Accounting Blog

The IRS has released the updated retirement plan contribution limits for 2025, effective as of January 1, 2025. This annual ...

As part of the Fiscal year 2025 budget recently signed by the governor on July 29, 2024, the Massachusetts personal ...

Massachusetts governor Maura Healey has signed into law the 2025 fiscal year budget which includes a new tax amnesty program ...

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

In order to enhance transparency in the financial statement presentation and disclosure of supplier finance programs, the Financial Accounting Standards ...

The rules of 401(k) plan eligibility for Long-Term Part-Time employees (LTPT) have significantly changed. This is a result of the ...

Massachusetts governor Maura Healey has signed into law the 2025 fiscal year budget which includes a new tax amnesty program ...

As part of the budget recently signed by the governor on June 17, 2024, Rhode Island announced legislative changes to ...

On April 23, 2024, the US Department of Labor (DOL) announced changes to changes to overtime salary requirements. These incremental ...

The SECURE Act 2.0 of 2022 brought many retirement plan provisions aiming to increase savings and simplify rules for 2023 ...

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

Since 2018, taxpayers have been able to take advantage of favorable bonus depreciation rules found in the Tax Cuts and ...

You may not think about New Hampshire state income tax much, or lack thereof. But if you own a sole ...

Financial ratios for construction companies can be a key indicator of current performance and potential for future growth. No one ...

Solar panel installation is at an all-time high across the country. Are you among the many individuals and businesses thinking ...

In a move that will be significant to many Massachusetts residents and businesses, Massachusetts Governor Maura Healey signed into law ...

In a move that will be significant to many Massachusetts residents and businesses, Massachusetts Governor Maura Healey signed into law ...

In a move that will be significant to many Massachusetts residents and businesses, Massachusetts Governor Maura Healey signed into law ...

The Inflation Reduction Act of 2022 (IRA) created Section 45X‒the Advanced Manufacturing Production Credit of the Internal Revenue Code. The ...

What’s meant by a “clean” set of books and records? It simply means that a company’s financial records are up-to-date, ...

If you’re a commercial real estate investor, you may be aware of the complex rules in a Section 1031 Exchange, ...

Learn how recent policy changes to Section 174 related to research and development expenses impact your organization's cash flow.

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

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

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

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

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

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

Massachusetts voters have approved a measure during the midterm election to establish an additional 4% surtax on taxable income exceeding ...

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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.

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

As the pandemic continues, construction companies should take various steps to mitigate risks and costs while adhering to new compliance mandates.

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.

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.

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

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.

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.

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.

Looking to diversify your portfolio? Check out the popularity, benefits, and requirements of real estate investment trusts (REITs) on our blog.

If you're thinking about selling your home, learn the nuances of navigating the associated taxes and the records you must be keeping.

With COVID-19 creating increased opportunities for telemedicine, learn best practices for offering these services, and IT risks to be aware of.

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

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.

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

For tax purposes, you may benefit from IRC Sec. 469(c) (7) (B) that classifies who can be considered real estate professionals.

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

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.

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

With the PATH Act expanding opportunities for qualified small businesses to obtain R&D tax credits, the construction industry notes specific qualifications.

Learn how sustainable manufacturing can benefit numerous facets of Rhode Island businesses, like increasing profits, attracting new customers, and more.

$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.

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

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

Help is on the way for the commercial fishing industry, as the Secretary of Commerce has allocated $300 million in ...

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

Join the Rhode Island Manufacturing Association’s Pledge for responsible workforce precautions in response to COVID-19.

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

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

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.

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

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.

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.

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

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

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. 

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?

Having a comprehensive Information Technology Disaster Recovery Plan (DRP) is central to your business operations.

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.

DiSanto, Priest & Co.’s Art Lambi, CPA, MST, was recently invited to appear on GoLocalProv’s “Business Monday” segment on April ...

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.

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.

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

Have you noticed that we need passwords for just about everything these days?

As the Maker Movement has gained ground and attention, mutually beneficial relationships have been forged between traditional manufacturers and entrepreneurial start-ups.

The long-awaited final IRC Section 199A regulations were issued by the IRS last month.

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.

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.

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: 

Manufacturers are facing transitional and educational challenges in their workforce, now more than ever.

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).

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.

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 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.

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.

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.

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.

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.

Many businesses are selling their products through the Amazon FBA program (Fulfillment by Amazon), expanding their businesses' nexus footprint for state and local taxes.

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.

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.

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

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.

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.

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

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.

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.

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 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.

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 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!

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.

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.

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. 

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.