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Q2 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
Dealer Vehicles in Stock. Brand New Cars Awaiting Clients on the Dealer Parking Lot. New Cars Section.
Expectations for the U.S. economy fell recently, due in part to looming uncertainty about the direction of the dollar, the timing of Federal Reserve rate hikes, and political events both here and abroad.
In fact, economic growth stalled in the first quarter to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports. Still, Reuters reported that a pick-up is anticipated given the buoyant labor market.

But U.S. small business confidence fell to a fresh two-year low amid persistent worries about sales and profits, according to The National Federation of Independent Business

On the bright side, Massachusetts' construction industry has been humming with activity. Industry data revealed the state's construction employment grew 12 percent in March, showing the sector's continuing recovery from its years-long downturn.  

Taxes and Tax Planning
Money and calculator on tax form background
The average American pays this tax rate - Think your tax bill is too high? You might be right. Here's how you match up with your neighbors, according to financial  website The Motley Fool. 

5 tax breaks for hiring new employees - when it comes to employment-related tax breaks, be sure to take credit where credit is due, advises Small Business Trends. While you likely won't hire a worker solely based on a tax credit, if you have a choice between workers, the credit may be the tipping point.

What triggers extra taxes on Baby Boomers? - Boomers have had practice filing tax returns for decades but their tax dollars can fly out the window if they don't pay attention to very specific rules that apply to retirees, as well as those in their 50s and 60s. Here from The Detroit Free Press are five tax tips that may save you money.

Managing Your Business
Portrait of a happy middle-aged worker in his workshop.
Baby boomer retirements may slow business growth - And speaking of boomers, the predicted wave of baby boomer retirements - delayed by the recession of 2007-2009 - is beginning to hit companies in Massachusetts and across the nation, reports The Boston Globe. That leaves employers scrambling to find replacements for their departing sixty- something workers.

State's workers comp insurance rates to increase July 1 - Workers compensation rates for businesses in Massachusetts will rise by on average 1.5 percent starting July 1, the first state-approved increase in 15 years. Insurers had initially requested a 6.4 percent increase, The Boston Globe reported.

How to make sure your business isn't dependent on you - If your business suffers when you take more than a few days off, then you don't really own a business. You own a glorified job. Here's more from Upstart Business Journal.

The 10 weirdest interview questions employers ask - "Would you rather fight one horse-sized duck or 100 duck-sized horses?" and nine more curve-ball questions recently posed to job candidates by major U.S. employers and compiled by recruiting firm Glassdoor.

Client Spotlight: Winston Flowers
Meet the Boston man behind 200,000 roses - David Winston shares the title of president with his brother Ted at Winston Flowers, a third generation flower company that has been a long-time client of RBF. A profile of the family business appeared recently on boston.com.

Around the Office
Clients, colleagues, friends and staff gathered in March for hors d'oeuvres and libations to celebrate all the "new" at RBF -- the move to new headquarters in Woburn, MA... the merging in of Jack Malley and his team from Malley & Franey Financial Group... and the promotions of Vinny Botta and Ron Baptista to partners of the firm. The evening also featured art work on display from the nonprofit Raw Art Works in Lynn, MA. See images from the event here.
RBF marketing specialist Branden Getchell (left) knows the struggle of growing up in a state foster care system, because he lived it first-hand.  So he decided to run the 2016 Boston Marathon with a higher purpose - to help other children in foster care get ahead.  Read his story here. And congratulations, Branden, for completing the 26.2 mile race!
Congratulations are also in order for RBF firm administrator 
Beatrice Casseus (right) on receiving her bachelor of science degree in accounting from Suffolk University's Sawyer School of Management. She finished among the top ten in her class. Way to go, Bea!

And on February 29, RBF bookkeeper Caitlin Skinner and her husband Paul celebrated the arrival of their daughter Amelia Kathleen. The newborn tipped the scales at 9lbs, 4oz. Congratulations Caitlin and Paul!
Rucci, Bardaro & Falzone PC
500 Unicorn Park Drive, Suite 101, Woburn, MA 01801
Phone 781.321.6065     Fax 781.321.7747

RBF is the is the New England-area affiliate of Russell Bedford International, a leading global network of independent accounting and business consulting firms.