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In This Issue:
New Departments!
U.S. still leads in manufacturing – Contrary to rumors that manufacturing has left America’s shores, the United States remains the biggest manufacturing economy in the world, according to a new report by the United Nations Industrial Development Organization. In fact, the sector is the hottest part of the U.S. economy right now. Read Rex Nutting’s commentary on the subject from marketwatch.com.
Bay State’s construction industry prepares for a rebound in 2011 – State and local public building projects – a source of some stability during the economic downturn – are being augmented by an anticipated uptick in private-sector building activity in the Bay State going forward, according to a story in the Brockton Enterprise. The article also cites a survey showing Mass. contractors as the most optimistic in the country about this year’s prospects.
TAXES AND TAX PLANNING
IRS announces new auto depreciation limits – The IRS has published new guidelines for inflation-adjusted depreciation limits and lease inclusion amounts for cars, trucks, and vans placed in service in 2011 and first leases occurring during 2011. The guidelines also include revised depreciation limits for passenger vehicles placed in service in calendar year 2010 for which the 50 percent or 100 percent additional first year depreciation deduction applies. A summary of the new guidelines has been compiled by accountingweb.com.
Paying for college? Pay attention to the new tax laws – If you’re in line to foot the bills for a child’s college education, you’ll want to know about some new tax-related rule changes. Sponsors of the national Private College 529 Plan say now is a great time to speak with an accountant about the new rules, and about the potential to use anticipated tax refunds to boost funds in college savings accounts. Marketwatch.com’s Jennifer Openshaw offers this perspective on the subject.
Nonprofits are worried about losing tax exemptions – Nearly three quarters of nonprofit organizations polled recently are concerned that tax exemptions will be revoked in the next year or two, according to a survey released by Sage North America. Approximately half of the NFPs surveyed also expect the amount of government funding they receive to decrease during 2011, mainly due to budget cuts at the local level. More on the survey here.
The $5 million tax break – The Wall Street Journal reports that thanks to recently enacted tax laws, the gift-tax exemption has jumped to $5 million from $1 million for individuals and to $10 million from $2 million for couples—meaning people can give away that much without paying a penny in taxes. Is it time for wealthy families to retool their estate plans? Read the full report.
MANAGING YOUR BUSINESS
The Right Size Accounting Firm
919 Eastern Avenue
Malden, MA 02148
420 Bedford Street
Lexington, MA 02420
7 Main Street
Atkinson, NH 03811
T: 781-321-6065
F: 781-321-7747
Phantom stock: a key employee retention tool
– It’s an ongoing challenge for many small business owners – how to
motivate and retain employees who are essential to the company’s
success, yet without granting them an actual ownership stake. One
solution is to issue so-called “phantom” stock. RBB partner Paul Bardaro
writes about the benefits of phantom stock – for both employer and
employee – here.
State’s high court clarifies foreclosure rules – Earlier this year, the Massachusetts Supreme Judicial Court issued an important ruling regarding foreclosure procedures. In what became a widely watched case nationally, the outcome may portend conclusions that courts in other states with similar processes may reach. Our colleagues Michael Radin, Esq. and John Blake, Esq. of Tarlow, Breed, Hart & Rodgers explain what the ruling means for lenders, borrowers and investors here.
State’s high court clarifies foreclosure rules – Earlier this year, the Massachusetts Supreme Judicial Court issued an important ruling regarding foreclosure procedures. In what became a widely watched case nationally, the outcome may portend conclusions that courts in other states with similar processes may reach. Our colleagues Michael Radin, Esq. and John Blake, Esq. of Tarlow, Breed, Hart & Rodgers explain what the ruling means for lenders, borrowers and investors here.
AROUND THE OFFICE
A self-development course that delivers: Senior Tax Manager Milly Espinal took part in what she would eventually describe as one of the most rewarding experiences of her life. Read her account.
When banks won’t lend: Partner Bill Rucci wrote about alternative financing methods available to construction companies on the website forconstructionpros.com.
Tilling the soil: Partner Roy Henshaw presented a half-day seminar on accounting and business best practices to two different gatherings of agricultural business owners in western Mass. The first, held at UMass/Amherst, was sponsored by the Mass. Department of Agricultural Resources. The second, sponsored by the Mass. Farm Bureau, was held two days later in Marlborough.
Running for a cause: COO Hank Wolfson is running his seventh Boston Marathon (his tenth marathon overall) in April to raise money for the Dana Farber Cancer Institute. Hank’s involvement in sports events that raise funds for cancer research began several years ago with the Pan Mass Bicycle Challenge. In total, he has raised over $100,000 for the cause.
Tying the knot: Administrative Assistant Caitlin Devine has announced her engagement to Paul Skinner. The two solidified their plans during a recent vacation trip to Las Vegas. The wedding will take place in November.
RBB is uniquely suited to handle assignments from many different types of businesses. Our size and structure allows us the flexibility to deliver superior service from a team assigned to your business and headed by a partner of the firm, and yet remain within your established budget parameters for either a specific project or an ongoing engagement. To contact us, call the above number or visit our web site - www.rb-b.com.
