More glimmers of positive momentum – notably in job growth, manufacturing and small business confidence – may be pointing to a firmer economy in 2012. Meanwhile, expiring tax provisions and new filing mandates will lead the tax discussion over the next several months.
Here to provide some perspective is the latest issue of RBB News--our summary of important tax, business and financial news and opinion to help you see the bigger picture, and to make more informed decisions.
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In This Issue:
Rucci, Bardaro & Barrett, PC
The Right Size Accounting Firm
919 Eastern Avenue
Malden, MA 02148
303 Wyman Street, Suite 300
Waltham, MA 02451
7 Main Street
Atkinson, NH 03811
T: 781-321-6065
F: 781-321-7747
Small business owners are becoming increasingly upbeat about the future, according to the National Federation of Independent Business (NFIB). The group's latest Small Business Optimism index rose for the fourth straight month, which suggests that the improving outlook may not be just a blip.
In another hopeful sign, business for manufacturers hasn't been this good since the late 1990s. The New York Times reports that American manufacturing is on the rise. Manufacturing jobs have gone up for two consecutive years, the best sustained job growth since 1997.
And in the most recent Conference Board survey, consumer confidence – an important indicator of economic vitality – has jumped nearly 25 points in the past three months and now sits at its highest level since April. An acceleration in U.S. hiring since fall has contributed to the rebound, economists say.
Cost basis reporting changes portend messy tax season – New rules now require that 1099-B forms report the cost basis of all equities purchased on or after Jan. 1, 2011. So starting in mid-February, millions of investors will receive an unfamiliar version of this vital tax document, and will need to make some important tax-related decisions. Financial-Planning.com spells out some of the details.
The road ahead for taxes – A slew of major tax cuts expired at the end of 2011—as was the case in 2010. Now, as then, Washington faces the choice of letting income, capital-gains, estate and other tax rates rise as scheduled, or coming up with an alternative. The Wall Street Journal looks ahead to the 2011 and 2012 tax seasons.
IRS announces 2012 standard mileage rates – The Internal Revenue Service has issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
How to compete on value, not price – Whether you are selling a product to a customer, selling equity in your company, or even selling a job to a potential hire, the fundamentals are always the same: sell value, rather than compete on price. Here's how.
This one mistake can eat your business alive – profit and loss (P&L) targets are supposed to help a company create more value. But used incorrectly, they can erode business value and consume growth opportunities from the inside. Here is one company's tale.
To shred or not to shred – a document retention and destruction policy (DRP) can serve businesses as an essential security blanket. Here's a guide from our friends at Schlossberg & Associates to help your company decide what to save, and for how long.
RBB has moved its Metro West office from Lexington to Waltham. The new address is 303 Wyman Street, Suite 300, Waltham, Massachusetts 02451. All other business contact information (telephone, fax, email and website) remains the same.
An article by Sal Falzone on how to determine a company's true break-even point prior to submitting a project bid appeared recently on the industry website ForConstructionPros.com.
Bill Rucci will be speaking on the topic of "Fine Tuning Your Financial Operations" to a Massachusetts construction industry trade group in mid-February.
Paul Bardaro's recent holiday vacation went to the dogs – the sled dogs, that is. Here, Paul (behind the mirrored goggles) and his wife Camille "paws" on the trail near Jackson Hole, Wyoming.
RBB is pleased to announce the promotion of Bob Hart to the position of Principal. Bob first joined the firm in 2001, and had most recently held the position of Senior Manager. Congratulations Bob.
Congratulations also go to three other RBB staff members on their recent promotions: Milly Espinal (to Senior Manager); Vinny Botta (to Senior Manager) and Jacob Chirlin (to Semi Senior Accountant).
The firm also welcomes several new staff members: Aaron Blaine (Tax Senior), Alex Butts (Staff Accountant), Ashley Nadeau (Staff Accountant), Katie Delaney (Senior Accountant), Ken DeSimone (Staff Accountant), Kyle McClure (Staff Accountant) and Rich D'Isidoro (Semi-Senior Accountant).
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.
