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Q1 2016 Issue

Welcome to the latest edition 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
Stock market ticker boards circular arranged as a tunnel with light at the end
Although the start of 2016 was greeted with a dismal slide in the oil and equities markets, most observers seem to think that, for now, the U.S. economy is still growing at a moderate pace.

Household spending and business investment were increasing moderately, and the labor market continued to improve, according to a statement by the Federal Reserve's Open Market Committee.

The Fed also maintained that inflation is "expected to remain low in the near term," good news for consumers and for companies concerned about the upward pressure on wages, materials and other costs of doing business.

But some have reined in their hopes for business profits and revenues in 2016. The CPA Outlook Index dropped in the fourth quarter after index declines based on the US economy, organizational optimism, and expansion, revenue and profit expectations. 

Taxes and Tax Planning
tax day word abstract in letterpress wood type - financial concept
Tax filing deadline delayed this April - thanks to a confluence of state and federal holidays, your federal tax return won't be due until April 18. Residents of Maine and Massachusetts will have until April 19 to file. Here's why

2 Social Security claiming rules ending soon - two popular benefit-claiming strategies used by married couples to boost their cumulative retirement income will soon be gone. Fortunately (depending on your age), there still may be a window of opportunity open. But as our Special Bulletin explains, the time to act is now.

The research tax credit is back and better than ever - In the new federal tax law signed late last year, the credit was extended retroactively to January 1, 2015 and made permanent with several notable enhancements, reports CPApracticeadvisor.com. Read more

Managing Your Business
The top 10 business regulatory issues for 2016 - From the IRS extending select Affordable Care Act reporting deadlines to a delay of the debated Cadillac Tax, 2016 is gearing up to be another active year for government regulations.  Here is payroll giant Paychex's list of what it considers the top regulatory issues that will have the biggest impact on businesses this year. Read More

Secrets of the super-bosses - In the current issue of Harvard Business Review, author Sydney Finkelstein writes that the very best bosses all follow similar practices in hiring and honing talent that the rest of us can study and incorporate into our own repertoires. Read More

4 trends that will change the way we work by 2021 - The rise of the "gig economy" is just one of several trends that will shape the nature of work in the next five years. Shifts in technology, connectivity, and employer / employee expectations will bring about even bigger changes, writes Stephane Kasriel in Fast Company magazine. Read More 

Around the Office
RBF acquired Waltham-based consulting firm Jensen Malley & Co., (formerly associated with Malley & Franey Financial Group) on February 1st. The move combined the two firms' client rosters under the RBF banner, expanded RBF's staff to 35 employees, and added technology as a new RBF practice area. Read the details here.
After 22 years in Malden, RBF has relocated to larger office space up the road in the Unicorn Park office complex in Woburn, MA. 

Our new address is 500 Unicorn Park Drive, Suite 101, Woburn MA 01801. Come visit us anytime!
RBF's leadership circle was expanded to six with the promotions of Vincenzo Botta and Ronald Baptista, and the addition of Jack Malley, as partners. 

A 13-year member of the firm, Vinny specializes in financial reporting and taxation for clients in the construction, manufacturing and non-profit sectors. He also leads RBF's financial statement quality control group, and oversees the firm's pension plan auditing work.

An 11-year RBF veteran, Ron specializes in taxation and financial reporting for federally-funded organizations, particularly in the area of OMB Circular A-133 audits. He also serves RBF clients in the non-profit and construction industries. 

Jack was the founder and managing partner of Jensen & Malley before the firm joined RBF. With vast experience as a part-time or interim CFO for companies in various stages of growth, Jack provides expert financial, systems and operational consulting services.

RBF partner and Russell Bedford International chairman Bill Rucci attended RBI's Americas Conference in Miami, FL. The three-day meeting in January gave member firms from North and South America a chance to discuss accounting industry trends in M&A activity, technology and staffing issues.

Bill Rucci also was interviewed for a segment on the internet radio show, Radio Entrepreneurs. He spoke about the importance of succession planning and its role in providing for the continuity of closely-held businesses. An edited video of the segment can be seen here

RBF partner Paul Bardaro, senior tax accountant Rose Dello Russo and client accounting services senior specialist Dan Kretzenger attended the MSCPA Town Hall, a regular gathering of local CPAs who meet to keep current with issues facing the profession. AICPA chairman Tim Christen attended and addressed "The State of the Profession."

In December, RBF audit manager Paul Johnston hosted a gathering of the Association of Chartered Accountants in the United States. ACAUS is a professional group of nearly 8,000 chartered professional accountants (the equivalent of CPAs in the U.S.) from Australia, New Zealand, Canada, South Africa, Ireland, Scotland, England and Wales who live in the United States. Paul is president of the group's New England chapter.

In January, Rose Dello Russo was the featured presenter on international tax issues at the International Business Series conference hosted by the law firm McLane Middleton. January's day-long gathering focused on "Businesses with U.S. and Foreign Branches: Set-up Tasks."

At the MSCPA's Emerging Leaders' Summit in January, RBF manager Nina Insanic, Rose Dello Russo and senior staff accountant Ken DeSimone joined 90 other accounting professionals to enhance their business skills in the areas of networking, dining with confidence and conflict resolution.

Rucci, Bardaro & Falzone PC
500 Unicorn Park Drive, Suite 101, Woburn, MA 01801
Phone 781.321.6065     Fax 781.321.7747