PGwire - The Official Blog of Piccerelli, Gilstein and Company, LLP

Friday, March 25, 2011

Tune in as Pat Thompson Discusses Governor Chafee's Proposed 2012 Budget

On Sunday, March 27th at 11:30am on Channel 10, Tax Partner Pat Thompson will be a member of 3-person panel to discuss Governor Chafee's proposed 2012 budget on the program "Ten News Conference".  Tune in to learn how the proposed budget will impact the Rhode Island business community.

Tuesday, March 22, 2011

Divorce - Avoid These Financial Mistakes


Donna Slater, CPA, CDFA
Principal
 It’s a sad fact that over 50% of marriages will end in divorce and though divorce is very prevalent, most people don’t understand the financial distress it can cause. With emotions running high, it is important to keep a level head and with proper planning, you can avoid some of the more common pitfalls.

Since income will likely drop after a divorce, it is important to develop a budget based on your current and projected income and expenses. Understand what your financial needs are and negotiate enough liquid assets to meet those needs.

Identify what assets you have and the value of each asset. Be sure to include everything. Some assets are easy to forget such as stock options, the cash value of life insurance policies and timeshare properties. Use this list as a starting point in negotiations.


Tuesday, March 15, 2011

Does your Employee Benefit Plan Need a New Auditor?

Auditing employee benefit plans is an industry-specific task that requires specialized experience and knowledge. According to the U.S. Department of Labor, approximately one-third of all benefit plan audits fail to comply with Employee Retirement Income Security Act (ERISA) requirements.  One of the most important duties of the plan's administrator is to hire an independent qualified CPA.  Click here for  helpful tips in choosing an auditor.  To learn more about our Employee Benefit Plan Audit services, contact Sharon Kennedy at 401-831-0200, or sharonk@pgco.com.

Tuesday, March 8, 2011

Your Missing Money Awaits You


If you own a business, I’m sure you’ve noticed that sometimes an employee or a vendor doesn’t cash a check. Or maybe you’ve noticed that a bank account hasn’t been used in years. Who owns that property? Those funds are still the property of the employee, the vendor or the account holder. Most states have laws designed to gather and return lost or forgotten property to its rightful owners.

In Rhode Island, unclaimed property is turned over to the RI General Treasury if there has been no activity for three years. For wages and utility deposits the time period is only one year.

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Any business with two or more employees should file a report with the General Treasurer’s Unclaimed Property Division listing the abandoned property.

What will the State do? The State will publish a list of the unclaimed property and try to reunite the property with its rightful owner.

An individual should visit the General Treasurer’s web site which has a cumulative list of unclaimed property dating back to the 40”s. RI General Treasury - Unclaimed Property

Thursday, March 3, 2011

Pat Thompson Addresses Congressional Ways and Means Sub-Committee

Tax Partner Pat Thompson is in Washington, D.C. this morning to testify to a Congressional Ways and Means Sub-Committee.  Pat will testify at a hearing on the special burdens that the tax code imposes on small businesses and pass-through entities and the need for comprehensive tax reform to address these problems.  Pat is the Chair of the American Institute for Certified Public Accountants Tax Executive Committee.

Wednesday, March 2, 2011

Employee Benefit Plans and ERISA's Fiduciary Advisor

Visit P&G's Employee Benefit Plan Audits page to learn more about our audit services and to access helpful resources and links, such as the new IRS web tool for retirement plans. The ERISA Fiduciary Advisor is a helpful tool for retirement plans to determine your company's fiduciary responsibilities under the Employee Retirement Income Security Act.  Check back for news and the latest regulatory developments impacting qualified plans and their related audits.  For additional information on how we can assist you with your Employee Benefit Plan Audit, contact Irene Fasano: email: irenef@pgco.com Ph: 401-831-0200.