Your Manufacturing Business
Aug 23, 2017
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.
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.
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.
One More Reason to Expand your Tech Business in Rhode Island
Aug 23, 2017
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.