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

But after four months of gains, the National Association of Home Builders/Wells Fargo Housing Market Index fell five points in October to 54, indicating a slowing pace of recovery in the housing market.

The International Monetary Fund cut its outlook for global growth this year and next, concerned that some governments in Europe and Asia are almost out of fiscal ammunition to prop up their sagging economies, Bloomberg reported. Fortunately, the U.S. remains an oasis of economic prosperity on the global map, the report said. 

Tax extenders delay could derail 2015 filing season - IRS Commissioner John Koskinen is concerned about the more than 50 tax provisions that expired at the end of 2013, including (for businesses) the tax credit for research activities and the Section 179 deduction. Unless Congress decides soon about whether to keep these provisions, the 2015 tax-filing season could be delayed, writes tax journalist Kay Bell.

IRS to business: don't get caught in backup withholding - The IRS has begun requiring more information from credit and debit card providers and is using it to match the data it receives from tax returns to safeguard against tax fraud. IRS Notice 1430 contains details about the possible requirement to have backup withholding kept from receipts.

IRS announces new pension plan limitations for 2015 - Taxpayers will get a bit more elbow room for retirement savings next year. Many contribution limits for employees with tax-favored retirement savings accounts have been expanded for 2015, said the Internal Revenue Service. Read the details here.

What is your state of taxation? - the non-partisan Tax Foundation released its annual Business Tax Climate Index, which measures the impact of state policies on five types of taxes - individual and corporate income taxes, sales taxes, property taxes and unemployment insurance taxes. How does your state measure up?  

New laws provide guidelines to help victims of domestic violence - Several states are passing laws governing how victims of domestic violence (and those whose immediate family members are victims) should be treated in the workplace. The laws also set guidelines for their recovery leave. Guest columnist Cliff Watkin of Ipswich Bay Advisors outlines the latest. 

10 unbelievable excuses for missing work - From getting stuck in a blood pressure machine at the grocery store to claiming they accidentally got on a plane, America's workers have had some sitcom-worthy misadventures this year. A new CareerBuilder survey looks at the 10 craziest excuses for missing work.

Bill Rucci was elected chairman of Russell Bedford International at the organization's annual meeting in London in mid-October. Russell Bedford is a global network of independent mid-tier accounting, auditing, tax and business consulting firms, and RBF is the network's member firm in New England. In total, Russell Bedford is represented in more than 100 countries by 600 partners, 5000 staff and 290 offices. 

RBF was honored by the Mystic Valley Regional Charter
School in Malden with a plaque bearing the firm's name mounted outside the school's main conference room.  The

designation was to acknowledge RBF's recent pledge of $10,000 to the school's operating fund, and RBF's 15-year relationship  with MVRCS. Pictured inside the conference room are RBF principal Ron Baptista and partner Paul Bardaro, and school director Martin Trice.  

Bill Galatis has joined RBF as director of business development, where he will use his considerable business and philanthropic experience to help the firm remain competitive and grow according to plan. Galatis began his career at PriceWaterhouseCoopers, and has held senior executive positions with XTRA Corporation, Wang Labs and Garelick Farms. He co-founded and currently serves as a director of Watermark Donut Co., one of the area's largest Dunkin' Donuts franchisees. 
 

In late October, five women from the firm attended the annual Women's Leadership Summit hosted by the Massachusetts Society of CPAs. Described as an afternoon of sharing and empowerment, attendees learned about strategies for finding career success, work/life balance and supporting the advancement of women in the accounting profession. Representing RBF were Nina Insanic, Anna Popova, Kristin Belisle, Rose Dello Russo and Georgia Goutzamanidis. 

Senior accountant Rose Dello Russo was one of 37 rising young stars in the accounting profession to graduate from the

American Institute of CPAs Leadership Academy.  Held in Durham, NC in early October, the four-day program featured development sessions with some of the profession's most influential leaders. Presenting Rose with her graduation certificate are Barry Melancon, AICPA president and CEO and Bill Balhoff, chairman of the AICPA board of directors. Congratulations Rose! 

The firm is pleased to announce that during the third quarter, staff accountants Steven Tan and Michael Smith passed all parts of the uniform CPA exam.  Congratulations Steven and Michael! 

In the publishing arena, senior tax manager Lenny Smith's article, "6 Tax Breaks Worth Considering If Congress Lets You" was posted on the website ForConstructionPros.com and appeared in the fall 2014 issue of The Professional Contractor magazine.   

Office Personals:  

Senior tax accountant Kristin Marconi was married to Robert Belisle during the summer in Simsbury, CT. The two met while attending Bentley University. Closer to home, staff member Georgia Goutzamanidis (pictured) was summoned to the firm's main lobby on a recent afternoon, where her fiancé Peter Mandoulidis greeted her with roses, an engagement ring and a proposal. She said yes!