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Rhode Island General Assembly Passes FY2016 Budget
Posted by Claudia Mullen on Mon, Jun 29, 2015 @ 09:39 AM

With passage by the Senate on June 23, 2015, the General Assembly gave its approval to the state's $8.7 billion FY2016 budget, tax-and-spend legislation that eliminates state income tax on Social Security benefits for many Rhode Islanders as well as removes taxes on utilities for businesses. Specifically, the budget eliminates the sales tax that non-manufacturing businesses pay on electric, natural gas and heating fuel bills. The tax will be eliminated in FY2016 at a cost to the state of $20 million. The original proposal had the tax phased out over a five-year period at a cost of $4.9 million in FY2016.

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Topics: Claudia Mullen, Rhode Island Budget, FY2016 Budget

Expect More Changes in Revenue Recognition Accounting
Posted by David Lewin on Thu, Jun 25, 2015 @ 09:58 AM

Comment period extended until end of June
The Financial Accounting Standards Board (FASB) proposed amending ASU 2014-09 Revenue from Contracts with Customers (Topic 606) to clarify two key issues: how to properly identify performance obligations and account for licenses for intellectual property in the new standard.
The new standard requires entities use a five-step revenue recognition approach:

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin

Requirements for Reporting Under the Affordable Care Act are Almost Here
Posted by Ron Morrison on Tue, Jun 23, 2015 @ 02:00 PM

A CBIZ Talks podcast about Affordable Care Act (ACA) reporting requirements

The Affordable Care Act requires all IRS reporting for 2015 to be completed by early 2016 and that’s not going to be easy.

Kathleen Hayes and Michael McKee from Bloomberg Radio’s Taking Stock program recently talked with Ron Morrison, Business Unit President of CBIZ Clearview, about what employers with 50 or more employees need to do for ACA reporting.

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Topics: Affordable Care Act, Ron Morrison, ACA Penalties, CBIZ Talks

The Changing Landscape of Revenue Recognition
Posted by David Lewin on Tue, Jun 23, 2015 @ 10:00 AM

A CBIZ Tofias Talks podcast about what the new proposed revenue recognition standard may mean to you

Revenue recognition is a lot more than just when your business collects cash or when it delivers goods or services.

That’s the issue that Kathleen Hays and Michael McKee from Bloomberg Radio discussed with David Lewin, Managing Director and Leader of the CBIZ Tofias Accounting Advisory Practice.

Click on the image to the right to download this podcast. Highlights of the discussion include:

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Topics: Revenue Recognition Standard, Revenue recognition, David Lewin, CBIZ Talks

What is “Economic Presence” and How Does it Affect Your Company’s Taxes?
Posted by Tarra Curran on Mon, Jun 22, 2015 @ 02:00 PM

A CBIZ Tofias Talks podcast about income tax and economic nexus

Can a state tax your company even if you don’t have a physical location or payroll obligations there?

Spoiler alert: in some states, yes (with more states to come).

That’s the question that Kathleen Hayes along with Michael McKee on Bloomberg Radio discussed with Tarra Curran, Managing Director in the Tax Group at CBIZ Tofias and Leader of the New England State and Local Tax Practice.

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Topics: Tarra Curran, economic nexus, Economic presence, State corporate taxation, CBIZ Talks

Understanding and Preparing Affordable Care Act (ACA) Informational Returns is Challenging
Posted by Ron Morrison on Mon, Jun 22, 2015 @ 09:37 AM

Employers Must Prepare Now for New Reporting Requirements

While the Affordable Care Act (ACA) has imposed a number of changes for employers since its inception in 2010, one of the upcoming reporting requirements may be the most challenging yet. The ACA added Sections 6055 and 6056 to the Internal Revenue Code, which requires insurers and applicable large employers to file information returns with the IRS and to provide statements to their full-time employees, similar to Form W-2, about the health insurance coverage offered by the employer.

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Topics: reporting requirements, Affordable Care Act, Ron Morrison

Is an Overseas Move Right for Your Life Sciences Company?
Posted by Michael Corrente on Fri, Jun 19, 2015 @ 02:00 PM

A CBIZ Tofias Talks podcast about US corporate taxation

For reasons of lower taxes, does it make sense to move your life sciences company overseas?

That’s the question and topic Michael Corrente, Managing Director in the CBIZ Tofias Tax Group and Leader of the Life Sciences Practice, recently discussed with Kathleen Hays and Michael McKee during Bloomberg Radio’s show Taking Stock.

Click on the image to the right to download this podcast and hear Michael discuss:

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Topics: Michael Corrente, US Corporate Taxation, CBIZ Talks

Identity Theft Incidents Highlight Importance of Cybersecurity
Posted by Cap Willey on Fri, Jun 19, 2015 @ 09:14 AM

Two federal agencies are scrambling to recover from data breaches that compromised Social Security numbers and other identifying information. The breaches indicate just how vulnerable entities can be to hackers.

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Topics: Cap Willey, cybersecurity

Multi-National Enterprises Need to Reevaluate Transfer Pricing Documentation
Posted by David Mula on Thu, Jun 18, 2015 @ 10:10 AM

In 2013, the Organisation for Economic Co-operation and Development (OECD) and the G20 Countries developed a 15-Point Action Plan in an effort to address Base Erosion and Profit Shifting (BEPS). The OECD and G20 Countries worked together on this Action Plan in an attempt to address concerns about aggressive tax planning by multi-national enterprises (MNE) to reduce their tax liabilities by shifting profits to low or no tax jurisdictions. Part of the Action Plan called for changing transfer pricing documentation to enhance transparency, certainty, and predictability for tax administrators and taxpayers. The United Kingdom and Australia are two examples of countries that have quickly adopted the transfer pricing documentation guidance. MNEs need to reevaluate their transfer pricing documentation to ensure that it meets the standards set forth by the Action Plan, while considering the nuances of the rules in the various countries in which they do business.

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Topics: transfer pricing, David Mula

The Gross Receipts Tax: The Not-Income and Not-Sales Tax
Posted by Tarra Curran on Fri, Jun 12, 2015 @ 09:30 AM

The vast majority of states impose some form of a corporate income tax (CIT) to raise revenue from business entities. Although CITs can be complex, most businesses are familiar with how they work since most state CITs are based largely on the federal income tax code. However, not all states impose CITs. In fact, Texas, Ohio and Washington, three of the largest states, currently impose a gross receipts tax (GRT) instead of a CIT. Given the differences between GRTs and CITs, it should come as no surprise that multistate businesses, especially those based outside of those three states, are often confused as to how GRTs work. Herein we provide a general overview of GRTs, a brief description of the taxing schemes in Texas, Ohio and Washington, and some key distinctions that multistate taxpayers should be aware of concerning GRTs. 

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Topics: Tarra Curran, gross receipt tax

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