IRS Works to Close the “Tax Gap” this Fall

The IRS this week indicated that its previously-announced employment tax examination program will commence this November. In the initial stage, approximately 6,000 employers of all sizes and types will be randomly selected nationwide for audit. These audits are intended to be a key part of IRS efforts to increase revenue collection & close the "tax gap", as well as provide perspective on where best to target future audit resources. The reviews will concentrate on four primary areas of employment tax - worker classification, fringe benefit taxation, reimbursed expenses and compensation of owner employees.

Sounding off on "The Working Waterfront"

In a recent Providence Journal editorial, the author expressed delight that a developer had thrown in the towel on the concept of developing a hotel/condo/marina project on the Providence waterfront. The author states that "our leaders" should be pushing for the full development of all of the state's ports, encouraging marine based industry, trade and the creation of high paying jobs.

Rhode Island’s New E-Pay Mandate

The Rhode Island Tax Administrator wants to change the way you pay your payroll, sales and use taxes – no more snail mail! Beginning January 1, 2010, any person required to withhold and remit tax under this section with ten (10) or more employees as well as any person required to collect and remit sales and use tax to the state of Rhode Island who had an average monthly sales and use tax liability of two hundred dollars ($200) or more per month must make the payments by electronic funds transfer or other electronic means defined by the tax administrator.

Recent legislative changes to RIGL44030-71 state that in the case of failure of any person required to deposit taxes by electronic funds transfer or other electronic means defined by the tax administrator, unless such failure is due to reasonable cause and not due to willful neglect, there shall be added to the amount shown as tax required to have been electronically transferred five percent (5%) of the amount or five hundred dollars ($500) per required payment, whichever is less.

For more information, click here Rhode Island Division of Taxation http://www.tax.state.ri.us/.

Massachusetts has Written your Information Security Program

We have been closely following the Massachusetts Privacy Law and note the deadline for full compliance has been pushed back once again to March 1, 2010. Read on to learn more about the new regulations.

Welcome to the New Piccerelli, Gilstein & Company, LLP Blog

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