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Rodman & Rodman Partner Serves as Panelist at MA Energy Summit

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

Kathy Parker, CPA, MST, a Partner at Rodman & Rodman, P.C. a full service CPA firm with a Renewable Energy and Cleantech specialty practice serving “green” clients throughout the U.S., served as a panelist at the 8th Annual Massachusetts Energy Summit on October 21, 2014 which was held at the DCU Center in Worcester, MA.

“Although 1603 cash grants have expired, Investment Tax credits, Solar Renewable Energy Credits, and other state and local incentives will continue to drive the growth of renewable energy in Massachusetts,” said Parker.

The Mass Energy Summit brought together leaders from the energy sector and leading business executives from throughout the state. Ms. Parker, along with Craig W. Huntley, Founding Principal of Solect Energy and Briony Angus, Project Manager, Tighe and Bond served on the “Solar for the Commercial Customer” panel. Ms. Parker shared her expertise in renewable energy accounting and state and federal incentives with companies looking to implement solar to reduce energy expenditures. Topics of the discussion included financing options, lenders and investors, tax issues, and federal and state qualifications.

Keynote speakers at the event were Maeve Vallely Bartlett, Secretary, Executive Office of Energy and Environmental Affairs, Commonwealth of Massachusetts and Marcy L. Reed, President of National Grid, Massachusetts. The event featured six panels: Case Studies; Municipal Focus; Careers in Energy; State of the State; Solar for the Commercial Customer and National Grid, Smart Energy Solutions Program.

“We can assist companies that are looking to introduce solar to reduce their energy expenditures by providing sound strategies for the project, which include financing, federal and state incentives, renewable energy credits, entity/partnership structuring, and more,” noted Parker.

Speaker’s Bureau

Ms. Parker, along with Thomas Astore, CPA, JD, are recognized experts in renewable energy accounting and are available for speaking engagements. Mr. Astore and Ms. Parker have been guest speakers at numerous Cleantech industry conferences and forums. Most recently, Mr. Astore spoke about green market incentives on New England Real Estate Journal Radio with host Rick Kaplan and Eric Wilson. In addition to serving as a panelist at the 8th Annual Massachusetts Energy Summit, Ms. Parker spoke at “Banker & Tradesman’s Renewable Energy Real Estate Conference” as well as at the “Renewable Energy Development Incentives and Financing Seminar” hosted by the Environmental Business Council of New England.

For more information about Rodman & Rodman, visit rodmancpa.com.

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. 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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Daniel J. Gniadek, CPA, MST Joins Rodman & Rodman P.C. of Newton

Daniel J. Gniadek, CPA, MST
Daniel J. Gniadek, CPA, MST

Daniel J. Gniadek, a Certified Public Accountant, has recently joined Rodman & Rodman, P.C. as Supervisor. Based in Newton, MA, Rodman & Rodman is an independent accounting and tax firm with a Renewable Energy and Cleantech specialty practice serving clients throughout the U.S.

In his new role, Mr. Gniadek will oversee the accounting staff who are responsible for tax preparation and tax planning for individuals and entities.  For three years previous to Rodman & Rodman, Mr. Gniadek was a Senior Tax Accountant in the personal financial management and income tax planning division of Summit Financial Corporation in Burlington. His experience also includes serving as a Tax Associate at BNY Convergex Group and BDO USA, LLP of Boston.

Mr. Gniadek holds a Bachelor of Science in Business Administration from Bryant University in Smithfield, RI and a Master of Science in Taxation from Northeastern University in Boston. He is a member of the American Institute of Certified Public Accountants (AICPA) and Massachusetts Society of Certified Public Accountants (MSCPA).

He is a resident of Braintree, MA. In his free time, he enjoys playing hockey and golf.

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 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.

Daniel J. Gniadek, CPA, MST Joins Rodman & Rodman P.C. of NewtonRead More

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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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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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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Kathy Parker of Rodman & Rodman CPAs Explains Renewable Energy Project Tax Incentives at Banker & Tradesman’s Renewable Energy Real Estate Conference

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

“Despite the expiration of the ‘1603 Cash Grant Program’, green energy developers and investors still have a variety of attractive tax incentives to encourage new investment,” said Rodman & Rodman CPAs’ Kathy Parker, at the “Banker & Tradesman’s Renewable Energy Real Estate Conference” last week in Boston. Rodman & Rodman is a full service CPA firm where Ms. Parker serves as a partner, and an active leader in the firm’s Renewable Energy and Cleantech specialty practice. The Conference was attended by more than 120 renewable energy project developers, property owners, investors and commercial lenders in the greater Boston area.

According to Parker, qualified solar, landfill gas, wind, biomass, hydroelectric, geothermal electric, fuel cells, geothermal heat pumps, municipal solid waste, CHP/cogeneration, hydrokinetic power, anaerobic digestion, small hydroelectric, tidal energy, wave energy, ocean thermal, fuel cells (using renewable fuels), and microturbines, are eligible for a 30 percent investment tax credit. Although the credit will not be in cash, it can be used to reduce tax liability for one year back and 20 years forward, said Parker. After 2016, the investment Tax credit on Solar is scheduled to drop to 10 percent. In addition, 100 percent of the tax credits can also be used to offset the Alternative Minimum Tax (AMT).

Parker pointed out that bonus depreciation on renewable energy projects also ended in 2013. However, solar projects are still eligible for accelerated depreciation over five years.

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.

Kathy Parker of Rodman & Rodman CPAs Explains Renewable Energy Project Tax Incentives at Banker & Tradesman’s Renewable Energy Real Estate ConferenceRead More

Rodman & Rodman’s Kathy Parker to be Feature Panelist at EUCI Renewable Energy Finance Conference

Kathy Parker, CPA, MST, Partner
Rodman & Rodman, P.C., an independent accounting and tax firm with offices in Newton and Braintree, MA, has announced that Kathy Parker, CPA, MST, will be a feature panelist at the EUCI Renewable Energy Finance Conference in San Francisco on December 3-4. Visit www.euci.com

Ms. Parker is a founding member of the Rodman & Rodman “Green Team,” a specialty accounting practice dedicated to providing alternative energy producers and other businesses that pursue energy efficiency initiatives with expert counsel and services in green energy tax, accounting, and business strategy. The team consists of experienced CPAs who are domain experts in alternative energy accounting and finances.

The EUCI Conference, “2013 Toolbox to Address the Uncertainty of Federal Incentives”, will address the challenges and opportunities for renewable energy projects, as the funding landscape adapts to a post-tax subsidy environment. In addition, the conference will outline steps that can be taken to build a robust and liquid secondary market which provides efficient pricing and optimal solutions for those both seeking capital and supplying it. The forum will also present a timely opportunity for participants to gauge the impacts and implications of the U.S. congressional and presidential voting results on the future of renewable energy project finance. Visit http://www.euci.com/events/?ci=1769&t=O

“As federal subsidies for alternative energy begin to diminish or even disappear over the next several years, project developers may have to find new revenue models as well as new sources of capital,” said Parker. “Proper corporate, project and partnership structuring as well as expert tax accounting will continue to play an important role in sustaining the health of this industry.”

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 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.

Rodman & Rodman’s Kathy Parker to be Feature Panelist at EUCI Renewable Energy Finance ConferenceRead More