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Rodman & Rodman CPAs Outline 2011 Sales Tax Holiday for Consumers and Retailers

Thomas Astore CPA JD, Tax Director, Rodman & Rodman
Massachusetts residents will be able to enjoy a Sales Tax Holiday weekend on August 13th and 14th.

“The Commonwealth of Massachusetts will not be collecting the 6.25 percent sales tax on tangible purchases of $2,500 or less that are for personal use,” explains Thomas Astore, Tax Director at Rodman & Rodman, P.C. “Business purchases and purchases made by corporations remain taxable. All Massachusetts businesses normally open during this weekend and selling taxable items of tangible personal property are required to participate in this sales tax holiday.”

Rodman & Rodman, P.C., is a CPA firm offering specializing in tax expertise and business strategy for small and medium sized companies throughout New England and beyond.

According to Rodman, consumers will be able to enjoy tax savings in compliance with the following rules that will be in effect for the weekend:

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) are 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 13th or 14th, Eastern Standard Time.

For more information, visit the Massachusetts Department of Revenue at www.mass.gov or for tax questions contact Rodman & Rodman, P.C. At (617) 965-5959.

About 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. The company has been named one of the “Best Accounting Firms to Work For” in Accounting Today and is listed in the Boston Business Journal’s “Top 50 Firms”.

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. The Rodman & Rodman Green Team is a specialized green energy and clean technology accounting and tax services practice within Rodman & Rodman, P.C.

The company’s offices are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, MA. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

Rodman & Rodman CPAs Outline 2011 Sales Tax Holiday for Consumers and RetailersRead More

Rodman & Rodman, P.C. Appoints Thomas Astore to Lead “Green Team” Clean Energy Practice

Rodman & Rodman, P.C., Certified Public Accountants and business strategists catering to small and medium sized companies throughout New England and beyond, has announced that Thomas Astore, CPA, JD, will lead the “Green Team” Renewable Energy and Clean Technology Practice.

Rodman & Rodman’s Green Team, assists alternative energy producers and investors with expert green energy tax advisory, accounting services, and business strategy through all stages of their project and business lifecycle.

Astore, who also serves a Rodman & Rodman’s Tax Director, will lead the Green Team in helping alternative energy and clean technology businesses determine the financial viability of their renewable energy projects and assist with the complexities of the various federal and state tax credits and incentives. The Green Team also provides accounting and compliance support with regulatory agencies. Astore is a graduate of Hofstra University and Fordham Law School, where he also was a member of the law review.

Steve Rodman, president of Rodman & Rodman explained, “We have invested a significant amount of time and energy in the clean technology business and have a comprehensive understanding of the various business models, their particular needs and the complex tax laws. Tom is highly experienced in these areas and is the ideal leader for our ‘Green Team’.”

He continued, “Over the past few years many states have enacted Renewable Portfolio Energy Standards (RPS) requiring a percentage of energy consumed in the state to come from renewable sources. To date, just over half of the states have enacted this kind of legislation. Massachusetts added the Green Communities Act which establishes an RPS standard that will increase over the next several years with the goal of achieving 25% by 2030. Because of this increasing standard, electric utilities will be looking to add renewable sources to their portfolios, either by direct investment or by purchasing the electricity from outside suppliers. The demand for renewable energy is only going to increase and our Green Team will help position clean energy companies and projects for success.”

Rodman & Rodman’s Green Team offers its services for companies in the biomass, wind, solar, geothermal, landfill gasses, municipal solid waste, hydroelectric and hydrokinetic sectors of the renewable energy industry. They also assist startup projects (which typically do not earn taxable income in their first years and benefit from a tax credit) with the Section 1603 program.

About Rodman & Rodman, CPAs “Green Team”

The Rodman & Rodman Green Team is a specialized green energy and clean technology accounting and tax services practice within 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. The company has been named one of the “Best Accounting Firms to Work For” in Accounting Today and is listed in the Boston Business Journal’s “Top 50 Firms”.

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, P.C. are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, MA. For more information, email greenteam@rodmancpa.com, visit their website at www.rodmancpa.com or contact (617) 965-5959.

Thomas Astore, CPA, JD

Rodman & Rodman, P.C. Appoints Thomas Astore to Lead “Green Team” Clean Energy PracticeRead More

Ann Reading Joins Rodman & Rodman, P.C.

Ann Reading, a resident of Wayland, has joined Rodman & Rodman P.C., a firm of Certified Public Accountants and business strategists catering to clients throughout New England. Ms. Reading has been appointed as Administrative Assistant and will work at Rodman & Rodman’s Newton office.

In her new position, Ms. Reading will be responsible for office administration as well as billing, tax return assembly, deposits, ordering and more. Previous to Rodman & Rodman, Ms. Reading spent nine years working in the Service Department at Lee Imported Cars of Wellesley. She is a graduate of Dover-Sherborn High School.

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

About 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. The company has been named one of the “Best Accounting Firms to Work For” in Accounting Today and is listed in the Boston Business Journal’s “Top 50 Firms”.

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, P.C. are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, MA. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

Ann Reading

Ann Reading Joins Rodman & Rodman, P.C.Read More

Rodman & Rodman, P.C. Shares Cash Flow Tips for Small Business

Statistics show that in a good economy, approximately one third of all small businesses do not survive their first year of business. Approximately two-thirds do not survive year three. The primary reason a business fails is poor financial management, which in many cases is preventable.

So how can a small business survive in a bad economy? Larry Rice, CPA, Director of Strategic Consulting of Rodman & Rodman, P.C., Certified Public Accountants and business strategists catering to small and medium sized companies throughout New England, outlines critical cash flow tips for small business owners to help them weather a bad economy and beyond.

Create a cash flow projection or plan. Every small business should measure projected cash flow one year forward. That projection should be updated on a quarterly basis. A good cash flow projection starts with a good sales projection. Use historical data and be sure to consider any changes in your environment such as competition, economic change, etc. Once you have that sales projection, then it is a matter of translating those sales into the time frames that you get paid for those sales. When you place the payment for those expenses along side the receipt of revenues, you’ve created a cash flow projection.

Plan appropriately for capital expenditures. Due to an aversion of debt, many business owners pay cash for significant corporate assets. This can lead to a cash flow disaster. A good rule of thumb is that all long term assets should be financed over the expected life of those assets. If you are going to buy a machine that will last 10 years, you should seek to finance it over those 10 years. The idea is to match the outflows (the payment for the assets) to the time you expect to generate inflows (sales) from the use of that asset.

Better your credit management. Eager to make any sales, some owners do not have strong credit policies. The worst of all cash flow problems is to expend all the resources to make a product or provide a service, and then not get paid for it. Small business can not be too eager to have just any customers; they need to have the right customers. Go after the customers you want, not the customers who will waste your energy as you chase them to get paid.

Manage suppliers. Small business often pays its bills at designated times, which often are too early. Sometimes this is for convenience but can be dangerous to cash flow. Bills should be
paid timely to maintain good customer relations, but as close to the due date as possible. Seek opportunities for taking the better discounts for prompt payment from suppliers.

Manage inventory. Sometimes owners do not want to rid themselves of stale inventory at a discount, hoping that some customer will appear to pay full price. Sometimes the best course is to get rid of the inventory and use the cash for other more practical purposes.

Maintain a good relationship with a bank/lending officer. Not all credit decisions are objective. By maintaining positive communications, sometimes credit which might not be available can be secured when you maintain an open dialogue

According to Rice, “The most important financial statement is not the Balance Sheet or Profit and Loss; it is the Cash Flow Statement. Only the cash flow statement tells you how much cash your business is generating from operations. A very profitable company can still fail if the cash flow isn’t there to sustain that profit. Bottom line: more businesses fail because of poor cash flow than poor profit. Good cash flow planning is the key to small business success in any economy.”

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, Mass. For more information, visit their website at www.rodmancpa.com or contact Jen Reading at (617) 965-5959.

Larry Rice CPA, Rodman & Rodman

Rodman & Rodman, P.C. Shares Cash Flow Tips for Small BusinessRead More

Bobby Newcomb Joins Rodman & Rodman, P.C.

Rodman & Rodman P.C., a firm of Certified Public Accountants and business strategists catering to clients throughout New England, recently appointed Bobby Newcomb, a native and resident of Quincy, as Staff Accountant.

Mr. Newcomb will work out of Rodman & Rodman’s Newton office and provide accounting and tax services to corporate and individual clients. Prior to joining the Rodman & Rodman team, Mr. Newcomb served as a Financial Analyst in Accounts Payable at Boston Scientific Corporation.

Mr. Newcomb holds a Bachelor of Science degree in Accounting from Johnson & Wales University in Providence, RI and is a member of the Massachusetts Society of Certified Public Accountants (MSCPA). He will take the CPA exam later this year.

In his spare time, Mr. Newcomb is the assistant coach of Johnson & Wales golf team and is very active in the university’s community.

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

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. The company has been named one of the “Best Accounting Firms to Work For” in Accounting Today and is listed in the Boston Business Journal’s “Top 50 Firms”.

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, P.C. are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, MA. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

Bobby Newcomb

Bobby Newcomb Joins Rodman & Rodman, P.C.Read More

Larry Rice, CPA of Rodman & Rodman Speaks to Town of Barnstable Employees & Boston Students

Larry Rice, CPA, Director of Strategic Consulting of Rodman & Rodman P.C., a firm of Certified Public Accountants and business strategists catering to clients throughout New England, recently spoke to Barnstable government employees including town employees, teachers and administrators, in a day-long seminar held at the town library.

Rice, an expert speaker whose most recent appearances include segments on New England Cable News (NECN), spoke about individual taxes, new laws, opportunities regarding deductions and the tax benefits of saving for college with Cape Cod employees.

Last week, Rice spoke to students at North Bennet Street School in Boston about starting their own business and the tax ramifications.

As a knowledgeable and “easy to understand” source, Rice has served small business for 25 years and appeared on NECN, Bloomberg TV’s Small Business Program, CN8 Money Matters, WBZ Radio, WROL’s “About the House” and countless other programs and publications.

Rice is available for speaking engagements. Dedicated to helping businesses and individuals achieve their short and long term goals, Rice can share his knowledge on a variety of topics including:

Individual Tax Strategies

New Tax Laws & their Impact on You and Your Business

10 Successful Business Strategies

Diagnosis of a Sales Call

Competing in your Market – Do you base it on Price?

Creating a Turnkey Business

Perceived Indifference – Are your customers really buying based on price?

Managing Your Cash Flow

Small Businesses Need To Be Strategic Too

Internal Controls and The Small Business

Why Every Business Should Know Its Conversions

Business Is Like Football

Referrals – The Easiest Way To Grow Business

To schedule Larry Rice, CPA as a speaker, contact Jen Reading at Rodman & Rodman, (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. The company has been named one of the “Best Accounting Firms to Work For” in Accounting Today and is listed in the Boston Business Journal’s “Top 50 Firms”.

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, P.C. are located at 3 Newton Executive Park in Newton and 25 Braintree Hill Office Park in Braintree, MA. For more information, visit their website at www.rodmancpa.com or contact (617) 965-5959.

Larry Rice CPA

Larry Rice, CPA of Rodman & Rodman Speaks to Town of Barnstable Employees & Boston StudentsRead More