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2014 Fee Guidance for Importers or Manufacturers of Branded Prescription Drugs Now Available
Posted by Michael Corrente on Wed, Aug 28, 2013 @ 09:14 AM

Businesses that manufacture or import branded prescription drugs should become familiar with the recent IRS Guidance on the Branded Prescription Drug Fee for 2014.

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Topics: Fee Guidance for Importers or Manufacturers of Pre

Are You Eligible for the 2013 Massachusetts Life Sciences Tax Incentive Program?
Posted by Michael Corrente on Wed, Aug 21, 2013 @ 09:28 AM

If you are a company in Massachusetts engaged in life sciences research and development, commercialization and manufacturing, you may be eligible for State tax incentives for the creation of new, sustained jobs. Over the past 4 years, the State awarded tax incentives to nearly 50 companies totaling more than $75 million. Those companies created a total of more than 1,800 jobs after receiving their tax incentives. 

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Topics: life sciences, research and development

Reporting of Reclassifications from Accumulated Other Comprehensive Income
Posted by Kristen Shepley on Mon, Aug 19, 2013 @ 09:23 AM

The Financial Accounting Standards Board (FASB) has released its Accounting Standards Update 2013-02, and with it comes changes to the reporting requirements for reclassifications from accumulated other comprehensive income.

Understanding Other Comprehensive Income

These changes affect companies that have other comprehensive income (OCI). OCI refers to gains and losses that aren’t initially included in the net income for a given accounting period. Companies that have OCI transfer the total OCI for each period to accumulated other comprehensive income (AOCI), which is a separate component of equity. Examples of OCI include:

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Topics: FASB, other comprehensive income

IRS Delays Effective Date of Repair Regulations
Posted by Kristen Shepley on Wed, Aug 7, 2013 @ 09:04 AM

The IRS Large Business & International Division (LB&I) has updated the temporary regulations (TD 9564) on the treatment of costs incurred for tangible property ("repair regs"), delaying the effective date from January 1, 2012 until January 1, 2014.

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Topics: Large Business & International Division, IRS, IRS Updates

Massachusetts Enacts Sales and Use Tax on Computer Services, and Market-Based Sourcing
Posted by Claudia Mullen on Wed, Aug 7, 2013 @ 07:06 AM

Attention businesses in Massachusetts: You are likely to pay more in sales and use taxes due to the Commonwealth’s newly passed finance law.

Massachusetts lawmakers voted on July 26, 2013 to override Gov. Deval Patrick’s veto of a proposed transportation finance bill (H. 3535). The newly passed legislation – which earmarks about $800 million per year to transportation needs – is intended to remedy some of the Commonwealth’s most pressing MBTA, road and bridge problems, and limit MBTA fare increases to 5 percent each year. (In 2012, MBTA fares rose 23 percent.)

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Topics: Market-Based Sourcing in Massachusetts, Market-Based Sourcing, Massachusetts, computer and software services, Claudia Mullen, Sales Tax, sales sourcing, sales and use tax

Composite State Income Tax Returns – Should You Participate or Not?
Posted by Chrissy Hammond on Mon, Aug 5, 2013 @ 11:02 AM

Are you a partner, LLC member or an S corporation shareholder of a multi-state business or investment fund? If so, you are probably familiar with filing non-resident state income tax returns. Many of you may be choking on complications such non-resident filing requirements add, as each state may require not just an annual tax return, but also estimated tax payments and the corresponding potential for more tax notices.

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Topics: State tax, tax, IRS, Taxes, composite state income tax returns, state tax returns, state income

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