The Senate passed the final version of the bill introduced as the Tax Cuts and Jobs Act (TCJA) in the early hours of December 20, with the House of Representatives voting again the same day to pass the reconciled tax reform bill. President Trump signed the tax reform bill into law December 22, bringing home a major campaign promise. Due to a violation of Senate procedural rules, the bill’s name reverted to the more ungainly title, "To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018." We will refer to it merely as the tax reform bill, for ease of reference. As passed, the bill includes elements of both the House version and the Senate version of the tax reform bill.
tax reform bill
After drafting legislation at a breakneck pace with little or no public input and speeding through the conference committee process, the House and Senate reached a compromise on their versions of the tax reform bill, formerly the Tax Cuts and Jobs Act, on December 15. The Senate passed the reconciled bill on December 19, and the House will vote soon followed by the signature from the President.
Tax Cuts and Jobs Act,
By and large, Greater Boston Architecture firms have been doing well over the past several years. Their average billing has been greater than their direct labor and overhead costs, which has led to record-setting profit per direct hour rates since 2012. But how does your firm compare to the average?
2017 architecture firms,
2017 arch survey,
Greater Boston Architecture
Roughly 90,000 taxpayers in Rhode Island have a significant tax relief opportunity available to them. That’s the estimated number of taxpayers who owe the state taxes, and Rhode Island is offering a tax amnesty period to assist taxpayers with becoming compliant.
Tax amnesty program,
The research and development (R&D) tax credit is one of the most widely applicable tax credits available to businesses. It provides an incentive for most companies to bring new or improved products to the marketplace or to improve production processes. R&D tax credits may also be applied retroactively, which could result in cash refunds from previously filed tax returns. Smaller businesses benefit as well. Companies with gross receipts that are less than $50 million can use the credit to offset alternative minimum tax (AMT) liability, and qualifying start-up companies can use the credit to offset payroll tax.
research and development,
research and development tax credit,
With the hustle and bustle of the holiday season in full gear, consumers and retailers need to be especially careful. Holiday sales and discounted prices on goods mean more transactions. More transactions mean more opportunities for cyber criminals to access potentially sensitive information. Consumers and retailers that understand the types of holiday risks they may be facing and how stolen information is being used might be able to avoid getting wrapped up in a scam.
Holiday cyber risks
In September 2017, Rhode Island became the latest state to mandate paid sick time for employees who work within the state. State-mandated paid sick time is becoming more prevalent. Eight states across the country require it, including Massachusetts, Vermont, and Connecticut.
Grafton Cap Willey,
paid sick time
Now is the time to get your financial reporting in order for year-end. Several major accounting standards took effect in 2017, and you will want to make sure you're prepared for them. Some of the changes may require updates to processes and controls as well as internal and external year-end reporting.
Joyce Masse Troy,
accounting standards update,