Archive for the ‘News’ Category

ARB Named Among 2018 Best Places to Work in Maine

Albin, Randall & Bennett was recently named as one of the 2018 Best Places to Work in Maine. The awards program was created in 2006 and is a project of the Society for Human Resource Management – Maine State Council (MESHRM) and Best Companies Group. Partners endorsing the program include: Mainebiz, the Maine State Chamber […]

Albin, Randall & Bennett Names Laura Everett Director

PRESS RELEASE FOR IMMEDIATE RELEASE — JULY 31, 2018 Albin, Randall & Bennett Names Laura Everett Director   Portland, Maine (July 31, 2018) – Albin, Randall & Bennett (ARB) is pleased to announce the promotion of Laura T. Everett, CPA to Director. Laura joined ARB in 2006 as a staff accountant. She never hides from challenge. […]

Supreme Court Ruling Opens up Internet Sales Tax Collection Laws

The U.S. Supreme Court sided, 5-4, with South Dakota in South Dakota v. Wayfair, allowing South Dakota to keep its law requiring internet retailers with no physical presence (property or employees) in South Dakota to collect sales taxes from customers and remit them to the State of South Dakota. All nine justices of the U.S. […]

Conference Committee Tax Bill Proposes Sweeping Tax Changes “Tax Cuts and Jobs Act”

On December 15, 2017, the U.S. Congress’ Joint Committee on the Tax Cuts and Jobs Act released their bill making significant changes to the Internal Revenue Code. The changes impact virtually every individual and business. The President wishes to sign the bill into law before the end of 2017. At this point, there appear to […]

Republicans in the U.S. House Propose Sweeping Tax Reform

On November 2, 2017, House Republicans released the details of their much anticipated tax reform proposals. The bill is over 400 pages and impacts virtually every individual and business. The proposal’s fate is uncertain. Several Republicans from highly populated states are unhappy with the elimination of the state and local income tax deduction. Most commentators […]

Trump’s tax reform at a glance: potential impact on individuals and businesses

The President and certain Republican leaders unveiled a new tax framework yesterday that may start making its way through the legislature. Individuals: Reduce individual tax brackets to 12%, 25% and 35% (with additional top rate tax for the highest income earners) Increase standard deduction to $24,000 for married filing joint and $12,000 for single filers. […]

Changes to grant and contribution accounting standards may finally give nonprofits clarity

Earlier this month, the Journal of Accountancy published this article about the rule changes proposed by FASB. If the rules are approved as proposed, accounting guidance would change for contributions received and made by nonprofits. This has been a long-time area of concern for many nonprofits. ARB’s Not-for-Profit Group enthusiastically awaits more details and will watch […]

Changes in Tax Law; Budget Bill Signed by Gov. Paul LePage

Personal income tax, property tax, real estate transfer tax, and hospital tax are among the categories affected by the tax law changes within the budget bill signed by Gov. Paul LePage on July 4, 2017. We advise all our friends and clients to take a look at the summary of key tax law changes below. What changes for […]

Albin, Randall & Bennett Tax Manager, Karla Brannen, Elected President of Maine Society of CPAs’ Board of Governors

The Maine Society of CPAs has elected Karla Brannen of Albin, Randall & Bennett to serve as President of the organization’s Board of Governors. Brannen’s term as President will run until 2019. “I am honored to be able to serve the Maine Society of CPAs as President of the Board of Governors,” said Brannen. “Supporting […]

UPDATE – Notice 2016-66 F&I and other Reinsurance Clients

If you do not currently have a reinsurance company, retro-company or captive insurance company for your F&I products or other insurable risks, the Memorandum below may not apply to you. If you do, or you are not sure whether or not you do, please read the Memorandum and call me with any questions. Please also […]