RBF News header
Q1 2014 Edition

Rucci Bardaro & Falzone, 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: 1-781-321-6065
F: 1-781-321-7747

IRS CIRCULAR 230 NOTICE: In compliance with IRS requirements, we inform you that any U.S. tax advice contained in this communication, including any attachments, is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties that may be imposed on the taxpayer or in connection with marketing or promotional materials.


Welcome to the latest issue of RBF News - our summary of important tax, business and financial news and opinion to help you see the bigger picture, and make more informed decisions.


Economic Snapshot

Despite recent skittishness in U.S. equities markets, most forecasts point to better economic conditions in the coming year.


The latest report by the Federal Reserve, known as the Beige Book, showed expectations of an improving economy based on steady manufacturing growth, rising consumer spending and improving real estate markets. 


Locally, the Massachusetts economy is projected to grow during the first half of 2014 at roughly double the rate of growth seen during the same time in 2013, according to the quarterly MassBenchmarks report.


And a poll of high net worth individuals by Morgan Stanley shows that despite ongoing economic and geopolitical concerns, 88% expect their financial well-being to be better or the same as in 2013.


Taxes and Tax Planning

How to reduce your taxes in 2014 - Some taxpayers may be shocked this April when their 2013 taxes come due... and not in a good way. To prevent further misery next year, RBF partner Bill Rucci examines a few tax-saving ideas that are worth your attention today.


IRS provides safe harbor for historic tax credit investors - The Internal Revenue Service has issued a revenue procedure providing safe harbor to those who invest in renovations of historic commercial buildings. The ruling addresses concerns stemming from a 2012 court decision that upset users of historic tax credits, or rehabilitation credits.


Use of out-of-state trusts to avoid state income taxes is growing - The use of out-of-state trusts by high net worth individuals for estate planning and asset protection isn't new. What's changed, Bloomberg.com reports, is that wealth planners have become more focused on avoiding state income taxes.



Managing Your Business

Your company wellness program may qualify for a new tax credit - Massachusetts now encourages employers to implement wellness programs through a wellness tax credit of up to $10,000. RBF Senior Staff Accountant Rose Dello Russo reviews what companies need to do to qualify.


IRS proposes Obamacare penalties for non-coverage - The Internal Revenue Service recently drafted regulations that offer some insight into what will be the associated monetary penalties for individuals who do not take up health care coverage.


This one phrase could make feedback 40% more effective - Employees deserve feedback, so we give it. But there's one phrase you can use that will instantly improve the feedback you give--whether the actual feedback is positive or negative.



Around the Office

RBF has opened a satellite office at the Cambridge Innovation Center in Kendall Square. The space gives us a convenient in-town location to meet and work with our clients, and allows RBF professionals the opportunity to mix with hundreds of smart entrepreneurs in one campus environment.


Bill Rucci was recently elected to the Board of Directors of the Associated Subcontractors of Massachusetts (ASM), the state's leading trade association for the subcontracting industry. RBF has been a member of the association since 2009.


RBF recently promoted several staff members to new positions. Ron Baptista and Vinny Botta were promoted to Principal. Ron joined the firm in 2004 and Vinny joined the firm in 2002. Lenny Smith was promoted to Senior Tax Manager. He joined the firm in 2005. Michael Shotwell was promoted to Supervisor. He joined the firm in 2008. Ashley Nadeau, Ken DeSimone, Kyle McClure and Anna Popova were promoted to Semi Senior Accountants. Ashley, Ken and Kyle joined the firm in 2011. Anna joined in 2012. Beatrice Casseus was promoted to Firm Administrator. She joined RBF in 2006.


In the publishing arena, an article by Bill Rucci on the subject of reducing taxes in 2014 appeared in Professional Contractor Magazine, and on the trade website ForConstructionPros.com.



Rucci, Bardaro & Falzone PC  beatricec@rbfpc.com | http://www.rbfpc.com
919 Eastern Avenue  Malden, MA 02148

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