NEXUS…..Are You Connected to Multiple States????

In today's business environment many companies have become involved in interstate commerce, offering their products and services to customers beyond their home state.  As companies expand their businesses over state lines, either physically or over the internet, there is a strong likelihood that their state filing requirements have also expanded into these states. 

"Nexus" for tax purposes is the amount or degree of business activity that must be present before a state can impose their taxing jurisdiction on a taxpayer.  These levels are defined by state statutes and case law and vary from state to state.  There are differing nexus standards for required filings in the areas of registrations, payroll, net worth, and sales, as well as franchise and income taxes.

A "Nexus Study" will identify  whether the normal business activities of your company creates state tax filing requirements based on the various nexus standards.  We can help you make the necessary assessments of your multi-state business activities.

Should you have any questions, please feel free to contact your trusted advisor at DiSanto Priest & Co.  

401.921.2000

The Business Resource Center-An Introduction

Greetings!  We are sending this email to you not only to introduce ourselves but also to provide you with pertinent information concerning your business.  A brief introduction of who we are and what we do is provided below, but to get an idea of the full extent of the services we provide, please click on the link below.

The DiSanto, Priest & Co. Business Resource Center (BRC) provides specialized services for all types of small businesses.  We are staffed with accounting professionals with years of experience in both private business and public accounting providing tax, accounting, bookkeeping, controllership and advisory service to a wide variety of businesses.  Our management team has over 50 years of combined experience servicing small firms.  Click Here for BRC Services. 

>>Business Alert<<

  

Recently, a number of our clients received an official looking document via the U.S. Postal Service.  It appears to be a request from a State of Rhode Island agency, requesting corporate information and a $125 document fee.  It is not.  R.I. Secretary of State Ralph Mollis announced this past week that this is a scam.  Should you receive this type of communication do not pay or respond with the information requested.

  

Click on the links below for WPRI Channel 12 News Alert and a sample of this misleading letter.  Tomorrow night, Channel 10 is expected to broadcast a story on the scam.

http://www.wpri.com/dpp/news/12_for_action/businesses-beware-new-fee-scams-hit-ri

SAMPLE

 __________________________________________________

If you receive a letter such as this and are unsure of its legitamacy, plase feel free to contact me or your trusted advisor at DiSanto Priest & Co.  

401.921.2000

DiSanto, Priest & Co. cited in RISCPA Article

At DiSanto Priest & Co., our focus is to provide our clients  with the best service possible.  One way we do so, is through a strong commitment to ongoing training and professional education.    

Angela M. Paolino, DiSanto Priest & Co.'s Director of Human Resources, oversees the continuing education program for all firm members.  "Education and  training is a basic tenet to the firm's success and the overall well-being of our staff. In fact, our quality training program has been credited as one of the reasons DiSanto Priest & Co. was recently recognized as one of the Best Places to Work  in Rhode Island!*  Training programs keep our accountants informed and apprised of the latest updates in the profession, and in doing so, we provide our clients with the leading-edge knowledge and guidance they need to succeed." 

Angela was recently interviewed by the Rhode Island Society of Certified Public Accountants on the topic.  Please click the link below to read an excerpt from the RISCPA "What Counts" article.

 

RISCPA's What Counts

As always, should you have any questions, please feel free to contact your trusted advisor at DiSanto Priest & Co.  

    

401.921.2000

IRS Provides Updated Withholding Guidance for 2013

 IR-2013-1, Jan. 3, 2013

WASHINGTON - The Internal Revenue Service today released updated income-tax withholding tables for 2013 reflecting this week's changes by Congress. 

The updated tables, issued today after President Obama signed the changes into law, show the new rates in effect for 2013 and supersede the tables issued on December 31, 2012. The newly revised version of Notice 1036 contains the percentage method income-tax withholding tables and related information that employers need to implement these changes.

In addition, employers should also begin withholding Social Security tax at the rate of 6.2 percent of wages paid following the expiration of the temporary two-percentage-point payroll tax cut in effect for 2011 and 2012. The payroll tax rates were not affected by this week's legislation.

Employers should start using the revised withholding tables and correct the amount of Social Security tax withheld as soon as possible in 2013, but not later than Feb. 15, 2013. For any Social Security tax under-withheld before that date, employers should make the appropriate adjustment in workers' pay as soon as possible, but not later than March 31, 2013.

Employers and payroll companies will handle the withholding changes, so workers typically won't need to take any additional action, such as filling out a new W-4 withholding form.

As always, however, the IRS urges workers to review their withholding every year and, if necessary, fill out a new W-4 and give it to their employer. For example, individuals and couples with multiple jobs, people who are having children, getting married, getting divorced or buying a home, and those who typically wind up with a balance due or large refund at the end of the year may want to consider submitting revised W-4 forms.

As always, should you have any questions, please feel free to contact your trusted advisor at DiSanto Priest & Co.  

401.921.2000

Hire a Veteran Before the Year Closes!

As a reminder of the significant tax credits for hiring veterans this year, we are resending our previous communication in the event you intend on hiring any additional employees and want to take advantage of the Work Opportunity Credit before it expires at year end.

 

If you are contemplating hiring employees that are Veterans, you need to read this email....

On November 21, 2011, the President signed into law the VOW to Hire Heroes Act of 2011. This new law provides an expanded work opportunity tax credit to businesses that hire eligible unemployed veterans and for the first time also makes part of the credit available to tax-exempt organizations.

Businesses can claim the credit as part of the general business credit and tax-exempt organizations can claim it against their payroll tax liability. The credit is available for eligible unemployed veterans who begin work on or after November 22, 2011, and before January 1, 2013.  (Source:  www. irs.gov)

For the latest on the credit, please click on the following link:

Please click for more information 

  

As always, should you have any questions, please feel free to contact your trusted advisor at DiSanto Priest & Co.  

401.921.2000

IRS Issues Q&A for Additional Medicare Tax Beginning in 2013

Last week, the IRS published questions and answers designed to assist both employers and payroll service providers in applying the new additional Medicare tax that will take effect on January 1, 2013. 

The Additional Medicare Tax applies to individuals' wages, other compensation, and self-employment income over certain thresholds. Employers are responsible for withholding the tax.

For further details, please click on the IRS link below.

IRS Q&A for the Additional Medicare Tax 

As always, should you have any questions, please feel free to contact your trusted advisor at DiSanto Priest & Co.  

401.921.2000

Rhode Island Division of Taxation Announces the Estate Tax Threshold for 2013

The Rhode Island Division of Taxation has announced the Rhode Island estate tax threshold for 2013.  The following Advisory in the link below provides details:

 

Rhode Island Division of Taxation Advisory

 

 

As always, should you have any questions, please feel free to contact your trusted advisor at DiSanto Priest & Co., a member of the Bentley Group entities.  

 401.921.2000