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Rodman & Rodman CPAs Provide Insight on Recent HIRE Act

Rodman & Rodman, P.C., a firm of CPAs and Business Strategists based in Newton and Braintree, provides insight on the Hiring Incentives to Restore Employment (HIRE) Act, that carries hiring incentives and stimulus measures.

Last month, President Obama signed into law H.R. 2847, otherwise known as the HIRE Act.

Rodman & Rodman outline what the act means to employers who hire qualified unemployed workers:

Under the HIRE Act, employers are exempt from paying the employer share of Social Security employment taxes on wages paid in 2010 to newly hired, qualified unemployed workers. The payroll tax relief applies only for wages paid with respect to employment beginning March 19th and before 2011. There are stipulations though. It applies to workers who: (1) begin employment with the employer after February 3, 2010 and before January 1, 2011; (2) were previously unemployed and; (3) do not replace other employees of the employer.

Employers will receive an up-to-$1,000 tax credit for retaining qualified unemployed workers. The workers must be employed by the employer for a period of not less than 52 consecutive weeks, and their wages for such employment during the last 26 weeks of the period must equal at least 80% of the wages for the first 26 weeks of the period.

For tax years beginning in 2010, the Act boosts to $250,000 the maximum amount that can be expensed under Code Sec. 179, and boosts to $800,000 the beginning of the investment based phaseout amount.

The Act allows issuers of certain tax credit bonds to elect to receive a direct payment instead of a tax credit to the bondholder.

The Act enacts a comprehensive set of measures to reduce offshore noncompliance.

HIRE Act also delays the application of worldwide allocation of interest for an additional three years.

Large corporations should be aware that the HIRE Act tinkers with their estimated tax payments in future tax years.

Rodman & Rodman advises employers to check with their accountant(s) to ensure they have a thorough understanding of the provisions of the new law. To speak with a CPA at Rodman & Rodman,

contact 617-965-5959.

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, Mass. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

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Rodman & Rodman, P.C. Outline New COBRA Provisions for Businesses

Rodman & Rodman, P.C. Certified Public Accountants and Business Strategists, have outlined new COBRA provisions that were included in the American Recovery and Reinvestment Act of 2009 (ARRA) to help businesses throughout New England understand the new provisions.

“The IRS recently issued additional guidance relating to the COBRA provisions adopted in the ARRA. In general, the new provisions provide a 65 percent subsidy for COBRA continuation premiums for up to nine months for workers who have been involuntarily terminated, and their families,” according to Tom Astore, CPA, JD, Tax Manager at Rodman & Rodman (http://www.rodmancpa.com)

Astore noted that these rules apply to group health plans that are subject to the Federal COBRA continuation coverage requirements or to similar requirements under State law.

So, if a company has such a plan, and receives a 35 percent payment from someone eligible for the subsidy, it must make the remaining 65 percent premium payment. However, the company is not “out of pocket” for this cost because they can claim a payroll tax credit to offset this subsidy.


In order to qualify for premium assistance, a worker must:


·       Be “involuntarily terminated” between Sept.1, 2008 and Dec. 31, 2009;
·       Be eligible for COBRA coverage; and
·       Elect such coverage.


The period of coverage ends on 12/31/2009 or on the date the terminated worker becomes eligible for coverage under any other group health plan or for Medicare benefits – whichever comes first. Companies must notify terminated workers of their right to a COBRA continuation coverage subsidy.

The subsidy is not taxable when received, but higher income recipients, such as those with modified adjusted gross income above $125,000 ($250,000 for joint filers) will have to pay back part or all of it at tax return time.


In most cases, an employer will be reimbursed for the subsidy by way of a federal payroll tax credit.

“As you can tell, these rules are complex. Employers can claim the payroll credit, but should consult their accountant on how to properly do so. Special rules will also apply; one example of this is if the employer includes health premiums as part of a severance package. Be sure to consult a professional for guidance,” noted Astore.

For more information about COBRA provisions in ARRA, contact Rodman & Rodman, P.C. at (617) 965-5959.

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, Mass. For more information, visit their website at rodmancpa.com or contact (617) 965-5959.

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Rodman & Rodman, P.C. Honors Founder & Business Leader Herb Rodman

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Herbert E. Rodman, CPA, the founder of Rodman & Rodman, P.C. Certified Public Accountants and Business Strategists of Newton, Mass., and a well-known business leader, recently passed away.

Over the years, Mr. Rodman, who was a longstanding member of the Mass Society of CPAs and the American Institute of CPAs, witnessed many changes in the industry – from the early days of pencil and ledger to today’s online tax filing.

For more than 40 years, Mr. Rodman, a graduate of Boston University, worked as a CPA and helped many businesses in the New England area prosper. He founded the company in 1961 and for a number of years, Mr. Rodman ran the company by himself from his Boston office. Many of his clients were small, family-owned businesses. Mr. Rodman’s personality lent itself to small business. He was patient and liked to get to know his clients; their motivation and their goals. He was also creative on the tax side and gave good advice.

A number of clients have been with Rodman & Rodman since Mr. Rodman’s early days including: Tom McCann of Commonwealth Films; Bob Mirabito of Mirabito Insurance; Jerry and Stu Kawadler of National Maintenance; Russ Anderson of Southeastern Metal; Ed and Jim Rapoport of Honorcraft; Warren Gomberg, Les Rudnick and the Spiliakos, Taylor, D’Attilio, Alepedis, Tenn, White, Voto, and Hughes families.

Today, Rodman & Rodman operates from offices in Newton and Braintree and has a staff of 20.  Despite the size of the company, the family tradition continues. Mr. Rodman’s son Steve Rodman, who has been the company’s president for several years, shares his father’s philosophy of getting to know their clients as well as their motivations and goals and the company continues to help small to mid sized businesses reach (and often exceed) their expectations.

Although Quickbooks and other accounting software programs didn’t exist years ago and things were done differently, in many ways, Rodman & Rodman has remained the same. They are still wholly dedicated to looking after clients’ best interests.

“All who knew Herb respected his professionalism, knowledge and abilities as a CPA. Most would also say that those were not even his most admirable traits.  Herb was a warm, caring person with a wonderful sense of humor and an engaging personality,” said John McGovern, CPA, ABV, CVA, a Partner at Rodman & Rodman. “Herb built a strong company based on solid principles that has continued to grow steadily over the years. We’re all proud to be a part of the Rodman & Rodman team.”

Rodman & Rodman, P.C.

Founded in 1961, Rodman & Rodman, P.C. provides accounting, tax and business services to small and medium-sized companies throughout New England. With a focus on strategic planning, Rodman & Rodman goes beyond traditional accounting services and takes a proactive approach when serving clients to increase, preserve and sustain clients’ financial net worth.

From business valuations, taxation, audits, fraud detection and prevention services and succession planning to a variety of accounting IT services including software selection, implementation and training, the team at Rodman & Rodman serves as comprehensive advisors to clients. For individual clients, the company offers personal advisory services such as planning for real estate transactions, obtaining financing, estate planning and retirement planning as well as planning for college education. Rodman & Rodman Certified Public Accountants are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, Mass. For more information, visit their website at www.rodmancpa.com or contact Jen Reading at (617) 965-5959.

Rodman & Rodman, P.C. Honors Founder & Business Leader Herb RodmanRead More