Professional Services Accounting Blog | DiSanto, Priest

Welcome to our Professional Services Accounting Blog!

We’re committed to bringing you a regular dose of accounting goodness, geared towards your industry. But before you dive in, here is a little of the who, what, where, why and when regarding this blog.

Who we are – at DiSanto Priest we recognize the need for specialization in the accounting industry. Professional Services is one of seven industries that we have identified as focus areas for our firm. Our other industry focuses include Cannabis, Commercial Fishing, Manufacturing, Distribution and Retail, Precious Metals, Real Estate and Construction, and Technology. As with many of our clients, your service-driven business may cross over into our other verticals so be sure to sign up for those industry updates as well by viewing their respective pages.
What we’re doing – our goal with this blog is to bring you timely accounting information that is relevant to your business.
Where – whether you’re at your desk or on the road, our online content is downloadable as well as mobile-enabled to allow you access wherever you need it.
Why we’re doing it – we’re in the information age. You need information and you need it now. As your trusted advisor we’re in the best position to provide you with the latest and greatest of the accounting industry. We want to do it in a way that allows you to gain an understanding of a topic and empowers you to take action.
When – we update our blog monthly. Stay tuned!

Section 179D Tax Deduction Incentivized Further In 2023

Mar 14, 2023

With the passage of the Inflation Reduction Act in August of 2022, several changes to the tax laws have been ...

A Financial Statement is One of the Most Important Documents Filed in Divorce

Feb 13, 2023

The Probate and Family Courts require the completion of a financial statement; this financial statement is required in all matters ...

The 2022 Inflation Reduction Act Introduces New Clean Vehicle Credit

Jan 26, 2023

The Inflation Reduction Act of 2022 includes changes related to the credits for electric vehicles. If you are in the ...

Residential Clean Energy Credit Extended Through The Next Decade

Jan 18, 2023

As a result of the recently passed Inflation Reduction Act, homeowners will have a greater incentive to invest in renewable ...

IRS Announces Increased Standard Mileage Rates For 2023

Jan 10, 2023

The IRS has recently released the standard mileage rates used to calculate the deductible costs of operating an automobile for ...

RI Businesses May Be Required to File Returns Electronically in 2023

Dec 21, 2022

For tax periods beginning after December 31, 2022, Rhode Island businesses may be required to electronically file returns and remit ...

Congress Expands The Energy Efficient Home Improvement Credit

Nov 29, 2022

As part of the Inflation Reduction Act, Congress recently extended and expanded what was previously known as the Non-Business Energy ...

Retirement Contribution Limits Changing in 2023

Nov 23, 2022

The IRS has recently released the inflation-adjusted contribution limits, phase-out ranges, and income limits for various retirement-related items for the ...

IRS Announces Increases to Annual Gift Tax Regulations

Nov 16, 2022

The Internal Revenue Service has announced the increases in the annual gift tax exclusion and the lifetime estate and gift ...

Massachusetts Tax Refund Coming in November

Nov 9, 2022

Thanks to an obscure Massachusetts law passed back in 1986, Massachusetts taxpayers will be eligible to receive a tax refund ...

Child Tax Rebates Announced in Rhode Island

Oct 31, 2022

Governor Dan McKee recently announced a new relief program aimed at providing some financial relief to Rhode Island families during ...

Cash Basis, Accrual Basis – What Does It Mean and Why Does It Matter?

Sep 28, 2022

The cash basis or accrual basis relates to how income and expenses are accounted for; hence these are referenced as ...

Artificial Intelligence for Cost Optimization in Manufacturing

Aug 9, 2022

Learn how artificial intelligence optimizes cost in manufacturing applications. Streamline operations, drive growth, and avoid inefficiencies.

The Threshold for Creating State Nexus Is Changing – And Not for the Better

Jul 5, 2022

Learn about the changes being made to P.L. 86-272 for remote and online sellers of tangible personal property.

Income, Tax Returns & W-2 Wage Statements

May 27, 2022

Learn about the different types of wage statements and how they affect your income determination and tax returns.

The Tax Implications of Crowdfunding

Apr 20, 2022

Learn the different types of crowdfunding methods, and how they should show up on your organization's tax records.

Importance of Buy-Sell and Shareholder Agreements

Mar 31, 2022

Learn the differences between Buy-Sell and Shareholder agreements, and what each document does for a company.

Remote Auditing During the COVID-19 Pandemic

Feb 14, 2022

Due to COVID restrictions, e-audits are becoming popular, with auditors conducting inventory observations remotely.

Reassessing Profit Margins During the Pandemic

Jan 26, 2022

Understand what truly drives company profit and how pandemic-era evaluations are helping companies capitalize on profitability streams.

Reporting Requirements for Provider Relief Fund Recipients

Oct 18, 2021

To mitigate financial impact, Provider Relief Fund payments were issued for COVID-related expenses to help cover lost revenues.

New Refundable Payroll Tax Credit for Qualified Sick Leave Related to the COVID-19

May 6, 2021

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.

US Treasury Secretary Janet Yellen Proposes Global Minimum Tax for US Multinationals

Apr 7, 2021

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.

Tax Implications of Home Improvement Projects During the COVID-19 Pandemic

Mar 10, 2021

Home improvements have drastically increased during the pandemic; learn about the tax implications of these projects, how they're paid for, and more.

The Employee Retention Credit: Qualifications and Availability

Feb 11, 2021

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.

Provider Relief Funds Threshold for a Single Audit — When You'll Need a CPA

Jan 27, 2021

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.

COVID-19’s Potential Impact on Accounting and Financial Statements

Dec 21, 2020

As the COVID-19 pandemic continues, contractors will continue to feel its impact to accounting and finances, including GAAP requirements, and more.

Exploring State Tax Implications of the 163(j) Business Interest Expense Limitation

Dec 16, 2020

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.

Your Guide to Deducting Casualty Losses in Prior Years

Nov 23, 2020

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.

Will You Have To Pay State Taxes On PPP Loan Forgiveness?

Nov 16, 2020

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.

Navigating Federal Student Loans & Financial Planning During COVID-19

Sep 16, 2020

With the CARES Act deferring federal student loans payments during the pandemic, learn your options and best practices for financial planning.

Tax Reform's Effect on Company Parking

Sep 24, 2020

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.

Exploring the CARES Act Qualified Retirement Plan Distribution Option

Aug 12, 2020

For those struggling financially due to COVID-19, the CARES Act waives the 10% early withdrawal penalty for retirement distributions.

B Corporations: Offering Stakeholders Qualitative Dividends

Jul 21, 2020

Learn about the public transparency, environmental responsibility, and legal accountability for acquiring and maintaining B Corporation status as a company.

How the Tax Cuts and Jobs Act is Impacting Contractors

Jul 6, 2020

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.

State Guidance Regarding Employees Working Remotely During COVID-19

Jun 25, 2020

The states of Rhode Island, Massachusetts, and Connecticut have released tax guidance for businesses with employees working remotely during COVID-19.

CARES Act Provider Relief Fund: Eligibility and Requirements for Round Two Funding

May 28, 2020

$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.

How to Prepare for Concentrated Supply Chains Disruptions

May 27, 2020

Experienced delays in supply chain distribution? Use these tips to mitigate supply chain risks when sourcing materials or products in the marketplace.

Leveraging COVID-19 Related Tax Credits for Required Paid Leave

May 13, 2020

Learn how the Families First Coronavirus Response Act (FFCRA) can credit employers providing paid leave to employees due to COVID-19.

CARES Act Grants Healthcare Companies Provider Relief Fund Payments

Apr 30, 2020

The CARES Act created the Provider Relief Fund, which reimburses healthcare providers for lost revenues and increased expenses due to the COVID-19 pandemic.

Navigating the Pandemic Unemployment Assistance Program

Apr 8, 2020

The Pandemic Unemployment Assistance (PUA) program provides assistance to individuals who aren't traditionally eligible for unemployment benefits.

How to Avoid Falling Victim to Economic Impact Payment Scams

Apr 2, 2020

The CARES Act includes a direct stimulus payment for qualifying parties, but be aware, scammers are taking advantage of the situation as well.

Working Remotely? Beware of Online Scams and Phishing Schemes

Mar 24, 2020

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.

Combating COVID-19

Mar 23, 2020

With all of the uncertainties surrounding COVID-19, chances are you are feeling the impact. Here are some government programs to provide support.

Building Momentum To Grow Sales

Feb 24, 2020

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.

Can Your Business Benefit from the Work Opportunity Tax Credit?

Jan 22, 2020

There has never been a better time for businesses to determine their eligibility for the employment-based Work Opportunity Tax Credit (WOTC).

Mitigating Equipment Obsolescence in a Rising Rate Economy

Oct 2, 2019

The Federal Reserve’s incremental adjustments to interest rates in the past year have manufacturers reconsidering how to address capital investment needs.

Sullivan v. Sleepy’s - Changes for Commissioned Employees

Jul 17, 2019

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.

Attorneys and Certified Public Accountants Are More Similar Than You Would Think

May 22, 2019

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?

A Modern Business Model for Legal Services

Apr 10, 2019

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.

Bonus Depreciation and Section 179 Update

Mar 13, 2019

The implementation of the Tax Cuts and Jobs Act in late 2017 has significantly impacted the way companies depreciate their assets.

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.

Authenticated Financial Information

May 23, 2018

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.

A Visit to China

May 16, 2018

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.

SOC Audit Reporting Guidance is Changing

Apr 25, 2018

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.

How to Assess Your Company's Financial Health

Apr 9, 2018

We receive regular checkups to monitor, maintain, and improve our health. But did you know that you should do the same for your company?

The Importance of Strategic Planning

Mar 21, 2018

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.

New Year and New Tax Laws Bring Change to Estates and Gifts

Feb 28, 2018

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.

Meal and Entertainment Provisions in the Tax Cuts and Jobs Act

Jan 29, 2018

As part of tax reform, significant changes were made to the ability of businesses to deduct meals and entertainment expenses.

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).

Medical Billing - Some Best Practices

Aug 24, 2017

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.

The Obstacles to Establishing Your “Dream Team”

Aug 24, 2017

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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