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Q2 2015 Edition
IN THIS ISSUE
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Rucci Bardaro & Falzone, PC
The Right Size Accounting Firm
  
919 Eastern Avenue
Malden, MA 02148
  
7 Main Street
Atkinson, NH 03811
  
T: 1-781-321-6065
F: 1-781-321-7747
  

 

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

 

Economic Snapshot
Row of cars displayed for a sale
Despite the economy's first-quarter sluggishness due to harsh winter weather and a rise in the dollar's value, experts say the outlook is for growth to strengthen in the coming months.

In fact, a survey by the National Association of Business Economics showed that U.S. businesses expect sales to rebound in the next three months, and also plan to boost hiring and pay.

Others were less optimistic though, as a survey by the National Federation of Independent Businesses on small business economic trends revealed that it members' expectations about the near future were less than exuberant.

Of course, a major question about the economy's direction rests with the Fed's plan to raise interest rates in 2015 from historic lows. Many Fed watchers believe that while an uptick is inevitable this year, the pace of tightening will be "glacial" and based on real-time economic data rather than on a pre-set schedule of increases.

Taxes and Tax Planning

United States Internal Revenue Service building sign

Answers to FAQs on tangible property repair regs - The IRS has released a set of frequently asked questions and answers in an effort to clarify its tangible property repair regulations. The new web page summarizes some of the key elements of the recently revised regs, and includes information on simplified procedures for small business taxpayers.

 

What businesses should do after the tax deadline - So you filed your taxes. Now what? Small business owners still need to think about taxes after the tax filing deadline, and it starts with planning ahead, especially if they owed the government more than expected for 2014.

 

7 non-taxable sources of income - Generally, the bulk of income that is considered taxable comes from wages, savings and investments. But there are exceptions. And counting these as income will cost you. Tax writer Julian Block lists items that remain beyond the reach of the Internal Revenue Service.


Managing Your Business
Close-up of business contract with pen at workplace on background of office workers interacting

To-do list tip: tend to your buy-sell agreement - How current is your buy-sell agreement? Do you even have one? Buy-sell agreements are essential, and often go stale more quickly than most business owners realize. RBF partner Paul Bardaro spells out a few important considerations.


 

Big changes on the way for nonprofit accounting - The Financial Accounting Standards Board is readying a set of proposals that could have a major impact on the way nonprofit organizations present their financial statements. Changes to how an organization reports its liquidity, financial performance and cash flows will be on the table.


How to boost employee happiness without spending $$$ - When business owners find out that their employees are unhappy, they throw money at the problem. But like a caffeine boost, it's usually just a short-term fix. Here from the pages of fastcompany.com are six things you can give your people (for free) to achieve genuine happiness in your office.

 

Around the Office

 

RBF senior tax accountant Kristin Belisle (second from left) joined more than 40,000 walkers on May 3rd for the 47th annual Project Bread Walk for Hunger. The 20-mile walk raised more than $3 million to build awareness as well as community-based solutions to address the problem of hunger in Massachusetts.


RBF partner Paul Bardaro was recently elected to the 14-member board of trustees of Hallmark Health System in Medford. HHS is the premier charitable provider of vital health services to Boston's northern communities, and is the official healthcare partner of the Boston Bruins.

RBF recently marked ten years as a member of the Medical Group Management Association. As the nation's leading association for medical practice administrators and executives, MGMA provides education, legislative information, data and career resources to help group practices improve patient services and operational efficiency.

In the publishing arena, Paul Bardaro's article on buy-sell agreements appeared in the spring 2015 issue of The Professional Contractor magazine, and on the national website for building contractors, ForConstructionPros.com.   

RBF helped sponsor a team of runners representing the Massachusetts Eye and Ear Infirmary at the 119th running of the Boston Marathon last month. RBF had a special connection to Team Eye and Ear through runner Michael Schiavo (right) who is a former member of the firm's IT department. 

In other Marathon-related news, RBF business development coordinator Branden Getchell hosted a fundraising event to support the Adoption and Foster Care mentoring program. The post-race gathering honored two AFC runners who completed the 26.2-mile run. AFC's mentoring program empowers youth in foster care to flourish through mentoring relationships and the development of essential life skills.

Office personals:

On April 7th, staff accountant Dan Kretzenger and his wife Jessica celebrated the arrival of their son Charles Richard Kretzenger (pictured). The newborn tipped the scales at 9lbs, 14oz. Congratulations Dan and Jessica! 

 

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