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 

Social Security Administration announces wage base for computing 2013 Social Security Tax

The Social Security Administration has announced that the wage base for computing Social Security Tax in 2013 will increase to $113,700.

They also announced a 1.7% cost of living adjustment (COLA) for social security beneficiaries beginning in 2013.

Click on the link below for a 2013 Fact Sheet delineating other important changes from the Social Security Administration.

2013 Social Security Administration Fact Sheet

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

401.921.2000

Partner News Update

Last week, I informed you of the national recognition that one of our partners, Bill Pirolli, received as a result of his numerous contributions to our professions.

As Bill passes the baton to George Willie as the next Private Companies Practice Section ("PCPS") Chair, DiSanto, Priest &Co. publicly applauds Bill's accomplishments and his service to PCPS and congratulates him for increasing our Firm's profile at both the national and local levels.

Below is a link to a communication that Robert A. Mancini, Executive Director of the Rhode Island Society of Certified Public Accountants, recently wrote recognizing Bill's tireless efforts. 

Click the link below to read the communication from Bob Mancini of the RISCPA

   

Society Update | September 28, 2012

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

401.921.2000

Local CPAs Have National Roles

Recently, the President and CEO of the American Institute of Certified Public Accountants (AICPA) recognized the contributions to our profession by several partners of DiSanto, Priest & Co.

 Our very own Bill Pirolli, has been involved on various boards and committees with the Rhode Island Society of Certified Public Accountants (RISCPA) (including past President of the RISCPA) and the AICPA for most of his professional career.  Bill has helped shape many great initiatives to advance the certified public accounting profession which we get to see first-hand on a daily basis.

More recently, Bill was recognized for his outstanding service as Chair of Private Companies Practice Section (PCPS) Executive Committee for the past three years.  PCPS is a firm membership section of the AICPA.  Its governing body and Executive Committee, is comprised of professionals throughout the country who represent views of local and regional firms on professional issues and oversee development of programs to help improve the quality of services  and operating success of PCPS member firms.  It also enables and facilitates communication to and from PCPS firms on professional and technical issues and PCPS and AICPA matters. 

Other members of the firm holding leadership roles on a national basis include John J. Brough Jr. and Leah J. Szlatenyi.

 John J Brough, Jr. is a member of the AICPA's Forensics & Litigation Services (FLS) Committee.  John is one of only fourteen forensic and litigation experts across the country serving as a member of the Committee.  The FLS Committee provides professional guidance to CPA practitioners who perform forensic accounting investigations and determine economic damages.  The Forensic and Valuation Services Center is designed to provide CPAs with a vast array of resources, tools and information on Business Valuation and Forensic and Litigation Services (BV / FLS).  The FLS Committee develops, promotes and creates demand for developing emerging forensic accounting services by raising the level of awareness of a CPA's role in this area for lawyers and other service professionals.  

 Leah J. Szlatenyi is one of only twelve valuation experts across the country serving as a member of the AICPA's Business Valuation Committee.  Her appointment affords her the opportunity to represent all CPAs and business valuation practitioners located in the New England and Mid-Atlantic states.  Leah also serves on the RISCPA Business Valuation Committee.

  

Click the link below to read the Article from the RISCPA

RISCPA: Local CPAs Have National Roles
 

Estate & Gift Planning - The Time to Act is Now!

As you are aware from our previous communications, we are currently in what might be considered a unique, opportunistic and perhaps finite time period where married individuals can effectively shield $10 million in assets from estate tax.  However, the time to act is now before this provision expires at year-end!

Click here for a hypothetical example illustrating the potential impact of the expiration of such provisions as well as here for an exhibit setting forth some of the significant tax rate changes scheduled for 2013.

Whether Congress ultimately adopts an exemption amount of $1 million, $3.5 million, or $5 million-or even permanently repeals the estate tax, it is essential to have a plan in place that is fluid and flexible.  A carefully designed estate plan requires a comprehensive team of professionals.  Our dedicated team employs a multi-disciplinary approach to help clients achieve greater financial security for themselves and their families.  Through our affiliates and alliances, we work together to put personal goals into action, and ensure clients have the appropriate tax, estate, financial planning and legal professionals necessary to set plans in motion.  We would be pleased to meet with you to discuss your personal tax and estate plan.  Call us today!