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Important Update on FATCA Withholding Requirements
Posted by Robert Kerr on Wed, Jul 31, 2013 @ 09:04 AM

As discussed in previous blog posts, the Foreign Account Tax Compliance Act (FATCA) requires foreign financial institutions (FFIs) to report information about financial accounts held by U.S. taxpayers, as well as accounts held by foreign entities in which U.S. taxpayers hold a substantial ownership interest.

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Topics: Foreign Account Compliance, FATCA, Robert Kerr

Rhode Island Announces Budget for FY 2014
Posted by Kristen Shepley on Mon, Jul 29, 2013 @ 09:13 AM

In deference to political realities and in the spirit of collaboration and compromise, Governor Lincoln Chaffee signed Rhode Island’ $8.2 billion budget a few weeks ago.

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Topics: tax planning, Rhode Island’s 2014 budget

FASB Proposal Affects Employee Benefit Plans
Posted by Kristen Shepley on Thu, Jul 25, 2013 @ 09:15 AM

A new FASB proposal affects employee benefit plans, particularly employee stock ownership plans (ESOPs). The proposal allows for indefinite deferral of certain Level 3 fair value measurement disclosure requirements for nonpublic employee benefit plans holding private company employer equity securities, which would otherwise take effect for periods beginning on or after December 15, 2011 (calendar year 2012) and would be included in Form 5500 filings generally due within seven months after the plan’s year-end.

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Topics: FASB, employee benefit plan

Disclosure Requirements about Offsetting Take Effect in 2013
Posted by Kristen Shepley on Mon, Jul 15, 2013 @ 09:04 AM

New disclosure requirements about offsetting take effect in 2013, with companies now being required to make additional disclosures about assets and liabilities that are offset on their balance sheets. The intention is to make it easier for financial statement users to reconcile statements prepared under US generally accepted accounting principles (US GAAP) with those prepared under international financial reporting standards (IFRS). Accounting Standards Update (ASU) 2013-01, issued by the Financial Accounting Standards Board (FASB) earlier this year, provides additional clarification on these new requirements.

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Topics: offsetting disclsure requirements

The Value of an Annual Retirement Plan Audit
Posted by Kevin Petrosino on Mon, Jul 1, 2013 @ 09:05 AM

Most retirement plans with 100 or more participants, and some plans with fewer participants, are required to have an annual audit under federal pension law (ERISA). While this is a federal reporting requirement, an audit of your retirement plan also has numerous benefits for your company. The value of an annual retirement plan audit includes:

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Topics: retirement plans, audit, Kevin Petrosino

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