Tax & Accounting Blog

No Sales Tax on Alcohol in Rhode Island

No Sales Tax on Alcohol in Rhode Island

Starting December 1, 2013 consumers will enjoy purchasing their alcoholic beverages for the holiday season without having to pay sales tax. This comes after the General assembly approved the 2014 state budget for the year 2014. The elimination of sales tax on wines and spirits will remain until June 30, 2015. Source: http://narragansett.patch.com/groups/politics-and-elections/p/ri-fiscal-2014-budget-eliminates-sales-tax-on-alcoholRead More

The “With and Without” Method for Allocating Income Tax

The “With and Without” Method for Allocating Income Tax

‘Twas the night before press release and all through the proof Nothing was open and there weren’t any goofs When all of sudden you awake with a fit You forgot intraperiod allocations and a deficiency you may get As the above cringe-inducing verse demonstrates, it is easy to think the tax provision is complete when … Read More

FinCEN Electronic Filing of Suspicious Activity Reports and Currency Transaction Reports

FinCEN Electronic Filing of Suspicious Activity Reports and Currency Transaction Reports

The Financial Crimes Enforcement Network (FinCEN) has been alerting institutions that they are now required to use the new FinCEN electronic reports on-line at the BSA E-Filing System. Financial institutions that continue to file Suspicious Activity Reports (SARs) or Currency Transaction Reports (CTRs) on paper will fail to meet current Bank Secrecy Act reporting requirements … Read More