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.
Topics: Massachusetts, Cap Willey, Grafton Cap Willey, Connecticut, Rhode Island, Vermont, Sick leave, paid sick time
Tax collections were lower than expected in Massachusetts, Rhode Island and Connecticut, leaving the states scrambling to minimize the damage to their budgets. New England isn’t alone in state taxation troubles. The National Association of State Budget Officers reported last fall that 25 states had collections below their budget forecasts in the 2016 fiscal year and 24 reported lower-than-estimated general fund revenues for 2017.
Topics: Massachusetts, State tax, Cap Willey, Rhode Island Budget, state and local tax (SALT), new england state and local tax, Grafton Cap Willey, RI Budget, MA Budget, Connecticut
Tax-related identity theft continues to disrupt the orderly administration of tax return filings and refund payments and was poised to reach an all-time high last year. Reports of cybercriminals using fake emails and other phishing tactics to surreptitiously acquire taxpayers’ personal information spiked early in the 2016 tax season. By mid-February 2016, the number of reported phishing and malware schemes exceeded the entire number of incidents reported in 2014.
Topics: fraud, Cap Willey, IRS, tax fraud, Grafton Cap Willey, identity theft
A new era in funding is here, and it’s making headlines. From presidential campaigns to technology devices, crowdfunding presents unique opportunities for businesses and investors alike.
The origins of crowdfunding date back to the Jumpstart Our Business Start-ups Act of 2012 (JOBS Act). The act permits companies to use funding portals to access non-accredited investors. Access, liquidity and fractional ownership permitted under the JOBS Act can broaden a funding pool, but your organization should consider the funding source with some degree of skepticism. Both investors and the investment portals are largely untested, which makes crowdfunding a riskier source of investment. Before making a decision about whether to pursue crowdfunding, it is recommended you conduct a careful analysis of the three core benefits and their risks.
Topics: Cap Willey, crowdfunding, funding pools
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.
Topics: Cap Willey, cybersecurity
Every business with multiple owners should have a buy-sell agreement, and those that already have one should review it periodically to ensure it is up to date. There are many different types of agreement structures and funding mechanisms, each of which has advantages and disadvantages. Regardless, the reasons for having a buy-sell agreement are well established:
Topics: Cap Willey, Buy-sell agreements, multi-owner business
Author: Grafton "Cap" Willey, CPA
Topics: tax issues, tax planning, tax, Cap Willey, year-end tax planning, tax changes, election year, IRS, compliance