Blog Archive

Passive v. Active – Categorization of Investment Tax Credit

Investment tax credit rules are complex, particularly when it comes to active and passive categorization. That being said, we share the following scenarios with regard to a member of a limited liability company....

November 30, 2018 by The Green Team
Paying Bills in QuickBooks: The Basics

The time-consuming part's over once you've entered bills in QuickBooks. Here's how to pay them....

November 26, 2018 by The Rodman Team
Getting Started with Accounts in QuickBooks Online, Part 1

QuickBooks Online was built to work with transactions downloaded from your online financial institutions. Here's how to work with them....

November 26, 2018 by The Rodman Team
ITC and the Eligibility of Costs

One of the most common queries we receive related to solar projects and the Investment Tax Credit (ITC) regards the eligibility of costs associated with the project. While all projects are different, and facts and circumstances can dictate different outcomes, the general rules are pretty straightforward....

October 23, 2018 by The Rodman Green Team
Up and Coming New Lease Standard

There is a new accounting standard impacting all companies that lease assets such as office space, vehicles and equipment, and prepare GAAP (generally accepted accounting principles) financial statements....

October 22, 2018 by The Rodman Team
How to Enter Bills in QuickBooks

It's not as much fun as creating invoices, but the bills must be paid. Here's how QuickBooks helps....

October 18, 2018 by The Rodman Team
Customer Statements: When, Why, and How

If your business relies on invoices to get paid, there may be times when you need to create and send statements....

October 18, 2018 by The Rodman Team
Investment Tax Credit Considerations

The Investment Tax Credit allows for a credit of 30 percent of the cost of installing a solar energy system. Developers and investors in solar projects understand this substantial benefit but may not be aware of the recapture provisions that can be triggered if the property is disposed during the five years that follow....

September 27, 2018 by The Green Team
Extend QuickBooks' Usefulness with Add-Ons

Maybe QuickBooks does everything you need. But if you outgrow parts of it, don't worry, you'll have options....

August 30, 2018 by The Rodman Team
Not Using QuickBooks Online? What You're Missing Out On

If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook....

August 30, 2018 by The Rodman Team
How to Use Memorized Transactions in QuickBooks

Tired of repetitive data entry? QuickBooks provides a way to save time and keystrokes when you create some transactions....

August 13, 2018 by The Rodman Team
How QuickBooks Online Can Improve Your Company's Financial Health

QuickBooks Online is more than just an online bookkeeper. It can help improve your cash flow, your customer relationships, your inventory readiness, and your future....

August 13, 2018 by The Rodman Team
New Guidelines on Energy Property Construction

In late June, the IRS issued new guidance on changes to IRC Section 48 instituted with the Bipartisan Budget Act of 2018....

July 26, 2018 by The Green Team
Important Changes to the Employer Medical Assistance Contribution (EMAC) Law

Changes to the EMAC law went into effect January 1, 2018 and impacts many employers....

July 23, 2018 by Rodman Team
Why QuickBooks Should Be on Your Desktop

You know about QuickBooks but you're still hesitating. Here's why you should make the transition....

June 29, 2018 by The Rodman Team
5 QuickBooks Online Reports You Should Run Regularly

There are numerous QuickBooks Online reports that you should be consulting at regular intervals. But you need these five at least every week...

June 29, 2018 by The Rodman Team
Challenges in Recycling

How much of your recycling actually gets recycled depends on where you live....

June 26, 2018 by The Green Team
Massachusetts Going "All-Out" on Renewables

Massachusetts clean energy use has grown exponentially over the past decade. Can it reach the goal of being 100 percent renewable energy dependent by 2050?...

May 31, 2018 by The Green Team
All About Sales Receipts in QuickBooks

Documenting every sale carefully helps ensure that your financial records and reports will be accurate. The sales receipt is the right tool for this in specific situations....

May 28, 2018 by The Rodman Team
Potential Tax Credit for Solar Energy Storage Retrofit

Good news for homeowners who are considering adding a battery storage system to their existing solar energy systems in the future....

April 30, 2018 by The Green Team
Using Product and Service Records in QuickBooks Online

Last month, we created product and service records in QuickBooks Online. This month, we'll explore how they're used on the site....

April 23, 2018 by The Rodman Team
Polish Your Image: Customize QuickBooks' Forms

The invoices and other forms you send to customers and vendors should reflect your company's attention to detail, accuracy, and consistency....

April 23, 2018 by The Rodman Team
Creating Product and Service Records in QuickBooks Online

QuickBooks Online is good at managing and tracking inventory – as long as you've created thorough records....

March 31, 2018 by The Rodman Team
Get Paid Faster Using QuickBooks

Are your customers slow about paying their invoices? QuickBooks can help accelerate your receivables....

March 31, 2018 by The Rodman Team
SMART Over SREC

Key features of the Solar Massachusetts Renewable Target "SMART" Program...

March 31, 2018 by Rodman Green Team
Getting Ready for Payroll in QuickBooks Online

Taking on your company’s payroll with QuickBooks Online? Knowing what you’re up against ahead of time will make your setup tasks much easier....

February 28, 2018 by The Rodman Team
Tracking Time in QuickBooks, Part 2

We’ll be continuing the two-part series we started last month....

February 28, 2018 by The Rodman Team
Tracking Time in QuickBooks, Part 1

If your company sells services, you can track the time spent providing them in QuickBooks....

January 31, 2018 by The Rodman Team
Customize QuickBooks Online Using Settings

You can start using QuickBooks Online the first time you sign in. However, your tasks will be easier and faster, if you customize it for your company....

January 31, 2018 by The Rodman Team
Turfs, Stadiums and Sustainable Technologies - An Amazing Match-up

Now that it’s January, the focus across the country has switched to taxes and football playoffs....

January 18, 2018 by Rodman Green Team
5 QuickBooks Reports You Need to Run in January

2018 has begun. Does your accounting to-do list look like a clean slate, or are critical 2017 tasks still nagging?...

January 9, 2018 by The Rodman Team
Using QuickBooks Online's Customer Records

Your customers are your company’s lifeblood. Are you managing those relationships carefully? Here’s how QuickBooks Online can help....

January 9, 2018 by The Rodman Team
Shedding Some Light on the State of Renewable Energy in the Northeast

We would like to share some insight on the state of the solar, wind and biogas industries in the Northeast....

December 21, 2017 by Green Team
Are You Using QuickBooks’ Reminders?

We can’t emphasize this enough: QuickBooks’ Reminders can prevent countless problems with your finances....

December 13, 2017 by The Rodman Team
Working with Downloaded Transactions in QuickBooks Online

Downloading transactions into QBO is the easy part. You still have work to do once they’re on board....

December 13, 2017 by The Rodman Team
Who Can You Claim as a Dependent on Your Tax Return?

In the eyes of the IRS, “dependent” can mean much more than a biological child who lives with you....

December 13, 2017 by The Rodman Team
New Technology and Other Factors for a Brighter Renewable Energy Future

Remarkable advances in renewable energy are being made in the U.S....

November 16, 2017 by Rodman Green Team
Working with QuickBooks’ Vendor Records

It’s important to maintain good relationships with your vendors and suppliers. QuickBooks helps you track your interaction with them....

November 15, 2017 by The Rodman Team
Setting Up Sales Tax in QuickBooks Online

Sales tax is one of the more complicated concepts supported by QuickBooks Online....

November 15, 2017 by The Rodman Team
Missed the 2016 Tax Deadline? Filing a Past-Due Tax Return

You missed the April filing deadline. What now?...

November 15, 2017 by The Rodman Team
Investment Tax Credit "Haircut"

You may not know about the limitation that exists at the individual level....

October 10, 2017 by Rodman Green Team
Creating Customer Statements in QuickBooks

Invoices not being paid promptly? Customers questioning their payment history? Create statements....

September 28, 2017 by The Rodman Team
Are You Using QuickBooks Online's Mobile App?

Even if you don’t travel for work (but especially if you do), you should explore what QuickBooks Online’s mobile app has to offer....

September 28, 2017 by The Rodman Team
How Do You File an Amended Tax Return?

It's easy to make mistakes when you’re doing your own tax preparation. The IRS has a special procedure for fixing them....

September 28, 2017 by The Rodman Team
Is a Solar Panel Tariff on the Horizon?

The Trade Commission’s recommendation heads to President Trump’s desk later this week. The President will have the final decision on whether to impose a tariff....

September 21, 2017 by The Green Team
Rodman CPAs to Hold Second "Solar Roundtable" on September 19, 2017

Solar developers and installers throughout the region are invited to Rodman CPAs' second "Solar Roundtable" on Tuesday, September 19, 2017 from 9 to 11 a.m. at their Waltham office, 51 Sawyer Road, Suite 610....

September 19, 2017 by The Green Team
What Sales Orders Are and When to Use Them

They’re not as commonly used as invoices. But if you need them, they’re there....

September 8, 2017 by The Rodman Team
Tax-Deductible Expenses: Are You Recording All of Them?

2017 income tax preparation seems a long way off. Make it easier by tracking all the deductions you can take....

September 8, 2017 by The Rodman Team
7 Best Practices for QuickBooks Online

Even if you’ve been using QuickBooks Online for a long time, it’s good to step back and evaluate your actions....

September 8, 2017 by The Rodman Team
Alternative Energy and Your Business

The most frequently asked questions from corporate taxpayers regarding alternative energy....

August 25, 2017 by The Green Team
Tax Reform and Renewable Energy

How will tax reform affect renewable energy investors and developers?...

July 19, 2017 by The Green Team
Why do Companies Engage in Sustainable Activites?

A growing number of companies are committing to clean energy and procuring their electricity from renewable sources such as solar, hydro and wind....

June 29, 2017 by Rodman Green Team
Are You Protecting Yourself from Tax Identity Theft?

The IRS has thwarted some identity theft attempts, but thieves are still stealing billions of dollars every year from taxpayers....

June 22, 2017 by The Rodman Team
Recording Simple Expenses in QuickBooks Online

Tracking even the little expenses is important....

June 22, 2017 by The Rodman Team
Out-of-State Internet Vendors Sales Tax Collection

The Massachusetts Department of Revenue (MA DOR) recently issued a tax directive affecting out-of-state vendors and their responsibility to collect and remit Massachusetts sales or use tax....

June 14, 2017 by The Rodman Team
How to Keep Your QuickBooks Data Safe

You work hard to make sure your QuickBooks data is accurate. Make sure it’s safe, too....

May 17, 2017 by The Rodman Team
Setting Up Users in QuickBooks

If you plan to have multiple employees using QuickBooks, you can limit their access to specific areas....

April 30, 2017 by The Rodman Team
Your First Hour with QuickBooks Online

Whether you’re just launching a business or you’re going online with an existing company, take some time to get acquainted with QuickBooks Online....

April 30, 2017 by The Rodman Team
When a Hobby Becomes a Business

A few dollars here, a few dollars there. What do you do when the money from a hobby starts to add up?...

April 30, 2017 by The Rodman Team
What the Heck is a "Duck Curve"?

Should there be more government support for energy storage research and development? Let us know what you think?...

March 17, 2017 by Rodman Green Team
Waving the Red Flag - Common IRS Audit Triggers

It’s that time of year again. Time to gather up all the W-2s, 1099 interest and dividend statements, K-1s from pass-through entities, charitable donations, etc. Yes, it’s tax season once again. Whether you are filing business or personal tax returns for the 2017 season it may be a good time to remind you that the IRS is watching, not literally, but it will be paying attention....

March 2, 2017 by The Rodman Team
Tax Deductions vs. Tax Credits

Individual taxpayers can reduce their tax liability, e.g. tax they pay, through both tax deductions and tax credits. These items are both beneficial, however they have different impacts on a taxpayer’s tax return....

March 2, 2017 by The Rodman Team
Solar Job Growth Expected to Continue in States that Support the Industry

Across America, the number of solar jobs have nearly tripled since 2010....

February 24, 2017 by Rodman Green Team
MA Solar Production Tariff Proposal

With the expiration of SREC II, Massachusetts' solar incentive program that uses solar renewable energy credits, a new program has been proposed, which replaces SRECs with tariffs....

February 9, 2017 by The Rodman Team
Using Custom Fields and Classes in QuickBooks Online

QBO’s tools are generic enough that myriad businesses can use it. But custom fields and classes help you shape it to meet your specific needs....

February 9, 2017 by The Rodman Team
Use Recurring Transactions in QuickBooks Online

Save time and ensure that repeating transactions are processed as scheduled....

January 12, 2017 by The Rodman Team
Anatomy of a QuickBooks Inventory Item

If you have an item-heavy business, you need tools to track your inventory. QuickBooks provides them....

January 12, 2017 by The Rodman Team
Contractor or Employee? The Rules for Classifying Workers

The difference matters – a lot. Be sure you’re using the correct classifications for your staff....

January 12, 2017 by The Rodman Team
New Administration - Possible Tax Changes to Come

The election of a new president along with Republican control of the House and Senate will likely bring changes to tax laws for individuals and businesses....

December 21, 2016 by The Rodman Team
Last-Minute 2016 Tax Tips

April 17, 2017, sounds like it’s a long way off. But December 31, 2016, isn’t. If you haven’t given much thought to your 2016 income tax obligation, it’s time...

October 27, 2016 by The Rodman Team
Paying Bills in QuickBooks Online

In a previous column, we talked about setting up bills in QuickBooks Online. Now it’s time to pay them....

October 27, 2016 by The Rodman Team
SREC Deadlines Looming

As Massachusetts quickly approaches capacity limit for Solar Carve-out II (SREC II), take note of important deadlines related to Massachusetts Department of Energy Resources (DOER) recent emergency regulations....

October 27, 2016 by The Rodman Team
New Bill to Give Equal Credit for Energy Storage

The Investment Tax Credit has existed for a number of years, and it provides a 10 percent tax credit for certain assets placed in service. From time to time special interests have been given preferential treatment in using the ITC, most recently the solar industry, receiving a credit for 30 percent of the value of the placed in service asset....

September 28, 2016 by The Rodman Team
What Are Payroll Items in QuickBooks?

Considering processing your own payroll in QuickBooks? Whether you’re moving from a payroll service or getting ready to pay your first employee, you’re taking on a complex set of tasks that requires a great deal of setup and absolute precision....

September 28, 2016 by The Rodman Team
Can't Keep Up with Bills? QuickBooks Online Can Help

How does your company keep track of its bills now? If you’re like a lot of small businesses, you’re still dealing with a lot of paper....

September 28, 2016 by The Rodman Team
Will Your Biomass Project Qualify for a Production or Investment Tax Credit?

As of May 2016, the Internal Revenue Service (IRS) issued Notice 2016-31, which clarified and expanded safe harbor for biomass to begin construction by December 31, 2016. In order to satisfy the IRS, a biomass project must meet the Continuity Safe Harbor requirement, so as to qualify for the Production Tax Credit (PTC) or Investment Tax Credit (ITC) for Biomass Project....

September 7, 2016 by The Rodman Team
How Charitable Contributions Can Affect Your Income Taxes

If you regularly file a Schedule A, you know that most of the deductions you record there benefit you and your family as well as lowering your tax bill. Home mortgage interest means you have a place to live. Medical and dental expenses? You have health care. The real estate taxes you pay come back to you in terms of local resources....

September 7, 2016 by The Rodman Team
The Renewable Energy and Clean Tech Platform - Part Two

In the second of our two-part series, we're discussing how this year’s candidates line up on renewable and clean sources of energy....

August 10, 2016 by The Rodman Team
A Sustainable Financial Roadmap for Developers

As domain experts in alternative energy, our “Green Team” works with renewable energy producers and businesses throughout the U.S. providing tax advisory, financial, accounting services, and Investment Tax Credit (ITC) studies....

August 10, 2016 by The Rodman Team
The Renewable Energy and Clean Tech Platform – Part One

Every four years when America goes to the polls to elect a new President, taxpayers are anxious on what the candidates’ policies will be and how they will impact themselves and their businesses. Under the Obama administration, an atmosphere of pro-renewable and clean sources of energy allowed for legislation to promote and grow the clean...

May 31, 2016 by The Rodman Team
Cap Lifted, Rate Dropped. MA Solar Industry Back on Track.

In April, Governor Baker signed into law a crucial solar net metering bill. Although the bill is basically a short-term fix, we were able to breathe a collective sigh of relief after five long months of negotiation between the House and Senate as they struggled to come up with this compromise bill. The new law...

May 10, 2016 by The Rodman Team
Are You Applying Finance Charges? Should You Be?

Assessing finance charges is a complicated process. But if you have a lot of late payments coming in, you may want to consider it. There are many reasons why your customers send in payments past their due dates. Maybe they missed or misplaced your invoice, or they’re disputing the charges. They might not be very...

April 28, 2016 by The Rodman Team
Urging for a Standalone Solar Bill in Massachusetts

The recent extension to the solar investment tax credit (ITC) was welcome news with its promise of a stable investment environment and continued job growth (potentially thousands of jobs) in the green sector. To recap, the legislation extended the temporary 30 percent energy ITC for solar property from its current 2016 expiration through 2019. The...

March 30, 2016 by The Rodman Team
Proposing a Climate Change Coexistence with Capitalism

The U.S. has a leadership role in the world and with that, a responsibility to not only recognize, but address climate change. Our presidential candidates are proud to consider the U.S. the greatest nation on earth. But, if we are to command the respect of the rest of the world’s leaders, then we need to move...

February 23, 2016 by The Rodman Team
Energy Incentives Extended and Revived

In a major boost to the green energy sector, recently enacted tax legislation extends and/or re-enacts major tax breaks for energy companies. This is welcome news, especially for solar and wind companies, developers and investors. Although somewhat surprising that legislation was enacted now, especially extending the solar investment tax credit (ITC), it appears that Congress...

January 25, 2016 by The Rodman Team
Raising Net Metering Caps

In Massachusetts, electricity customers from the major utilities (National Grid, NStar, WMECO and Unitil) are allowed to use energy they produce on-site to offset their energy costs drawn from that utility, in what is known as net metering. A customer’s energy generating facility, such as a rooftop solar system, that is smaller than 60 kilowatts...

November 30, 2015 by The Rodman Team
What You Need to Know about the Residential Energy Credit

Planning to install solar electric equipment on or in your home? Timing is everything for taxpayers looking to take advantage of the Residential Energy Efficient Property (REEP) Credit. For years prior to 2017, an individual taxpayer is eligible for an energy tax credit in an amount equal to 30 percent of “qualified solar electric property...

October 29, 2015 by The Rodman Team
Justin Horr Rolls Up Sleeves & Digs In to Become World’s Toughest Mudder 2015

Justin Horr, a Staff Accountant here at Rodman & Rodman, CPAs will compete in the World’s Toughest Mudder® competition November 14-15, 2015 in Nevada! Justin will be competing for the Worlds Toughest Mudder title and First Place Men’s Prize of $10,000, as well as raising money for the Wounded Warrior Project. In this extreme competition,...

October 28, 2015 by The Rodman Team
Receiving Payments in QuickBooks

It’s probably one of your favorite QuickBooks activities. Be sure you understand the mechanics of recording payments. There are numerous ways to prioritize your workday. Do the most difficult things first. Get important phone calls out of the way. Respond to customer emails. But it’s likely that one activity takes precedence when you see that...

June 28, 2015 by The Rodman Team
Payroll and Tax Requirements for Employing Domestic Workers

The IRS defines a household employer as someone who pays an individual to perform duties in or around his or her home. Employees falling within this category include nannies, senior caregivers, private nurses and housekeepers, to name a few. If the household employee is paid more than the $1,900 threshold for 2015, the homeowners are...

June 25, 2015 by The Rodman Team
Another Strike Against “Greenaphobia”

Perhaps the most persistent argument we hear against large-scale penetration of renewable energy is the potential impact on grid reliability. How can we count on growing proportions of intermittent generation that is dependent upon meteorological events over which we have no control? Interestingly, The Brattle Group for the Advanced Energy Economy Institute (AEE Institute) just...

June 18, 2015 by The Rodman Team
Working With Your Accounts in QuickBooks Online

'Account' can mean more than one thing in QuickBooks Online. Here’s a look at its multiple concepts. Until you started doing your company’s accounting, the word “account” probably meant a checking or savings account at a bank or your identifying information at a place like a brokerage. In QuickBooks Online, “account” can mean the same...

June 15, 2015 by The Rodman Team
Are You Using the Right Business Structure?

The business structure you use – sole proprietor, LLC, etc. – has tremendous impact on how your company operates and pays taxes. A business structure is simply an organizational framework. The IRS requires you to select one for your company, since this designation will determine the tax forms you’ll file as well as who is...

June 8, 2015 by The Rodman Team
Why You Should Be Using Mobile Apps with QuickBooks

Intuit discontinued its own QuickBooks mobile app a while back, but there’s still plenty of processing power available for your smartphone or tablet. In days gone by, running a company was a 40 hour per week proposition. You might have taken work home some evenings or gone into the office on weekends. Those days are...

May 31, 2015 by The Rodman Team
Could the Tesla Powerwall Make a Night and Day Difference?

With expectations of streamlining their brand into the energy storage market, Elon Musk launched his first non-automotive product line several weeks ago by unveiling the Tesla Powerwall. Set to become the first mass-produced storage battery for the home, this first generation technology is already proving that it has a long road to travel before the...

May 21, 2015 by The Rodman Team
Preventing Data Theft in QuickBooks

Be proactive about the security of your QuickBooks company file, and you’ll be less likely to encounter data theft. Thanks to the internet, privacy has been on the wane over the last few years. We assume that our addresses and phone numbers are public information, thanks to sites like Switchboard and 411.com. We hope that...

May 4, 2015 by The Rodman Team
Start Planning for 2015 Income Taxes Now: 5 Tips

Even if your 2014 refund hasn’t hit the mailbox yet, it’s time to get a jump on your 2015 taxes. What does the phrase “tax planning” mean to you? Hurriedly giving charitable donations in December to try to knock down your total income tax obligation Setting aside time for tax preparation as soon as your...

April 22, 2015 by The Rodman Team
Deciding How Much is Too Much of a Good Thing

Fueled by the federal Production Tax Credit and additional state incentives, the wind industry has boomed in the U.S., experiencing annual average growth rates in excess of 25%. Two states where wind has been a shining success are Texas and Oklahoma, both of which generate over 14% of their electricity requirements from wind turbines. It’s...

April 15, 2015 by The Rodman Team
Using Purchase Orders in QuickBooks Online

QuickBooks Online Plus offers the ability to create purchase orders. But they require knowledge that may be foreign to you. If your business purchases products from vendors that you then sell, you may have occasion to use purchase orders. These forms simply tell your suppliers what items you want to buy from them. Not all...

April 6, 2015 by The Rodman Team
What You Need to Know About Estimated Taxes

It’s not just self-employed individuals who are required by the IRS to pay estimated taxes. There are numerous advantages to being self-employed. The top benefit that most full-time, must-report-to-the-office employees most envy the most is your ability to establish your own work schedule. You don’t have the commuting expenses, nor the hassle. No endless meetings...

March 30, 2015 by The Rodman Team
Is Green Becoming the New Gold Standard for Reliability?

The traditional argument for fossil fuels versus renewables for power generation used to be reliability. “What happens when the sun doesn’t shine and the wind doesn’t blow?” However, as the electric grid continues to age, the new question becomes “What happens when the sun shines too bright and the wind blows too hard?” Severe weather...

March 24, 2015 by The Rodman Team
Memorizing Transactions in QuickBooks: Why? How?

QuickBooks saves time in countless ways, one of which is its ability to memorize transactions. Are you taking advantage of this feature? One of the reasons you started using accounting software, among many others, was to save time. And QuickBooks has complied. Once you create a record for a customer, vendor, item, etc., you rarely...

February 23, 2015 by The Rodman Team
Capping Off Solar Jobs in Massachusetts

With solar related jobs growing 47% last year, Massachusetts moves into the #2 spot, right behind California, as the largest solar industry workforce. This is welcome news for the Commonwealth when employment and economic recovery on a national basis is still struggling. However, in 2015 net metering caps will hit limits as soon as March...

February 19, 2015 by The Rodman Team
$1.4 Billion Still Available for Clean Renewable Energy Bonds

Clean Renewable Energy Bonds (CREBs) are a form of subsidized financing that allow for the issuance of tax-credit bonds to finance the costs of qualified renewable energy facilities. A qualified renewable energy facility includes Wind, Biomass, Geothermal, Solar, Landfill Gas, Waste-to-Energy, and Hydro. Recently, in Notice 2015-12, The Treasury announced that $1.4B were still...

February 11, 2015 by The Rodman Team
Stretching QuickBooks Online: What You Can Do With Apps

QuickBooks Online has worked well for countless businesses as is. But if you need more than it offers in some areas, there’s likely to be an app for that. You’d be hard-pressed to find two small businesses in the U.S. that have exactly the same needs when it comes to financial management. Fortunately, QuickBooks Online...

February 7, 2015 by The Rodman Team
Make Your Preferences Known in QuickBooks

QuickBooks is ready to use when you install it. But you can change its settings to make it work the way your company needs it to. There are some features that all small businesses need in their accounting software. Everyone needs a Chart of Accounts and a good set of report templates. There must be...

January 27, 2015 by The Rodman Team
Positive Trends in Solar Market Including Declining Cost of Capital

According to a recent North American Solar Trend Report issued by Mercatus Analysis, the cost of capital for solar deals continued to drop dramatically in 2014. Most developers found this to be good news, although due to the potential of higher risks in their projects, several small to medium size developers may not have experienced...

January 21, 2015 by The Rodman Team
Did You Resolve to Start Using QuickBooks Online in 2015?

Here’s an overview of the home page and what you can access from there. Many companies have been hesitant to trust their financial data – and that of their customers and vendors – to the internet, despite the fact that solution providers have built sophisticated security systems for this critical information. But you’ve decided that...

January 12, 2015 by The Rodman Team
Congress Provides Tax Relief and Help for the Disabled

Just before adjourning on December 16, the Senate passed the Tax Increase Prevention Act of 2014 (TIPA), which was passed by the House on December 3. The White House announced that President Obama will sign the law, which renews more than 50 expired tax breaks. This gives taxpayers just 10 days — excluding the federal...

December 18, 2014 by The Rodman Team
Do You Qualify for the Earned Income Tax Credit?

There are many requirements you must meet in order to qualify, but it may lower your tax bill. Supporting a family can be difficult, not to mention expensive. Working families whose income is fairly low need all the help they can get with their income taxes. The Earned Income Tax Credit (EITC) was put in...

December 15, 2014 by The Rodman Team
QuickBooks Quick Tip: Using Statements In QuickBooks: The Basics

Most small businesses use invoices for billing customers. But there are times when you may want to send statements instead of – or in addition to – invoices. One of the more enjoyable parts of your job is probably sending invoices to your customers to bill for products and/or services is probably one of the...

December 15, 2014 by The Rodman Team
QuickBooks Quick Tip: Using the Vendor Center in QuickBooks Online

Whoever handles Accounts Payable for your company has an unenviable job. While the Accounts Receivable person gets to send invoices and happily record payments, the A/P employee has to make sure that: Complete records exist for all vendors. Billing information – including due dates — is entered correctly for all accounts. Bills are entered when...

December 1, 2014 by The Rodman Team
The Road to Emerald City Isn’t Always Beautiful

Windmills are pretty in Dutch paintings, but on today’s farms in Oklahoma…not so much. In a recent AP article, a Northern Oklahoma real estate developer claims “the wind industry is turning the Oklahoma landscape into a “giant industrial complex.” In Massachusetts the ban on commercial food waste in landfills began just three weeks ago, but...

October 18, 2014 by The Rodman Team
QuickBooks QuickTip: Understanding Your QuickBooks Online Accounts

The word “account” can mean more than one thing in QuickBooks Online. Before you started doing accounting tasks for your small business, the word “account” simply referred to your accounts at a financial institution – checking, savings, credit cards, etc. QuickBooks Online lets you access these same kinds of accounts via the internet and download...

October 18, 2014 by The Rodman Team
2014 a Big Year for Driving Future Growth of Anaerobic Digesters in New England

2014 will mark a major milestone for the recycling of food and other organic wastes in the three New England States of Vermont, Connecticut, and Massachusetts. Effective since July 2014, Vermont Act 148 bans the disposal of plastic, aluminum and metal containers, tin foil, paper/cardboard, leaf/yard residuals, and food scraps into landfills. Originally passed in...

September 24, 2014 by The Rodman Team
MA DOR Announces Two-Month Tax Amnesty Program for Qualified Massachusetts Taxpayers

According to a recent announcement by the Massachusetts Department of Revenue, this month approximately 300,000 qualifying taxpayers will receive a Tax Amnesty Notice informing them that they qualify for the tax amnesty program. The two-month amnesty program designed to encourage the payment of delinquent taxes by Massachusetts individuals and businesses, will run from September 1...

September 11, 2014 by The Rodman Team
Both Massachusetts and Feds Attempt to Spur R&D with Simplified Tax Credits

On August 13, a new economic development bill was signed into Massachusetts law by Governor Patrick. Among the many business development incentives was a restructuring of the Commonwealth’s research & development tax credit rules which is viewed by many as outdated and complicated. The new bill will allow businesses to opt for a an alternative...

August 28, 2014 by The Rodman Team
Even Baby Steps Result in Forward Progress

Rodman & Rodman expressed its hopes that passage of Bill H4185 in the Massachusetts House and Senate would permanently eliminate net metering caps for solar projects in the Commonwealth. In our opinion, H4185 was an extremely workable compromise that would have created strong solar investment to easily meet or exceed the Commonwealth’s 2020 PV solar goals, while...

August 21, 2014 by The Rodman Team
The Battle Over Non-Competes Ends with Maintaining the Status Quo, For Now

Last week, the Massachusetts Legislature came to an agreement on the state’s economic bill, which does not include any provisions relating to banning or limiting non-competes in Massachusetts. Senate Bill 2231, which recently was amended to include a compromise in response to the call for a complete ban on non-competes in Massachusetts (and which would...

August 5, 2014 by The Rodman Team
An Act Relative to Net Metering and Solar Power

“You can’t always get what you want. But if you try sometimes, you get what you need.” As a CPA firm with a specialty practice in renewable energy, the oft-asked question from a prospective client is “can you help us get financing?” Due largely to the state’s policies providing net metering (credits for returning excess...

July 19, 2014 by The Rodman Team
Banning Employee Non-Compete Agreements in MA – Compromise on the Horizon?

Special Guest Column by Christopher W. Sanzone, Esq., Sanzone & McCarthy, LLP Various forces in Massachusetts have been trying to bring a well-known staple of California employment law – a ban on non-competes in the employment context – to the Bay State by introducing two bills this past spring in the state legislature (House Bills 4082...

July 9, 2014 by The Rodman Team
Cow Power to the People!

Last week, the Rodman & Rodman, P.C. “Green Team” had the privilege of attending the ribbon cutting ceremonies for the new BGreen Anaerobic Digester at Longview Farm in Hadley, MA. The BGreen digester is the second waste-to-energy project completed by AGreen Energy LLC, a Rodman & Rodman tax advisory client. The first digester at the...

June 18, 2014 by The Rodman Team
Company of the Month: Are New England property owners taking full advantage of solar tax benefits?

Click here to read the full article from The New England Real Estate Journal website....

June 9, 2014 by The Rodman Team
Will Tax Reform Help or Hurt the Renewable Energy Sector?

A popular buzzword on Capitol Hill these days is “tax reform.” Tax bills proposing to change existing law have recently been introduced. To date these bills would remove both the ITC and PTC as credits available to taxpayers. A new, emission-neutral credit has also been discussed, which would include nuclear power as an eligible technology...

May 21, 2014 by The Rodman Team
Obama Administration Unveils Aggressive New Strategy to Accelerate Solar Energy Deployment at White House “Solar Summit”

On April 17, at a White House “Solar Summit,” Energy Secretary, Ernest Moniz and White House counselor, John Podesta announced major new initiatives to accelerate the growth of solar energy infrastructure to mitigate climate change. The program offers a wide variety of incentives and assistance programs, including: • A $15 million Solar Market Pathways funding...

May 7, 2014 by The Rodman Team
When Clean Energy Dark Clouds have a Green Lining

The 2013 data on global renewable energy investments has begun to drift in from the various think tanks that track this sector. On the surface the numbers are a bit disappointing. Worldwide investment dropped in the range of 11-14% from 2012 levels, and about 23% from the record levels of 2011. Comparing dollars to dollars...

April 16, 2014 by The Rodman Team
New Bills Up for Vote in Massachusetts Legislature could Open New Investment Incentives and Business Opportunities

In 2014, Massachusetts has several key bills coming up for vote by the state legislature that would provide more incentives for renewable energy and cleantech investors, while stimulating cleantech sector growth and creating new jobs. Here are some of the new bills that top the priority list of the New England Clean Energy Council (NECEC)....

April 9, 2014 by The Rodman Team
President’s New Methane Emissions Reduction Strategy Another Shot in the Arm for Anaerobic Digester Operators

Last week, The Obama administration announced a new strategy to reduce methane emissions. This is the latest in a series of actions the White House has taken to address climate change. Although methane only accounts for about 9 percent of the nation’s greenhouse gas emissions, it is more than 20 times more potent than carbon...

April 2, 2014 by The Rodman Team
Additional Net Metering Opportunities Not Embraced by All

Last week the Solar Energy Industries Association (SEIA) announced its enthusiastic support for new legislation in Massachusetts that would provide electricity consumers with easier access to net metering. Net metering allows customers with PV solar systems to reduce their electric bills by sending excess electricity back to the grid at average retail rates. Not only...

March 18, 2014 by The Rodman Team
Home Owners Can Reap Credit on Renewable Energy

When it comes to home ownership, the value of energy efficiency extends beyond tight windows and proper insulation. Federal tax credits allow taxpayers to claim a Residential Energy Efficient Property (REEP) Tax Credit for 30% of the cost of eligible solar water heaters, solar electric property, fuel cell property, small wind energy property, and geothermal...

March 2, 2014 by The Rodman Team
New York City Food Waste Recycling Law to Spur Growth of Biogas Industry

According to a press release from the American Biogas Council, Shortly before the Christmas holiday, the New York City Council passed legislation requiring commercial food scraps from the largest food service establishments to be recycled. The new “Commercial Organic Waste” policy is similar to the legislation recently passed in Massachusetts, and follows the policies of...

January 23, 2014 by The Rodman Team
Say Goodbye to some Very Nice Tax Breaks

Several federal income tax breaks for individuals and businesses expired at the end of 2013. Although we’re solidly into 2014, Congress has — so far — failed to extend many of tax savings opportunities that you’ve become accustomed to. (Some observers predict that Congress won’t act for months — perhaps even until after the November mid-term...

January 15, 2014 by The Rodman Team
Top 10 Issues To consider in Formulating Your Year-End and 2014 Tax Planning

As the year draws to an end, taxpayers will face a myriad of new taxes, tax changes, and new laws that may affect both their 2013 year-end and 2014 planning. To guide you in planning certain decisions, we have listed the top 10 issues that you should consider in developing your tax strategy: New 39.6% tax...

November 17, 2013 by The Rodman Team
First Year Write-Off Reduced in 2014

Here’s a reminder for you and other business managers that, for tax years beginning in calendar year 2014 and beyond, in the absence of extending legislation, one major tax break for assets used in business scheduled to be drastically reduced. Also, for most assets placed in service in calendar year 2014 and beyond, another tax...

October 22, 2013 by Rodman Admin
New Hike in Net Investment Income Tax

Starting in 2013, high-income taxpayers will face a 3.8% additional Medicare contribution tax on net investment income (the net investment income tax). Here’s an overview of the new tax and steps you can take to reduce its impact. This tax is an extra tax that is imposed in addition to your regular income tax. You...

October 4, 2013 by The Rodman Team
Understanding the New Massachusetts Sales Tax on Certain Computer Related Services

Effective July 31, 2013, certain computer related services will be subject to Massachusetts sales tax. The Massachusetts sales tax rate is 6.25%. Services Subject to Tax Under prior law, prewritten software and integration/modification services were not subject to sales tax. This new provision does not affect the charges for the prewritten software but will subject...

September 9, 2013 by The Rodman Team
Qualifying Basis for Calculating the Federal Energy Credit

With the 1603 grant program unavailable for new solar investments, taxpayers constructing solar property are looking to the federal energy credit (ITC) as a means to attract investors and finance new investments. The ITC is equal to 30% of the cost of “specified energy property” (Qualifying Property). Generally, ITC basis for solar energy property includes...

August 30, 2013 by The Rodman Team
Why is the Business Valuation Date So Important?

It is common to think about which method the appraiser will use or whether discounts might apply when considering how the value of an asset will be determined. However, the appraisal date is a critical factor that may not immediately come to mind. Valuing an Estate For estate tax purposes, assets normally are valued on...

August 13, 2013 by The Rodman Team
What Professional Standards Apply to Business Valuations?

A common question posed to business valuation experts who testify in court is: “Did you follow business valuation and appraisal standards in performing your engagement?” The answer is likely to be: “Which ones?” There are a number of different standards that cover business appraisal practice. The USPAP Standards Require Appraisers to: 1. Understand and...

August 5, 2013 by The Rodman Team
While 1603 Expirations Create New Challenges for Green Energy, Anaerobic Digestion is on Rise

Over the past several years, the renewable energy industry has enjoyed increasing growth, thanks in large part to the provisions available through the 1603 cash grant program. Under this program, energy projects found it much easier to fund the completion of projects. When the 1603 program was not extended, this left a gap in the...

August 1, 2013 by The Rodman Team
Court Decisions Make it Easier to Deduct LLC Losses

What happens if you’re the owner of a limited liability company (LLC) that generates tax losses, and you don’t spend a lot of time in the activities of the business? The losses might be classified as passive, and your ability to currently deduct them might be severely restricted by the passive activity loss (PAL) rules....

July 10, 2013 by The Rodman Team
Tax Codes Change for Same Sex Marriages

The Defense of Marriage Act (DOMA) made it federal policy to not recognize same sex couples as being married. The IRS has followed the federal policy spelled out in DOMA, and thus historically same sex couples have not qualified for filing joint federal tax returns. However, several states, including Massachusetts, have recognized same sex couples...

July 1, 2013 by The Rodman Team
Crucial Bill in Massachusetts Would Guarantee Purchase of All SRECs

Rodman & Rodman recently spent the day at the Massachusetts State House participating in “Massachusetts Clean Energy Day.” The Representatives and Senators that we met with all encouraged an open dialogue between government and the business owners in renewable energy and cleantech, an industry that continues to thrive and create jobs in the Commonwealth. An...

May 15, 2013 by The Rodman Team
John McGovern to Speak at Event on May 14th

SPECIAL EVENT Not Just Another SBA Seminar Please join us for a complimentary short, succinct and hard hitting 2 hour presentation by the experts in SBA financing as well as a “bonus” presentation on today’s most dynamic and timely marketing platform available to all businesses. (Hint: Have you heard of Pinterest for business?) Please RSVP...

April 29, 2013 by The Rodman Team
Extension of Production Tax Credit Contains Major Change to Safe Harbor Period

When the American Taxpayer Relief Act of 2012 was signed into law in January of 2013, it contained provisions to extend the existing Production Tax Credit (PTC). Under the previous legislation, the PTC available for wind facilities required them to be placed in service by December 31, 2012. The new legislation extended wind facilities another...

April 17, 2013 by The Rodman Team
Tips on Preparing for a 401(k) Audit

Annually, employers with large 401(k) plans – i.e. over 100 participants at the beginning of the year – generally must attach audited financial statements to their Form 5500 filing. While there is a lot of information required for the audit, there are a few things that can be done during the year to help make...

April 8, 2013 by The Rodman Team
Sequestration Could Affect Your 1603 Grants

According to the U.S treasury, the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, payments issued under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 for specified energy property in lieu of tax credits, are subject to sequestration. This means that every award* made to a Section 1603...

March 27, 2013 by The Rodman Team
Energy Purchases are Tax Exempt for Some Massachusetts Small Businesses

The purchase of gas, steam, or electricity from a utility is tax exempt if a qualifying, Massachsetts-based small businesses is the purchaser solely for its own use. Small businesses are those with five or fewer “employees,” with gross income of less than $1 million for the preceding calendar year with the expectation of gross income...

March 19, 2013 by The Rodman Team
Partnership allocations of wind energy production tax credit

Rev. Proc. 2007-65 Safe Harbor for Allocation of Wind Energy Production Tax Credit A tax credit is available for producing electricity from certain renewable resources. Basically, this credit is 1.5¢ per kilowatt hour of electricity (indexed annually for inflation and currently 2.2¢/kWh) (1) produced from qualified energy resources at a qualified facility construction of which...

February 27, 2013 by The Rodman Team
Real Property Rental Income and the New 3.8% Unearned Income Medicare Tax

Beginning in 2013, taxpayers with modified adjusted gross income (MAGI) over $200,000 ($250,000 for a joint return or $125,000 for married filing separate) will be subject to a 3.8% surtax (“MCT”) on net investment income. Net investment income includes, income from rents, interest, dividends, annuities and royalties — unless this income is derived in the...

February 26, 2013 by The Rodman Team
Production Tax Credit Extended – When is a Year not A Year?

As part of the American Taxpayer Relief Act of 2012 (“Act”), Congress extended the Production Tax Credit (“PTC”) through December 2013 for certain types of energy producers, including wind and biomass facilities. By way of background, the PTC is a per kilowatt hour credit for electricity generated by qualified energy resources which the taxpayer sells...

February 13, 2013 by The Rodman Team
Mass. Manufacturing Companies Must Update Certification of Entity Tax Status by April 1

Effective January 1, 2013, the state of Massachusetts is requiring classified manufacturers (see below for definition) or use the Massachusetts WebFile system to file an Annual Certification of EntityTax Status, due by April 1, 2013. By making this filing, the state’s list (Annual List of Corporations Subject to Taxation in Massachusetts) will be updated, and...

February 12, 2013 by The Rodman Team
Key Provisions of the “American Taxpayer Relief Act of 2012” Just Passed by Congress

Congress passed and the President signed the American Taxpayer Relief Act of 2012 (“Act”). The Act includes significant individual and business tax changes that will impact most American taxpayers. Some of the key provisions of the Act include: Individual Provisions 1. Income Tax Rates – The Act maintains 2012 income tax rates for individuals earning...

January 4, 2013 by The Rodman Team
Bright Future for Agricultural Anaerobic Digesters in Massachusetts

Aggressive alternative energy regulations, the proposed 2014 ban on food wastes, and a supportive collaboration between, government, utilities and farmers, make power from cows a good Investment for Massachusetts stakeholders, said Bill Jorgenson — Managing Partner at Agreen Energy, LLC. At the “2012 Worcester Business Journal Energy Summit.” A Rodman & Rodman Green Team client...

November 20, 2012 by The Rodman Team
Important Guidance on Additional 2013 Medicare Tax

Starting in 2013, prior health care legislation imposes an additional 0.9% Medicare tax on individual taxpayers receiving wages in excess of $200,000 ($250,000 for married couples filing jointly and $125,000 for married couples filing separately). These threshold amounts are not indexed for inflation. This tax is in addition to the regular Medicare rate of 1.45%...

November 20, 2012 by The Rodman Team
Major Tax Changes Coming – Time for 2012 Year End Planning!

Tax planning for 2012 is more complex than prior years due to many expiring tax provisions and the new taxes/tax rates that will be in effect for 2013. With the election behind us, it appears the path is set for President Obama and Congress to work towards setting tax policy for the coming year but...

November 13, 2012 by The Rodman Team
Top 10 Helpful Tips When Submitting 1603 Grant Application

Rodman & Rodman has prepared numerous 1603 applications and, based on our experience with the application process, we have a come up with a top 10 list of helpful tips. Listed below are some application tips and additional documentation that we recommend you have on hand, even though the initial application does not require you...

November 7, 2012 by The Rodman Team
Top 10 Considerations When Setting Up a New Green Energy Company on QuickBooks

Setting up a new company in QuickBooks can be challenging enough, but if you are a green energy company there are a few additional items to think about. Due to the nature of your business many green energy companies face unique reporting and tracking requirements for a number of reasons, including tax reporting requirements, potential...

November 7, 2012 by The Rodman Team
Rodman & Rodman P.C. Named 2012 Best Accounting Firm to Work For

Rodman & Rodman, P.C., announced that it has been named one of the 100 “Best Accounting Firms to Work for” by Accounting Today. This is the third consecutive year in which Rodman & Rodman has received this honor. The annual list was created by Accounting Today and Best Companies Group to identify, recognize, and honor...

October 31, 2012 by The Rodman Team
What You Need to Know about Multi-State Tax Compliance

Generally, a company is only required to file an income or franchise tax return with a state if it has nexus – i.e. sufficient physical presence in that state. Nexus can be triggered by three primary contacts with a state, including: Revenues earned (i.e. employees actually perform work in the state); Property owned or...

October 26, 2012 by The Rodman Team
Qualifying for and Calculating the Federal Energy Credit

With the 1603 grant program unavailable for new solar investments, taxpayers constructing solar property are looking to the federal energy credit (Investment Tax Credit or ITC) as a means to attract investors and finance new investments. The ITC is equal to 30% of the cost of “specified energy property” (Qualifying Property). Generally, ITC basis for...

October 25, 2012 by The Rodman Team
Rodman & Rodman Green Team’s Kathy Parker to be Feature Panelist at EUCI Renewable Energy Finance Conference

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...

October 17, 2012 by The Rodman Team
Jennifer Minor of Rodman & Rodman P.C. Named an Accredited Administrator in Accounting Practice Management

Jennifer Minor, MSHR, Director of Administration at Rodman & Rodman, P.C., has recently received the distinction of Accredited Administrator in Accounting Practice Management (AAAPM). As an AAAPM, Ms. Minor has been designated as an expert with an unparalleled level of competence in the field of accounting firm management. Ms. Minor has been employed with Rodman &...

October 9, 2012 by The Rodman Team
Kathy Parker, CPA, Partner at Rodman & Rodman Named to Invest In Girls Inc. Board of Directors

Kathy Parker, CPA, MST, Partner at Rodman & Rodman, P.C. has recently been named to the Board of Directors for Invest In Girls, Inc. of Boston. Ms. Parker is a resident of Billerica. Ms. Parker has been employed with Rodman & Rodman P.C. for more than 13 years and has risen through the ranks from...

September 20, 2012 by The Rodman Team
Accounting for Operating Leases – Possible Changes in the Near Future

For entities that issue financial statements prepared based on generally accepted accounting principles (GAAP), there could be new accounting requirements for how operating leases (i.e. office leases, equipment leases, etc) are accounted for in their financial statements. The Financial Accounting Standards Board (FASB) had published an Exposure Draft, Leases, in late 2010 for comment. Since...

August 21, 2012 by The Rodman Team
Governor Patrick Renews Commitment to Renewable Energy in Mass Energy Bill

Earlier this month, Governor Deval Patrick signed the Massachusetts Energy Bill which increases provisions and fortifies the policies set forth in the 2008 Green Communities Act. Some of the highlights of the new bill include an increase in the cap on net metering from 3% to 6%. This increase is split 3% to residential and...

August 15, 2012 by The Rodman Team
Steve Rodman of Rodman & Rodman Graduates from Boston University’s Leading Clean Energy Ventures Program

Steve Rodman, CPA, MST, President of Rodman & Rodman, P.C., recently became one of 12 graduates of the 2012 class of Fellows of the Leading Clean Energy Ventures (LCEV) program. The Leading Clean Energy Ventures Fellowship is an innovative development program offered by the New England Clean Energy Council (NECEC) and Boston University School of...

August 9, 2012 by The Rodman Team
Rodman & Rodman CPAs Outline 2012 Sales Tax Holiday for Consumers and Retailers

Massachusetts residents will be able to enjoy a Sales Tax Holiday weekend on August 11th and 12th. “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, CPA, JD, Partner at Rodman & Rodman, P.C. “Business purchases...

August 6, 2012 by The Rodman Team
Are Solar Renewable Energy Credits Taxable?

There has been much recent discussion on solar and energy blogs and in other discussion forums relating to the tax treatment of Solar Renewable Energy Certificate (“SREC”) income. The purpose of this article is to provide a brief overview of the taxability of SREC income for both commercial and individual taxpayers. What is an SREC?...

July 31, 2012 by The Rodman Team
How Will The New Health Care Law Tax Provisions Hit Your Pocketbook?

The Supreme Court upheld President Obama’s sweeping healthcare provision, the Patient Protection and Affordable Care Act, in a close 5 to 4 decision. Among other provisions, including the individual mandate to own health insurance, the Act provides for sweeping tax increases and reporting issues for both businesses and individuals. Many of these changes are effective...

July 10, 2012 by The Rodman Team
Rodman & Rodman's Kathy Parker Cites Challenges of Tax Incentive Complexities at "Massachusetts Solar Summit – 2012"

“While IRS Section 1603 Tax credits, combined with Solar Renewable Energy Credits (SRECS), created a boom in the Massachusetts Solar Industry, many solar companies are sitting on an inventory of solar panels and other materials for projects that have not begun construction by the end of the 2011 eligibility period,” Kathy Parker, CPA told a...

July 9, 2012 by The Rodman Team
Tariffs on Chinese Solar Panels Helping U.S. Suppliers – but Tax Credits May be Bigger Driver

The Department of Commerce recently enacted a tariff on solar panels being imported from China. The Chinese government has subsidized the production of solar panels, thus making them much cheaper than panels produced anywhere else. While this was appealing to consumers, the quality of the panels is not on the same par with the panels...

June 28, 2012 by The Rodman Team
Proposed Commercial Food Waste Ban in Massachusetts is Boon to New England Biogas Industry

With the expiration of the federal 1603 grant program last year, and dirt-cheap natural gas, investors have been wary about backing new biogas projects in the New England area. One of the primary concerns has been the availability of organic waste feedstock for the anaerobic digester systems that decompose the waste into biogas. Feedstock is...

June 21, 2012 by The Rodman Team
Take Advantage of a variety of Excellent SBA Loan Programs

“Many organizations can take advantage of a variety of great Small Business Association (SBA) loans and financing options,” explains Kathleen Kelly, Vice President, Commercial Lending Group, Cambridge Trust Company. Recently, Cambridge Trust Company became a part of the Small Business Administration’s Preferred Lender Program, or PLP. Here are just a few of the options available:...

June 13, 2012 by The Rodman Team
Rodman & Rodman Green Team Member Joins Another Green Team for Earth Day

On Saturday, April 21st, Wellesley resident Mark Vitello, who is a staff accountant on Rodman & Rodman, P.C.’s Green Team, participated in the Charles River Conservancy Earth Day river cleanup event. Vitello volunteered through the Virginia Tech Alumni Association and in cooperation with State Senator William Brownsberger’s office. Vitello joined more than 3,000 other volunteers...

June 13, 2012 by The Rodman Team
New IRS Notice will Benefit Commercial Real Estate Owners Seeking to Qualify for 179D Incentives

A new IRS Notice modifies previous guidance by providing an additional set of energy savings percentages that taxpayers can use to qualify for a partial 179D section deduction for energy efficient commercial buildings. These new energy savings percentages, which are effective for property placed in service on or after March 12, 2012, are: 25% for...

April 11, 2012 by Rodman Admin
April 17th Tax Filing – Last Minute Strategy Tips to Consider

As you get ready to file your 2011 tax return, take a quick look at the list that follows. It’s a summary of little-known tax strategies that may save you money when you file your tax return. It pays to take a look. You may wind up owing Uncle Sam less than you thought, or...

April 4, 2012 by Rodman Admin
Payroll Tax Cut Extended by Congress

The President signed legislation extending the social security payroll tax cut for employees through the end of the year. This reduction was set to expire at the end of February. The payroll tax cut will return approximately $100 billion to taxpayers. The legislation extends the favorable social security withholding treatment for employees reducing the social...

March 1, 2012 by Rodman Admin
Avoiding IRS Scams

This time of year especially, the number of scams that are related to income tax filings increases. Below we’ve listed some of the most typical – please contact any Rodman team member to discuss if you have particular concerns. Emails that appear to be from the IRS or the Electronic Federal Tax Payment System requesting...

March 1, 2012 by Rodman Admin
Act now! Congress considering 1603 extension in payroll tax bill

Congress is currently considering an extension of the 1603 program as part of the current payroll tax bill. This program has been very successful, and is an important part of the green economy. The Solar Power Advocacy Network and the Solar Energy Industries Association have created an advocacy letter for you to send to your...

February 14, 2012 by Rodman Admin
FUTURE OF SREC CAP RATES NOW MORE CERTAIN

Since the inception of the SREC program, there has been uncertainty over how to value SRECs into the future. While the original wording of the Act allowed the state to adjust the cap by up to 10% of the current value each year, this left a lot of room for speculation. On December 28, 2011...

February 3, 2012 by Rodman Admin
Association of Cleantech Incubators of New England Welcomes Rodman & Rodman and Bane Marketing as 2012 Sponsors

Fall River, MA (January 17, 2012) – The Association of Cleantech Incubators of New England (ACTION), has announced the addition of two new 2012 Sponsors, Rodman & Rodman, P.C. and Bane Marketing & Communications LLC. ACTION is New England’s leading network of cleantech incubators sharing the common goals of accelerating the growth and success of...

January 17, 2012 by Rodman Admin
Thomas H. Astore, CPA, JD Promoted to Partner

Rodman & Rodman is pleased to announce that Thomas H. Astore, CPA, JD has been promoted to Partner. Tom brings over 20 years of experience to our Tax Department. He joined Rodman & Rodman in July 2008 as Tax Manager and was promoted to Tax Director in April 2009. Tom graduated from Hofstra University, cum...

January 16, 2012 by Rodman Admin
Payroll Tax Cut

The President recently signed into law the “Temporary Payroll Tax Cut Continuation Act of 2011” which consists of a two-month temporary extension of the payroll tax cut that’s in place for 2011, plus a parallel extension of a lower Self-Employment tax rate reduction. Under the new law, the reduced employee fica tax rate is 4.2%...

January 5, 2012 by Rodman Admin
QSBS Capital Gain and AMT Exclusion Set to Expire

Taxpayers can exclude 100 percent of gain, subject to certain limitations, from the sale or exchange of qualified small business stock (QSBS) issued after September 27, 2010, and before January 1, 2012. In addition, the gain is not considered an add back for alternative minimum tax purposes. The excluded gain is limited to the greater...

December 2, 2011 by Rodman Admin
2012 Pension Tables Released

The IRS has released the 2012 Inflation Adjustment amounts affecting dollar limitations for pension plans and other retirement related items for the tax year 2012. See below for all updates including a comparison to 2011 limitations....

November 15, 2011 by Rodman Admin
Do the Numbers Really Add Up for Your Energy Efficiency Investment?

Although many commercial property owners have become responsible environmental citizens, the decision to install PV solar systems or invest in other capital equipment for energy efficiency comes down to answering a single question: What is my return on investment (ROI)? If a property owner is convinced that at the end of the day he will...

November 10, 2011 by Rodman Admin
Take Advantage of 2011 Tax Breaks While They Last!

Year-end tax planning is especially challenging this year because of uncertainty over whether Congress will enact sweeping tax reform that could have a major impact in 2012 and beyond. Regardless of what Congress does late this year or early the next, there are solid tax savings to be realized by taking advantage of 2011 tax...

November 9, 2011 by Rodman Admin
New IRS Ruling Redefines Eligibility of Solar Projects for Energy Investment Tax Credit

The Investment Tax Credit (ITC) was originally part of the Revenue Act of 1962. In subsequent legislation, the ITC was modified to include incentives for renewable energy property. Currently, taxpayers can choose to use the ITC in lieu of the Production Tax Credit (PTC) for eligible property. To be considered eligible, most renewable source property...

October 11, 2011 by Rodman Admin
Accelerated Depreciation Using Bonus and/or Current Expensing under IRC 179

Taxpayers can take advantage of two accelerated depreciation rules for the remainder of 2011 and 2012. As noted below, the 2011 rules provide greater benefits so please contact your Rodman Team Member to discuss depreciation options if you are planning to purchase additional depreciable business assets within the next year. Bonus Depreciation Under the Bonus...

September 28, 2011 by Rodman Admin
How Small Business Owners Can Protect Against Employee Theft

One of the challenges most small business owners face is putting financial controls in place to guard against employee theft while on a limited budget. Many small businesses we work with have, at the most, one or two people working in the finance department, and no controls in place to detect or deter fraud....

September 28, 2011 by Rodman Admin
As other States Stumble on Path to Meeting RPS Goals, Massachusetts Stays the Course with SRECs

The Fourth Annual National Clean Energy Summit was held on Tuesday August 30, 2011 in Las Vegas Nevada. It was attended by Senator Harry Reid, Vice President Joe Biden, Energy Secretary Steven Chu, governors from several western states, and other dignitaries and scientists. Due to the summit being hosted in Nevada, the focus was mainly...

September 15, 2011 by Rodman Admin
Your Chart of Accounts

The Backbone of Your Accounting System Your chart of accounts is the backbone of your accounting system, whether your using QuickBooks, Peachtree, or any other accounting system. Here’s a brief explanation of how to setup, number and understand your chart of accounts more thoroughly! Your chart of accounts is KEY to reporting and understanding your...

September 9, 2011 by Rodman Admin
“Cash or Credit” US Department of Treasury Updates 1603 Grant program for Renewable Energy Developers

The 1603 program offers renewable energy developers cash payments in lieu of investment tax credits. In most cases the value of the award is equal to thirty (30) percent of the project’s eligible cost. Qualifying technologies include biomass, geothermal, solar, wind as well as other technologies.Receiving cash rather than waiting for tax credits that may...

August 25, 2011 by Rodman Admin
Sales Tax Holiday Weekend

On August 13th and 14th, the Commonwealth of Massachusetts will not be collecting the 6.25% sales tax on tangible purchases of $2,500 or less that are for personal use....

August 9, 2011 by Rodman Admin
Rodman & Rodman’s Own Larry Rice on NECN Business

January 31st 2011 – Larry Rice, Director of Strategic Consulting at Rodman & Rodman was selected to appear on NECN for the 6:30 NECN Business program to discuss the IRS processing delay. Here is the interview:...

February 1, 2011 by Rodman Admin
2010 Tax Relief Act Signed By President

by Thomas Astore, Tax Director On Friday, December 17th , President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Rodman & Rodman will provide a more comprehensive analysis of this law, but for now I thought it best to give you a brief summary of the Act”s...

January 7, 2011 by Rodman Admin
One Step To Communicating Better

Successes & Strategies, December, 2010 by Larry Rice The essence of life is communication. We make literally thousands of communications during a single day. When we have a conversation with someone, we are having the most obvious of communications. We also communicate with a facial expression when we pass someone in the hall. We communicate...

January 7, 2011 by Rodman Admin
Successes & Strategies – November 2010

The Twelfth of Never by Larry Rice, Director Until the twelfth of never and that’s a long, long time. If you’re 60 or older, you likely know the song as a Johnny Mathis classic. If you’re a decade or so younger, like me, you may remember this as a Donny Osmond tune. If you’re younger...

November 18, 2010 by Rodman Admin
Top Ten Time Saving QuickBooks Tricks

By: Leah Schlegelmilch Rodman & Rodman QuickBooks ProAdvisor Team 1.) Memorize Memorize Memorize: QuickBooks will memorize your most common reports and transactions for quick access in the future. Memorize transactions you do repeatedly as well as reports you regularly reference. 2.) Batch Invoicing: Invoicing the same amounts to a multitude of customers every month? New...

November 16, 2010 by Rodman Admin
Successes & Strategies – October, 2010

by Larry Rice, Director The Big 5-0 50 Years Old I’ve made the turn. I was in denial before but I am done kidding myself, I am playing the back 9 of my life. Teenagers call me “mister,” I have grey chest hair and I qualify to get an AARP card (I know this because...

October 29, 2010 by Rodman Admin
Summary of The 2010 Small Business Jobs Act

by Thomas Astore, CPA, JD – Tax Director The recently enacted 2010 Small Business Jobs Act includes a wide-ranging assortment of tax breaks and incentives for small business, paid for with various revenue raisers. Here’s a brief overview of the tax changes in the new law. Tax breaks and incentives Enhanced small business expensing (Section...

October 19, 2010 by Rodman Admin
QuickBooks 2011, What’s new? What’s actually useful?

By: Leah Schlegelmilch Rodman & Rodman QuickBooks ProAdvisor Team As always the latest version of QuickBooks has many new and improved features for 2011 and as always some are more practical and useful than others. Batch Invoicing: The new batch invoicing feature is probably the most useful new feature of QuickBooks 2011. This enables users...

October 1, 2010 by Rodman Admin
John McGovern To Speak on Business Valuation To Newton Group on November 17th

Newton Retirement Planning Club Meeting Notice How Much is Your Business Worth 7:00 pm, Wed. Nov. 17, Trustees Room Club members and the public are welcome to the regular meetings held on the 3rd Wednesday of every month starting at 7 pm in the Trustees Room of the Newton Library on 330 Homer Street, Newton...

September 30, 2010 by Rodman Admin
Rodman & Rodman Named one of Best Accounting Firms to Work For

Rodman & Rodman, P.C. was recently named as one of the 2010 Best Accounting Firms to Work for. The annual list of “Best Accounting Firms” was created by Accounting Today and Best Companies Group. This survey and award program was designed to identify, recognize and honor the best places of employment in the accounting industry, benefiting...

September 30, 2010 by Rodman Admin
IRS Tax Tips re Charitable Contributions

By Thomas Astore, Tax Director Below are some tips, directly from the IRS, about documenting and deducting your charitable contributions. IRS Summertime Tax Tip 2010-21 Did you make a donation to a charity this year? If so, you may be able to take a deduction for it on your 2010 tax return. Here are the...

August 24, 2010 by Rodman Admin
Successes & Strategies – August, 2010

The Fantastic Four Behaviors of The Successful Entrepreneur by Larry Rice, Director I’ll say this as many times as I need to in order for my readers, and you know who you both are, to understand the one factor that determines the success or failure of your business. That one factor is how you CHOOSE...

August 24, 2010 by Rodman Admin
Massachusetts Sales Tax Holiday – August 14th & 15th

The return of what had been an August tradition, the sales tax holiday weekend, was recently signed into law by Governor Patrick This year the sales tax holiday will be on Saturday, August 14th and Sunday, August 15th. The law is virtually identical to those in prior years in that the limit for exempt sales remains at $2,500 and...

August 12, 2010 by Rodman Admin
Successes & Strategies – July, 2010

Lebron on a Jet Plane by Larry Rice, Director I’ll admit I sat through about 28 minutes of the Lebron James spectacle recently when he announced to the world his intention of leaving his hometown team, the Cleveland Cavaliers, to play basketball for the Miami Heat. If you saw it, you saw perhaps one of...

July 20, 2010 by Rodman Admin
Biz Book Review – Outliers: The Story of Success by Malcolm Gladwell

Review by Larry Rice, Director This is a provocative book. It examines the exceptionally successful person, the “outlier” and takes to task the idea that there was innate brilliance in that person that predestined them to the greatness they achieved. What is proposed in part is that these exceptional people are indeed intelligent and perhaps even...

July 13, 2010 by Rodman Admin

By Thomas Astore, Tax Director On June 30, Congress passed H.R. 5623, the Homebuyer Assistance Improvement Act of 2010. The Act, which is now cleared for the President’s signature, provides first-time homebuyer credit relief to taxpayers who couldn’t meet a key June 30, 2010, closing date. Under prior law, both the regular Code 36 first-time...

July 1, 2010 by Rodman Admin
Child Care Credit vs. Dependent Care FSAs

by Thomas Astore Tax Director I was recently asked about how to qualify for the child care credit. At that time it became necessary to do a comparison of the child care credit and a dependent care flexible spending account. I thought it made sense to provide that same analysis to all of our clients and friends...

June 29, 2010 by Rodman Admin
Successes & Strategies – June, 2010

You & I by Larry Rice, Director of Strategic Consulting No need to send me the proper phraseology but I always get confused when talking about myself and another person. Is it ‘Tom & me’, ‘Tom and I’, ‘me and Tom’? I know for certain that it isn’t ‘I and Tom’ because it sounds so...

June 24, 2010 by Rodman Admin
Rodman Team Member Gives Birth To Son

We’re proud to announce and congratulate our own Dawn Patterson and her husband Mike on the birth of their son, Jeremy Michael! Jeremy made his appearance in this world on Saturday, June 19th at 11:51a.m. He weighed in at a healthy 7 pounds, 14 ounces and was 21 inches long. Jeremy joins his big sister Casey...

June 23, 2010 by Rodman Admin
Health Coverage Available To Children Under 27

by Thomas Astore, Tax Director As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. Employers with cafeteria plans –– plans that allow employees to choose from a menu...

June 14, 2010 by Rodman Admin
New Health Care Tax Credit Helps Small Employers

By Thomas Astore, Tax Director The small business health care tax credit (IRC Section 45R), created under the Affordable Care Act, is designed to encourage small employers to offer health insurance coverage for the first time or maintain coverage they already have. The credit takes effect this year and is generally available to small employers...

June 14, 2010 by Rodman Admin
Two New Benefits for Employers that Hire and Retain Recently Unemployed

by Thomas Astore, Tax Director Employers who hire unemployed workers this year (after Feb. 3, 2010, and before Jan. 1, 2011) may qualify for a 6.2-percent payroll tax incentive, in effect exempting them from the employer’s share of Social Security tax on wages paid to these workers after March 18. In addition, for each qualified...

June 14, 2010 by Rodman Admin
New COBRA Rules

COBRA Health Insurance Provisions Included in the American Recovery and Reinvestment Act of 2009 (“ARRA”) by Thomas Astore, CPA JD, Tax Manager health care The IRS recently issued additional guidance relating to the COBRA provisions adopted in the ARRA. In general, the new provisions provide a 65% subsidy for COBRA continuation premiums for up to...

May 22, 2009 by alexstetson
Rodman & Rodman, P.C. Founder Passes

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January 2, 2009 by alexstetson
Last minute tax reminders for 2008

by Thomas Astore, CPA JD – Tax Manager reminder As the end of the year approaches, we want to remind you of a few things that may help you save some money on your taxes and make the processing of your tax returns in early 2009 a bit easier: 4th Quarter Tax Estimates Are Due...

December 14, 2008 by alexstetson
Federal Bailout Acts Contain Several Tax Provisions

Federal Bailout Acts Contain Several Tax Provisions by Thomas Astore, CPA JD – Tax Manager Wall Street On October 3, 2008, President Bush signed into law a number of tax provisions which were included among the laws passed related to the bailout and stabilization of the financial markets. The laws enacted contained a significant number...

October 22, 2008 by alexstetson
Employment Challenges and Solutions for 2009

Employment Challenges & Solutions for 2009 Tuesday, September 16th, 2008 7:30 a.m. – 9:30 a.m. – Rodman & Rodman Offices Complimentary Breakfast Owners of small and medium sized businesses wear many hats. They are often the CEO, the CFO, Vice President of Sales & Marketing among other duties. That same owner is often the head...

September 22, 2008 by alexstetson
Massachusetts Sales Tax Holiday August 16th & 17th

Massachusetts Sales Tax Holiday August 16th & 17th tax holiday In what has become an August tradition, Governor Patrick recently signed into law a sales tax holiday for the 5th consecutive year. This year the sales tax holiday will be on Saturday, August 16th and Sunday, August 17th. The law is virtually identical to last...

August 15, 2008 by alexstetson
IRS Increases Mileage Rates Mid-year

IRS Increases Mileage Rates Mid-year gas pump The IRS has made a special adjustment to the optional standard mileage rate this year in recognition of rising gasoline prices. The current rate of 50.5 cents a mile will increase to 58.5 cents a mile as of July 1st. Many businesses use the optional standard mileage rate...

July 6, 2008 by alexstetson
Rodman Team Members Advance in Firm

alisonbob Rodman & Rodman, P.C. is proud to announce that Alison Kuczynski and Bob Leonard have recently been promoted to the position of Senior Accountant at Rodman & Rodman. As Senior Accountants, both Alison and Bob will be taking on more responsibility with respect to our accounting and tax engagements. They will be working more...

June 10, 2008 by alexstetson
Kathy Parker named Partner at Rodman & Rodman, P.C.

Kathy Parker named Partner at Rodman & Rodman, P.C. kathy Rodman & Rodman, P.C. is proud to announce that Kathy Parker, CPA has been named a Partner at the firm. Kathy has been an important member of the Rodman Team since 1999 assisting our clients with their accounting and tax needs. Kathy has been integral...

May 6, 2008 by alexstetson
Phone/Email Scams Using IRS Expand-Beware!

We notified you back in October about an increasing incidence of scams using communications that purport to be from the Internal Revenue Service (IRS). The goal of the scams is to trick people into revealing personal and financial information, such as Social Security, bank account or credit card numbers, which the scammers can use to...

February 22, 2008 by alexstetson
Home Office Deduction for Self-Employed Taxpayers

Home Office Deduction for Self-Employed Taxpayers The Basics Of A Valuable Deduction For Those Who Qualify home office If you’re self-employed and work out of an office in your home, and if you satisfy the strict rules that govern those deductions (discussed below), you will be entitled to favorable “home office” deductions – that is...

January 22, 2008 by alexstetson
Auto Mileage Rates

Just in – Auto Mileage rates for 2008 The Internal Revenue Service recently issued the 2008 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning Jan. 1, 2008, the standard mileage rates for the use of a car (including vans, pickups or...

December 7, 2007 by alexstetson
IRS Releases 2008 Limits on Important Tax Items

IRS Releases 2008 Limits on Important Tax Items IRS Logo The IRS has recently released information regarding the 2008 limits on various items of tax significance, including Social Security, pension limits, various deduction limits, etc. The following represents some of the key 2008 limits you should be aware of and includes some items which changed...

November 22, 2007 by alexstetson
Mass Health Care – Fair Share Contribution

Massachusetts Healthcare “Fair Share Contribution” Is your business going to have to pay? It is due November 15th. connector You may have heard about a possible payment employers will have to pay to the new Mass Health Connector program. This payment maybe as high as $295 per employee per year. The Fair Share Contribution is...

October 22, 2007 by alexstetson
SBA Loans

Consistency – The cornerstone of the brand experience by Kevin Hart, Principal – Hart-Boillot Advertising & Marketing – Newton, MA Branding The words “brand” or “branding” leave most folks scratching their heads. In a nutshell, the term brand denotes the perception(s) held by an individual or a demographic group about your company, product, service or...

July 22, 2007 by alexstetson
New Tax Law Highlights

New Tax Law Highlights The President just signed into law the Small Business & Work Opportunity Act of 2007. Though not as expansive as recent tax laws, there are some key provisions that we’d like our clients and friends to be aware of: * The most publicized change is the increase to the federal minimum...

June 22, 2007 by alexstetson
Self-directed IRAs, 529 Plans

Dear Larry, After a brief two month hiatus while we focused on completing our clients’ tax returns, The Rodman Report is back with some useful information and ideas that we hope you find helpful. In this month’s issue we have articles on the following: * Learn about the self-directed IRA. Investing in real estate is...

May 22, 2007 by alexstetson
Deducting 100% of Meals, Tips on Back Pain, The Gift of Customer Service

February is the shortest month of the year, and we are in the midst of our hectic tax season. We won’t let that deter us from bringing you another edition of The Rodman Report. In this month’s issue we’ll have articles on the following: * Not all meals are 50% deductible. Learn which meals do...

February 22, 2007 by alexstetson
Phone tax refunds, Updating QuickBooks, New Years Resolutions, more

Welcome to 2007! The holidays are behind us and a new year lies before us. We look to 2007 with great anticipation and optimism. The prevailing mood here and with many of the clients we are speaking with is one that senses 2007 is going to be a great year. We are going to try...

January 22, 2007 by alexstetson
Tax Credits, QuickBooks and Google, More

Information and Ideas You Can Use Winter and tax season are upon us. We won’t be fooled by the mild weather, however, and get too confident of an easy winter. This is New England after all. This month, we have a variety of articles including how to save some tax dollars while being environmentally conscious...

December 22, 2006 by alexstetson
Document Retention, QuickBooks, More!

Greetings and welcome to the second issue of The Rodman Report. In this issue, we’ve got some valuable news and information for our clients and friends. We now have an excellent resource for our clients who have questions regarding document retention. Our QuickBooks clients will get some valuable advice from Kathy Parker regarding the question...

October 22, 2006 by alexstetson
News from Rodman & Rodman, P.C., CPAs

Welcome to the 1st edition of The Rodman Report! The entire team at Rodman & Rodman CPAs hopes that you’ll find the information contained here helpful for you. The intent of the Rodman Report will be to make you aware of news and information that we think will benefit you, our clients and friends. Included...

September 22, 2006 by The Rodman Team
Preventing Fraud, Home Office, More!

Home Office Deduction – Do I Qualify? Your home may be a great place to get a significant tax deduction. If you qualify, you may deduct a portion of your homeowners insurance, home repairs, and utilities equal to the percentage of space the office occupies. Homeowners may deduct depreciation for the portion of the home...

11/19/2006 by alexstetson
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