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Newton Tax Firm Outlines Sales Tax Holiday Rules for August 16th & 17th

Thomas Astore CPA JD
Thomas Astore CPA JD

Rodman & Rodman, P.C., an independent accounting and tax firm based in Newton, MA, outlines the rules that will be in effect for Massachusetts’ Sales Tax Holiday Weekend on August 16-17, 2014.

“The Commonwealth of Massachusetts will not be collecting the 6.25 percent sales tax on non-business purchases of $2,500 or less made by individuals” explains Thomas Astore, CPA, JD, and Partner at Rodman & Rodman, P.C. “Business purchases and purchases made by corporations remain taxable. Massachusetts businesses open during this weekend and selling taxable items of tangible personal property are required to participate in this sales tax holiday.”

Rodman & Rodman outlines items that are eligible as well as those that are excluded from the Sales Tax Holiday:

Business purchases are excluded, which also means any purchase made with a business check or business credit card.

All services are excluded. Only tangible purchases are eligible. Airline tickets and sporting events are considered services.

Motor vehicles (which include ATVs and small motorcycles), motorized boats, telecommunications services (including prepaid calling arrangements and cards), gas, steam, electricity, tobacco products and meals are excluded from the sales tax holiday. But, telecommunications equipment (cell phones and related items for personal use) is eligible.

Any single item with a price that is in excess of $2,500 is excluded. If the single item’s price exceeds $2,500, it will be taxed in full. For example a $3,000 plasma TV will be taxed on the entire $3,000 sale price.

When more than one item is purchased at the same time, and each item has a price of $2,500 or less, then all of the items may be rung up on one receipt and all the items are tax-free.

There is no sales tax on clothing unless the sale price exceeds $175. For an article of clothing exceeding this amount, the $175 will be deducted from the price and the remaining amount will be taxed.

If a store coupon or discount provided by a retailer or manufacturer reduces the sales price of the item, the discounted sales price determines whether the sales price is within the sales tax holiday price threshold of $2,500 or less.

Prior sales and lay-a-ways do not qualify for the tax-free status under any circumstances.

Special order items such as furniture are eligible so long as they are ordered and paid in full on the sales tax holiday weekend, and the cost of each item is $2,500 or less, even if delivery is made at a later date.

Internet purchases are exempt from sales tax as long as they do not exceed $2,500 (and meet other criteria) and are made and paid for on August 11 or 12, Eastern Standard Time.

For specific tax questions contact Rodman & Rodman, P.C. at (617) 965-5959.

About Rodman & Rodman P.C.

Founded in 1961 and listed in the Boston Business Journal’s “Top 50 Firms,” Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies. The Rodman & Rodman “Green Team” is a specialized green energy and clean technology accounting and tax services practice within Rodman & Rodman, P.C. that serves “green” clients throughout the U.S.  The company is Green Business Certified. For more information, email info@rodmancpa.com, visit their website at www.rodmancpa.com or contact (617) 965-5959.

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Rodman & Rodman Supports “Act Relative to Net Metering and Solar Power”

Steve Rodman, CPA, MST
Steve Rodman, CPA, MST

Rodman & Rodman, P.C., an independent accounting and tax firm with a Renewable Energy and Cleantech specialty practice serving “green” clients throughout the U.S., weighs in on proposed legislation regarding Net Metering and Solar Power awaiting passage in the MA House and Senate by July 31st.

“Due largely to the state’s policies providing net metering (credits for returning excess generation to the grid) and Solar Renewable Energy Credits, renewable energy projects — solar projects in particular — have enjoyed exceptional growth in Massachusetts,” said Steve Rodman, president of Rodman & Rodman, P.C. “These programs, along with federal incentives in the form of 1603 grants and Investment Tax Credits have allowed solar projects to confidently project a reasonable return on investment, which in turn has attracted investment and financing. However, solar capacity qualifying for net metering facilities benefiting cities, towns and other public entities has quickly approached the 3 percent cap allocated to each of the state’s electric utility service areas, and the lingering debate about when and how much to raise the caps has become a serious threat to financing future projects.”

Under the current net metering regulations, qualified solar energy generation sites can use excess capacity to create credits against both the cost of electricity and service. “While solar advocates want to significantly increase net metering caps to encourage financing and development, utilities and some industry advocates argue that a large increase in qualified net metering solar shifts the cost of grid infrastructure and other utility expenses away from the direct beneficiaries of solar projects to the rest of utility rate payers,” explained Rodman. “There are strong feelings from some Massachusetts industry advocate groups that also take this position.”

A viable compromise may come in the form of a new Massachusetts bill (H4185), currently awaiting passage in the MA House and Senate. Under the new legislation, net metering caps for solar projects in the Commonwealth would be permanently removed in exchange for a minimum monthly bill, the elimination of Solar Renewable Energy Credits, and the ability for utilities to adjust rates for power received from Virtual Net Metering sources (solar power deployments that share net metering credits with other consumers such as a landlord who owns a solar array and shares the benefits with tenants). In addition, the bill would provide for a “Declining Block Program” of incentive rates that would assign new generation coming online to a specific block value of dollars per kWh over a 15-year period that would decline as new capacity comes online. The block value rates bundle both electricity metering credits and incentive rates for renewable energy.

Some industry groups, such as the Associated Industries of Massachusetts still strongly oppose the legislation as an unfair redistribution of ratepayer tariffs. Even some Massachusetts solar groups are in opposition because they feel that the new legislation replaces a more free-market system that was working well with one that is untested and much more in the control of utilities and regulators. At the same time, The Solar Energy Industry Association and the New England Clean Energy Council strongly support the bill as a reasonable compromise to break the current stalemate on net metering caps, create long-term certainty to reduce risks and encourage continued investment in solar, and meet the commonwealth’s goal of 1,600 MW of solar energy by 2020.

“We support the new legislation and believe strong growth of solar energy in the commonwealth will pay big dividends to all rate payers in the long term while allowing utilities a reasonable path to recover some of the cost of our growing grid infrastructure and service requirements. We also feel that while distributed solar generation may add some expense in the short term, it will add clean generation capacity, reduce transmission congestion, reduce demand for added fossil fuel generation, reduce the need for added pipe and wire infrastructure, ultimately increasing the overall performance of the grid. We also think that thousands of jobs, a growing tax base, and cleaner air are not bad benefits either,” said Rodman.

 About Rodman & Rodman P.C.

Founded in 1961 and listed in the Boston Business Journal’s “Top 50 Firms,” Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies. For three consecutive years, Rodman & Rodman has been named one of the “Best Accounting Firms to Work For” in Accounting Today. The Rodman & Rodman “Green Team” is a specialized green energy and clean technology accounting and tax services practice within Rodman & Rodman, P.C. that serves “green” clients throughout the U.S.  The company is Green Business Certified. For more information, email info@rodmancpa.com, visit their website at www.rodmancpa.com or contact (617) 965-5959.

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Rodman & Rodman P.C. Promotes Robert Leonard, CPA, MBA to Audit Director

Robert Leonard, CPA, MBA
Robert Leonard, CPA, MBA

Rodman & Rodman, P.C., an independent accounting and tax firm with a Renewable Energy and Cleantech specialty practice serving “green” clients throughout the U.S., has recently promoted Robert Leonard, a Certified Public Accountant, to Audit Director.

Mr. Leonard has been part of the Rodman & Rodman team since 2005 and previously held the position of Audit Manager. In his new role, he oversees financial statement engagements, including audits and reviews, primarily for closely held businesses and employee benefit plans. Mr. Leonard earned a Bachelor’s degree in Accounting from Bentley University in Waltham, and a Master of Business Administration from Framingham State College.

Mr. Leonard is the treasurer for the American Society of Pension Professionals & Actuaries (ASPPA) Benefits Council of New England, as well as a member of the American Institute of CPAs (AICPA) and MyPinnacleNetwork. He resides in Pembroke, MA.

Rodman & Rodman is located in Newton, MA.  For three consecutive years, Rodman & Rodman has been named one of the “Best Accounting Firms to Work For” in Accounting Today.

About Rodman & Rodman P.C.

Founded in 1961 and listed in the Boston Business Journal’s “Top 50 Firms,” Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies. The Rodman & Rodman “Green Team” is a specialized green energy and clean technology accounting and tax services practice within Rodman & Rodman, P.C. that serves “green” clients throughout the U.S.  The company is Green Business Certified. For more information, email info@rodmancpa.com, visit their website at www.rodmancpa.com or contact (617) 965-5959.

 

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Winters Home Services Experiences Significant Growth, Expands Team

wintersVans1As a good sign of the economic times, Winters Home Services, providers of plumbing, heating, cooling and air quality services to homeowners, has experienced significant growth, partially due to expansion into the area west of Boston. The company will be doubling the number of licensed plumbing staff.

Winters Home Services is currently hiring licensed plumbing apprentices and journeyman plumbers to work with their master plumbers serving residents throughout the greater Boston area.

“We seek to attract and retain qualified, skilled plumbers and apprentices who are looking for a great career, not just a job. To that end, we provide a positive workplace where staff is empowered, education is ongoing, and leadership and personal growth are truly valued,” said Tim Flynn, president of Winters Home Services.

Winters Home Services is an equal opportunity employer. The company is also working with Troops to Trades. Veterans interested in working in plumbing, heating, and air conditioning service industry are encouraged to learn more about  opportunities at Winters.

For career opportunities or to submit a resumé, visit wintershomeservices.com/careers.php

About Winters Home Services

Founded in 1994, Winters Home Services is an award-winning service company based in Cambridge, Massachusetts, specializing in plumbing, heating, cooling, drain cleaning and air quality services. Offering 24-hour emergency services and lifetime guarantees on many of their services, the company focuses on high quality workmanship and consistent world-class customer service. Winters Home Services promises to fulfill the needs of every customer with a sense of urgency, ensuring comfort, safety and well-being.

Winters Home Services is one of the largest residential plumbing companies in the greater Boston-area with a large fleet on the road and a full staff of licensed and insured plumbers and technicians. For more information, call (617)-776-5950 or visit wintershomeservices.com.

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Winters Home Services Offers Tips for Better Air Quality in the Home

DSC06078 smallAsthma rates in Massachusetts are among the highest in the nation.  Pollen and other allergens are triggers for residents suffering from allergies and asthma.

Tim Flynn of Winters Home Services, providers of plumbing, heating, cooling and air quality services to residents throughout the greater Boston area, offers helpful tips for reducing allergens and improving overall indoor air quality.

According to Flynn, “Indoor and outdoor irritants can trigger an allergic or asthmatic reaction. Outdoor triggers include tree, grass and weed pollen, vehicle exhaust, wood smoke, and fumes. Indoor triggers include pollen entering the home from open windows, secondhand smoke, dust mites, mold, chemicals, cockroaches and other pests.”

Steps to take to reduce irritants include cleaning surfaces weekly with a damp cloth, vacuuming with a HEPA filter, keeping humidity low, and controlling pests.

It’s imperative that homeowners also address any water leaks, which can lead to mold growth. Replacing air filters and ensuring routine maintenance and repair of air conditioning units is key. Installing an ultra-high efficiency air purifier such as IQAir, one of the highest rated air purifying systems in the U.S. and available through Winters Home Services, may also significantly improve air quality.

“Poor indoor air quality can make anyone feel sick, but it greatly affects individuals who suffer from allergies and asthma,” said Flynn. “Knowing how to decrease pollutants and allergens in the home is the first step. Once homeowners gain a better understanding of the triggers, then it’s simply a matter of taking those proactive steps which will help to improve the quality of life for allergy and asthma sufferers.”

Take steps towards better air quality in the home. Contact Winters Home Services at (617)-776-5950 or visit wintershomeservices.com.

About Winters Home Services

Founded in 1994, Winters Home Services is an award-winning service company based in Cambridge, Massachusetts, specializing in plumbing, heating, cooling, drain cleaning and air quality services. Offering 24-hour emergency services and lifetime guarantees on many of their services, the company focuses on high quality workmanship and consistent world-class customer service. Winters Home Services promises to fulfill the needs of every customer with a sense of urgency, ensuring comfort, safety and well being.

Winters Home Services is one of the largest residential plumbing companies in the greater Boston-area with 20 trucks on the road and a full staff of licensed and insured plumbers and technicians. For more information, call (617)-776-5950 or visit wintershomeservices.com.

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Rodman & Rodman’s Kathy Parker Outlines Subtleties of Clean Energy Tax Incentives at Environmental Business Council Conference in Boston

Kathy Parker, CPA, MST
Kathy Parker, CPA, MST

“With the elimination of the 1603 cash grant, the primary tax incentive driving renewable energy investment will be the Investment Tax Credit or ITC,” said Kathy Parker, speaking last week in Boston at the Renewable Energy Development Incentives and Financing Seminar, hosted by the Environmental Business Council of New England. Kathy Parker, CPA, MST is a partner at CPA firm, Rodman & Rodman, P.C., and a leader at the firm’s “Green Team” renewable energy practice.

The ITC is not simply a deduction, explained Parker. It is a tax credit good for up to 30% of the cost of the project, and is often an incentive that can only be enjoyed by entities with substantial passive income and a large tax appetite. Passive losses can only be offset by passive income. “C corporations with large income are great candidates to take losses, but sometimes these investors are hard to find or the deals are too small for larger investors to take an interest,” noted Parker. The credit can also be used to offset the Alternative Minimum Tax (AMT).

Parker went on to say that passive investors are individuals or entities participating in management activities less than 500 hours per year. Losses and credits are limited through what the IRS defines as Passive Activity Loss (PAL).  PAL can offset other passive income not related to the renewable energy project. Losses can be carried forward, while credits can be carried back one year and carried forward 20 years.

Tax equity can be structured several different ways for maximum return and minimum risk for the developer and tax equity investor, said Parker. Some of these options include Partnership Flips, and Sales – Leasebacks. “The choice of transaction type depends on the investor’s capital, liquidity, and need for return,” said Parker. “The flip affords the investor more flexibility while the leaseback does not require a substantial infusion of initial capital.”

About Rodman & Rodman P.C.

Founded in 1961 and listed in the Boston Business Journal’s “Top 50 Firms,” Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies. For three consecutive years, Rodman & Rodman has been named one of the “Best Accounting Firms to Work For” in Accounting Today. Rodman & Rodman is one of the only providers in New England with a specialized “Green Team”, a green energy and clean technology accounting and tax practice that serves “green” clients throughout the U.S.  The company is Green Business Certified. The firm has locations in Newton and Braintree, MA.  For more information, email info@rodmancpa.com, visit their website at www.rodmancpa.com or contact (617) 965-5959.

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Emerson Bearing tees off with expanded golf division

Steve Katz, president of Emerson Bearing
Steve Katz, president of Emerson Bearing

BOSTON, MASSACHUSETTS…

A good walk spoiled. That’s how some describe the game of golf. More and more golf courses agree and have opted for carts-only. With the increased use of carts comes increased maintenance and need for parts. That’s why Emerson Bearing, a Boston based bearing company catering to OEM (Original Equipment Manufacturers) and MRO (Maintenance, Repair and Operations) markets throughout the world, recently expanded its golf division as part of the company’s recreation industry offerings.

“We originally formed our golf division a few years ago because there had been such an increase in demand for our bearings for golf carts. Well, that has continued the past few years and we needed to reinforce the division to serve not only golf courses but other companies that utilize golf carts for their operations. So we have added personnel and expertise to better serve this market,” said Steve Katz, president of Emerson Bearing.

Bearings for the golf cart market must be able to withstand outdoor environments and for this, Emerson Bearing provides mounted units with triple lip seals and ball bearings with full contact sealing. They also provide spherical bushings, spherical roller bearings, tapered roller bearings, adhesives and sealants, rod ends, oil seals and mounted units. Emerson Bearing Boston carries a full range of brands for this market including SKF, FAG and KVC, as quite often, customers choose a brand based on price point.

Emerson Bearing Senior Marketing Specialist Richard Furtado leads the Golf division team. Furtado  assist clients in determining which bearing technologies would be most suitable by taking into consideration the specifications, recommendations, maintenance strategies, fatigue life and wear resistance of the bearing in relation to the application. He can be reached at contact 866-995-8761 or email rfurtado@Emersonbearing.com.

The Emerson Bearing Difference 

In a proud tradition, the same families that started the company in 1957 keep Emerson Bearing rolling by specializing in bearings for OEM and MRO markets across the country. Emerson Bearing has a staff of 22 and a 23,000 square foot facility to provide bearings ranging in size from 3mm to tunnel-boring 15-foot-diameter giants.

Emerson Bearing offers customers a one-stop shopping experience. With an online product catalog with more than three million bearings; a vast inventory of bearings; worldwide sourcing; a fixed price program; a knowledgeable staff dedicated to delivering; same day shipping and 24/7 service, Emerson Bearing has become the leading provider of bearings to OEM and MRO markets in the U.S. Emerson Bearing maintains headquarters at 201 Brighton Ave. Boston, MA. For more information, contact 617-782-1400 or toll free, 800-225-4587, email info@Emersonbearing.com or visit www.Emersonbearing.com.

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Rodman & Rodman CPAs Establish “Green Energy” Speaker’s Bureau

The Green Team
The Green Team

Rodman & Rodman, a full service CPA firm with a Renewable Energy and Cleantech specialty practice serving “green” clients throughout the U.S., has recently established a Green Energy Speaker’s Bureau.

Thomas Astore, CPA, JD and Kathy Parker, CPA, MST, who are partners at Rodman & Rodman and active leaders of the company’s Renewable Energy and Cleantech specialty practice known as the “Green Team”, are available to speak to alternative energy producers, businesses and other audiences that pursue energy efficiency initiatives.

Potential topics include (but are not limited to): Green energy tax and business strategies for solar, wind, biomass, and cleantech companies; commercial and residential energy efficiency investments; the types of state and federal tax rebates available for various green energy initiatives; and the newly developed incentives and assistance programs geared towards accelerating the growth of solar energy infrastructure to mitigate climate change.

Mr. Astore and Ms. Parker are recognized experts in renewable energy accounting and have been guest speakers at numerous Cleantech industry conferences and forums. Mr. Astore graduated from Hofstra University and Fordham Law School, where he was a member of the law review. Ms. Parker graduated from University of Texas at Austin and Bentley University. She is the recipient of the Massachusetts Society of CPAs’ (MSCPA) 5th Annual Women to Watch Awards. Most recently, Ms. Parker spoke at “Banker & Tradesman’s Renewable Energy Real Estate Conference” which was attended by more than 120 renewable energy project developers, property owners, investors and commercial lenders in the greater Boston area.

Speaking engagements featuring Thomas Astore or Kathy Parker may be arranged by contacting Kathy Bautze at Rodman & Rodman (617) 965-5959.

About Rodman & Rodman P.C. CPAs

Founded in 1961 and listed in the Boston Business Journal’s “Top 50 Firms,” Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies. The Rodman & Rodman “Green Team” is a specialized green energy and clean technology accounting and tax services practice within Rodman & Rodman, P.C. that serves “green” clients throughout the U.S.  The company is Green Business Certified and has been named by “Accounting Today” as one of the “Best Accounting Firms to Work For” in 2010, 2011, and 2012. For more information, email info@rodmancpa.com, visit their website at www.rodmancpa.com or contact (617) 965-5959.

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Emerson Bearing expands food processing division to include fryer equipment offerings

Mike Quinn of Emerson Bearing Boston
Mike Quinn of Emerson Bearing Boston

BOSTON, MASSACHUSETTS…

Emerson Bearing, a Boston based bearing company catering to OEM (Original Equipment Manufacturers) and MRO (Maintenance, Repair and Operations) markets throughout the world, recently expanded its food processing division to include offerings for businesses that employ frying equipment.

“Restaurants, food courts and any number of other food service businesses utilize frying equipment to prepare food. Many of those fryers require special types of bearings that can withstand continuous use at high temperatures for 10, 12, even 24 hours. With our expanded offerings for frying equipment and dedicated marketing specialist with expertise in that area, we can better serve restaurants and other food service businesses,” said Steve Katz, president of Emerson Bearing, Inc.

As part of its food processing division, Emerson Bearing offers  IPTCI Fryer Bearings. These special bearings can serve as drop-in replacements for JBT Foodtech- and Stein-type fryers.

Emerson Bearing’s fryer equipment bearings feature:

  • Bolt-on replacement for OEM bearings
  • Heat-tolerant C4 internal clearance
  • 100 percent stainless parts throughout
  • H1-rated food-grade lubricant
  • 2-bolt flange units

Emerson Bearing Marketing Specialist Mike Quinn is responsible for the frying equipment customers. He can be reached by e-mail at mquinn@Emersonbearing.com or by calling  1.800.225.4587.

The Emerson Bearing Difference 
In a proud tradition, the same families that started the company in 1957 keep Emerson Bearing rolling by specializing in bearings for OEM and MRO markets across the country. Emerson Bearing has a staff of 22 and a 23,000 square foot facility to provide bearings ranging in size from 3mm to tunnel-boring 15-foot-diameter giants.

Emerson Bearing offers customers a one-stop shopping experience. With an online product catalog with more than three million bearings; a vast inventory of bearings; worldwide sourcing; a fixed price program; a knowledgeable staff dedicated to delivering; same day shipping and 24/7 service, Emerson Bearing has become the leading provider of bearings to OEM and MRO markets in the U.S. Emerson Bearing maintains headquarters at 201 Brighton Ave. Boston, MA. For more information, contact 617-782-1400 or toll free, 800-225-4587, email info@Emersonbearing.com or visit www.Emersonbearing.com.

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