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.
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:
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.)
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.