Archive for the ‘Tax’ Category

Albin, Randall & Bennett Welcomes Tax Director, Matthew Pore

PRESS RELEASE FOR IMMEDIATE RELEASE — March 5, 2019 Albin, Randall & Bennett Welcomes Tax Director, Matthew Pore Portland, Maine (March 5, 2019) – Albin, Randall & Bennett (ARB) is pleased to welcome Tax Director, Matthew J. Pore, CPA. Pore has been practicing public accounting for 15 years and brings significant depth and experience in […]

Sec. 199A Deduction for Engineering Firms: The Exception to the Exception

For businesses that are structured as pass-through entities The Tax Cuts and Jobs Act of 2017 (TCJA) created a plethora of complex – but potentially generous – tax provisions. Chief among them is the Sec. 199A deduction, providing a possible 20 percent deduction off taxable income. Pass-through entities include S Corporations, partnerships, limited liability companies […]

The Tax Cuts and Jobs Act: Changing the Status Quo in Construction and Real Estate

For pass-through businesses – S Corporations, partnerships, LLCs and sole proprietorships – the Tax Cuts and Jobs Act (TCJA) provides significant changes that will impact tax planning and compliance. Companies in some industries will fare better than others, but nearly all pass-through businesses will benefit from one of the most notable provisions of the TCJA […]

Major Changes in Revenue Recognition and Lease Accounting Will Impact All Businesses in 2019

Companies of all sizes and across all industries are currently scrambling to prepare for a new era. Guidelines imposed by the Financial Accounting Standards Board (FASB) are changing the way that businesses handle both revenue recognition and lease accounting, even before the effective dates for the new standards. Construction and real estate businesses can expect […]

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. […]

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 […]

Maine Budget Enacted Containing Various Tax Changes

The Maine Legislature has overridden the Governor’s veto of the 2016-2017 budget, thus allowing the legislation to become law. The 2016-2017 budget contains various Maine tax changes. Individual Income Taxes Maine Individual Income Tax Rates remain unchanged for 2015, with three individual income tax rate brackets (0%, 6.5% and 7.95%). For a married couple filing […]

Congress Passes Tax Increase Prevention Act/ABLE Act

December 17, 2014 (Portland, Maine) — On December 16, 2014 the U.S. Senate joined with the U.S. House of Representatives to pass legislation preserving many of the tax cuts and extending other expired tax provisions. President Obama is expected to sign the legislation into law. Details of the Act are still being analyzed and publicized, […]

Auto Dealership Audits: Focus on Real Estate

For auto dealerships, building rent payments, leasing arrangements and other real estate transactions are often scrutinized by the IRS. In fact, to help its auditors with these types of issues, the IRS created the Market Segment Specialization Program (MSSP). The MSSP provides guidelines for auditors on examination issues specific to a wide variety of industries. […]

R&D and Pine Tree Development Zone Credits Amended

According to CCHGroup.com’s news update today, “Maine legislation was enacted without the governor’s signature that terminates the income tax super credit for substantially increased research and development, extends from five years to 10 years the carryover period for credits carried from prior years, and reduces the maximum credit from 50% to 25% of the tax […]